A private limited company is an ideal structure for most foreign businesses and entrepreneurs. You can set it up either in partnership with a Thai national or opt for foreign ownership (up to 100%).
A limited company that is majority-owned by a Thai national generally doesn't encounter restrictions – it can be engaging in any business activity and doesn't face capital requirements (unless it employs foreigners). Consequently, for many, it is beneficial to form a business partnership with a Thai national, in order to meet the legal definition of a “Thai company.”
If a limited company is majority-owned by a foreigner, it is considered a foreign company and must obtain an FBL before engaging in business activities (unless promoted by BOI or registered under Treaty Amity, see the exceptions below). Such a company now faces stricter government restrictions and its scope of business is limited to activities allowed by the FBA.
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