Thailand has some funny laws when it comes to business. Right now, a new draft is being considered whereby the country’s Business Development Department would allow a single person to own a company. This might sound like good news for business owners in Thailand but don’t celebrate just yet, there’s a catch: That person cannot be a foreigner.
In the past, an individual could not register a business in Thailand without a Thai partner. The new law would change this but it seems that a stipulation was attached to the draft at the last minute and that rule was that foreigners still won’t be able to register a business alone.
This was done so as to keep foreign businesses from competing against Thai companies. The aim of this new law is to help businesses grow in Thailand. With sole ownership, disputes amongst owners will no longer be an issue. If the law goes ahead, Thailand will be the third ASEAN nation to adopt it. Many countries from around the world currently have this model, so if Thailand follows it too, the number of new businesses in the nation could rapidly increase.