Yes. Foreign investors can establish a limited company in Thailand and hold shares in the company, subject to applicable laws and regulations.

However, it is important to check the type of business before registering the company, as certain business activities are regulated under the Foreign Business Act B.E. 2542 (1999) (FBA). The law may impose restrictions on foreign ownership and business operations.

In general, if the business falls under an activity restricted to foreign investors, the shareholding structure may need to comply with the requirements of Thai law.

In some cases, foreign investors may be permitted to hold a higher percentage of shares or 100% foreign ownership if the business receives the required approval or qualifies under applicable laws, such as obtaining a Foreign Business License (FBL) or receiving investment promotion from the Board of Investment (BOI).Important: Investors should not use Thai individuals as nominee shareholders to circumvent foreign ownership restrictions. Such arrangements may create significant legal risks and affect the company’s operations in the future.

Before establishing a company, investors should first determine how their intended business activity is classified under Thai law.

Different types of businesses may have different requirements regarding:

• Foreign ownership
• Business licenses
• Minimum registered capital
• Government approvals
• Other regulatory requirements

Therefore, the business activity and proposed shareholding structure should be reviewed before company registration to avoid having to restructure the company later.

The answer is yes, for certain businesses — but not all businesses.

If the business activity is not restricted under applicable Thai law, a foreign investor may be able to hold 100% of the company’s shares without requiring Thai shareholders.

For businesses restricted under the FBA, the investor may need to obtain a Foreign Business License (FBL) before commencing business operations.

Alternatively, businesses receiving BOI promotion may be eligible for foreign ownership privileges and may obtain a Foreign Business Certificate (FBC) subject to the applicable conditions.

Therefore, investors should not simply assume that “foreigners can only own up to 49% of a Thai company.” The actual requirements depend on the type of business and the laws applicable to that particular activity..

For businesses that meet the criteria for activities promoted by the Thailand Board of Investment (BOI), investors may consider applying for Investment Promotion.

Depending on the promoted activity and applicable conditions, BOI promotion may provide certain benefits, including foreign ownership privileges and other investment incentives.

However, not every business qualifies for BOI promotion. Investors should first review the eligible business activities and requirements before submitting an application.

Setting up a company in Thailand should not begin with company registration alone. Investors should first assess the business activity and investment structure.

Business Activity → Foreign Ownership → FBA / FBL / BOI → Company Registration → Tax & Accounting → Visa & Work Permit

Proper planning from the beginning can help investors operate their businesses in Thailand with greater confidence, minimize the need for restructuring later, and establish a strong foundation for long-term growth.