A foreign juristic person may be allowed to operate business as prescribed above in the following cases:
Juristic person, whereby over 40% of its capital is held by Thai (ordinary person or juristic person)
The Minister (with the approval of the Cabinet) grants permission that the juristic person, having less than 40% of the capital held by Thai, may operate the above businesses. However, the proportion of foreign and Thai shareholders shall not be less than 75% to 25% and the number of Thai directors shall not be less than 2/5 of the total number of directors.
Annex 3 – Businesses not yet Permitted to Foreigners
Foreigners shall be prohibited from operating the businesses prescribed in Annex 3 in which Thai nationals are not yet ready to compete with foreigners (Sec.8 (3)).
For example:
Production of plywood, veneer board, chipboard or hardboard
Production of lime
Engineering service business
Architecture service business
Legal and accounting service business
Tour agency
Selling food or beverages
All other service businesses, except those prescribed in the Ministerial Regulations (Annex 3 (21)).