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JTEPA, or the Japan-Thailand Economic Partnership Agreement, is a type of free trade agreement that was signed on April 3rd, 2007, between Thailand and Japan. The economic ties between Thailand and Japan have been robust during the recent years. However, the private sector still faced some significant trade challenges, particularly with regard to tariff or regulatory obstacles. All investors faced a significant hurdle as a result of these barriers, which also hampered trade between the two nations. Therefore, JTEPA was drafted to address those issues in order to enhance economic integration and improve trade ties between Thailand and Japan.
JTEPA addresses a wide variety of trade-related issues, including investment, intellectual property rights, competition policy, and other legal considerations that have an impact on trade liberalization both directly and indirectly. Japanese investors have received assistance from Konrad Legal in order to benefit from basic business rights in Thailand, such as tariff reductions and the ability to run restricted businesses for foreign investors.
To the Right to Request for Business Operations Certificate under JTEPA, the applicant must have the following qualifications :
According to the Aliens Business Operations B.E.2542 of the JTEPA bilateral, Japanese Investors can request for Certificate in the following 8 types of businesses:
Type of Business | Conditions | ||
Share of Japanese Investors (not more than) | Ratio of Borrowings to Capital (not more than) | Others | |
Retail (except distilled alcohol)
| 75% | 3:1 | No limitation of number of Foreign Shareholders |
Wholesale (except distilled alcohol)
| 75% | 3:1 | No limitation of number of Foreign Shareholders |
Advertising Business | 50% | 3:1 | No limitation of number of Foreign Shareholders |
Hotel Business | 60% | 3:1 |
|
Restaurant Business | 60% | 3:1 |
|
Management Consulting Service | 100% | 3:1 | Registered ordinary Partnership, limited partnership, or company limited registered in Thailand |
Logistics Consulting Service (except every type of transportation service) | 51% | 3:1 | Company Limited registered in Thailand |
Maintenance and Repair Service Business
| 60% | 3:1 |
|
However, there are some businesses that are not covered by JTEPA according to the Aliens Business Operations B.E.2542. Following are the 7 types of the same:
Type of Business | Condition | |
Share of Japanese Investors (not more than) | Others | |
Marketing Management Consulting Service | 49% | |
HR Management Consulting Service | 49% | |
Production Management Consulting Service | 49% | |
Project Management Consulting Service, except construction | 49% | |
Marina Pier Service Business (Motorboat and sailboat for private purposes or recreation with anchor and maintenance service | 49% | |
Computer Service Business and Other related services | Less than 50% | |
University Educational Service | Less than 50% |
|
Generally, you will need a work permit to open a bank account in Thailand. But then there are a few banks that will let you open an account without a work permit. But opening an account with a tourist visa can be a little difficult. If you have a non-immigrant visa then it shouldn’t be a problem at all.
If you already have a work permit, then it will be pretty easy. All you need to do is go to any local bank, submit a photo copy of your passport and work permit and things will be done in 15 minutes. In case you don’t have a work permit, things may get a little trickier as not all banks let you open an account without a work permit. Also, take a Thai friend along as the banks may not have English-speaking clerks.
If you are presently living in Thailand, then IOB could be the most convenient bank. How far I know, IOB is the one and only Indian bank to function in India. Sending money from Thailand to India will therefore be easier and quicker.
Well, many banks need you to be present while opening an account. Once you open an account, banks like Bangkok Bank let you do online banking.
Fees vary from bank to bank. Not only that bank fees can range from yearly account fees, ATM and conversion fees to account cancellation fees.
To ensure that you must consider a few factors such as, the interest rate on your deposit, minimum balance requirement, customer service and much more.
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