Tax News Flash Issue 3 | KPMG | TH

Tax News Flash Issue 3

Tax News Flash Issue 3

Foreign Business License

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On 11th February, 2016, the Ministry of Commerce (MOC) issued the Ministerial Regulation Prescribing Service Business Not Requiring Foreign Businesses License (No. 2) B.E. 2559 (2016). Under this regulation, foreign companies wishing to operate the following service businesses will be no longer required to obtain a Foreign Business License from the MOC:  

  • Commercial banking business;
  • Service business as representative offices of banks;
  • Life insurance business; and
  • Non-life insurance business.

Nevertheless, as this Ministerial Regulation does not provide exemption from the requirements under specific laws governing these commercial banking and insurance service businesses, the foreign companies are still required to comply with those specific laws before operating the aforementioned service businesses in Thailand.

© 2017 KPMG Phoomchai Tax Ltd., a Thailand limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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