Foreign Business Certificate and Thai Foreign Business License: Everything that You Need to Know
Is your company BOI promoted? Do you need an ‘automatic’ authorization? Then you must obtain a foreign business certificate Thailand. It is an automatic authorization, where a foreigner is allowed to operate a restricted business based on the promotion received from the BOI in Thailand or an international treaty. Often foreign business certificate is confused with Thai foreign business license as both of them are forms of foreign business authorization.
Now that you already know what a foreign business certificate is, you must also know about the foreign business license. The later will be granted on the basis of the benefits your proposed business will grant to the Thai society and economy. Let’s have a look at some of their salient points;
Under the Foreign Business Act both, the forms are subjected to same minimum capitalization requirement, which is 2 billion baht per unrestricted business activity and 3 billion per restricted business activity. But then, there are differences when the Foreign Business Certificate is issued based on BOI promotion. Moreover, businesses that are registered under the Thai-US Amity Treaty are subjected to certain rules when it comes to transferring capital from overseas.
As states under Section 13 of the Foreign Business Act, a foreign company can neither be granted Foreign Business License or a Foreign Business Certificate if more strict law regulates foreign investment. To cite an example, the Tourism Business and Tour Guide Act of 2008 forbid foreign investment in the tourism industry.
However, the Foreign Business Certificate Thailand is the preferable authorization. This is because it allows a foreigner to obtain authorization simply based on the grounds that the expat is a national of a party to the US-Thai treaty. Since Thailand is a party to various treaties that grant foreigners the right to function in the restricted businesses, obtaining the certificate wouldn’t be a difficult job.Tags : amity treaty, Thai foreign business license, Thailand Foreign Business Certificate, US thai amity treaty,