Keywords: Mazars, Thailand, Legal, DBD, Banking, Insurance, Foreign Business Licence, Foreign Business Act, BOT, OIC
28 January 2016
The four types of business are commercial banks, representative offices of foreign banks, life insurance companies, and non-life insurance companies.
The Council of State has finished reviewing the draft ministerial regulation, and the Department of Business Development will pass the draft to the Cabinet for approval shortly. The purpose of removing those four business categories from the annexes of List 3 of the Foreign Business Act is to promote competition, especially in the commercial banking and insurance service sectors.
Therefore, after the new regulations take effect, foreign investors can apply for a licence from the authorities or regulators of these four businesses, such as the Bank of Thailand, or the Office of Insurance Commission.