Thailand exempts foreign business from license requirement in certain banking and insurance industries

Thailand's Ministry of Commerce has issued a ministerial regulation exempting certain banking and insurance industries from the restricted business activities under Schedule 3 of the Foreign Business Act. Foreign companies in (1) commercial banking, (2) representative office of foreign bank, (3) life insurance, (4) non-life insurance will no longer require a foreign business license to operate, though they will still be subject to licensing and foreign shareholding limit requirements under specific regulations. The new regulation is effective from 19 February 2016.

• Type:

  • Entry and establishment (Approval and admission)

• Industry:

  • Services (Financial and insurance activities)

• Sources:

  • KPMG, Thailand: Foreign business license no longer required, banking and insurance , https://home.kpmg.com/xx/en/home/insights/2016/03/tnf-thailand-foreign-business-license-no-longer-required-banking-and-insurance.html, 08 Mar 2016
  • Baker & Mckenzie (law firm), Foreign Business License no longer required for certain service businesses, http://bakerxchange.com/rv/ff0025a60731602986867ec2eb489f1acf889b4a, 25 Feb 2016