Unrestricted business activity under the Foreign Business Act
At present, a foreign legal entity which was established under foreign law and will conduct an unrestricted business activity in Thailand under the Foreign Business Act, 2542 B.E. (1999), must submit a request to the head office of the Department of Business Development (“DBD”) for a corporate registration number on paper and notify the DBD of the place where the foreign entity will store its accounting and supporting documents.
Keywords: Mazars, Thailand, Legal, DBD, Foreign Business Act
8 July 2021
As part of the Thai government’s plan for a digital economy and society, the DBD has announced that there will be a new way for a foreign legal entity to request a corporate identification number effective 1 July 2021.
Under the new method, the foreign legal entity must submit a request for a corporate registration number online through the DBD’s website.
- Step 1 - The person responsible for the operation of the foreign legal entity or his / her grantee applies for a username and password through the DBD’s website.
- Step 2 - That person logs onto the DBD’s website using the username and password issued by the DBD.
- Step 3 - That person fills in the information and submits the supporting documents required to request a corporate identification number.
- Step 4 - Upon receipt of all required information and documents, the DBD will issue a corporate identification number to the foreign entity within one week.
Under this new online system, a foreign legal entity can submit applications regarding the following matters:
- Amendment of information about the foreign legal entity, such as changes in location, the name of the entity, or the person responsible for operations in Thailand.
- Cessation of doing business in Thailand.
References:
DBD’s announcement dated 7 June 2021
DBD’s announcement dated 27 May 2016
Want to know more?