Foreign Business Act
In general, a foreigner is permitted to wholly own a business in Thailand, unless the specific activity of that business is restricted under the FBA or another law.
Definitions:
- Alien or Foreigner natural person or juristic entity (company, registered partnership, etc.) who do not possess Thai nationality.
- Foreign Company where 50% or more of share capital is owned by foreign individuals or juristic entities.
- Foreign Partnership where 50% or more of partners are foreign individuals, or where the managing partner or manager is a foreigner.
Under the FBA, controlled business activities are separated into three categories, under three schedules. Restrictions are placed on certain key businesses, businesses concerning national safety and economy stability, and businesses where Thais are deemed as not ready to face foreign competition. The Schedules are reviewed at least once yearly by the Foreign Business Board and changes are proposed to the Minister of Commerce.
Source: http://bic.thaiembassy.sg/node/104
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