Tax & Legal News Flash Issue 18

Tax & Legal News Flash Issue 18

New Law to Exempt Foreign Business License for Certain Business Services

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New Law to Exempt Foreign Business License for Certain Business Services

Effective from 9 June 2017, the Ministerial Regulation Prescribing Service Businesses Not Subject to Application for Foreign Business Permission No. 3 (“Regulation”) exempts certain qualifying services from the foreign business license (“FBL”) requirement contained in List Three annexed to the Foreign Business Act. The exempted services under the Regulation include: 

  1. services related to, or necessary for, commercial banks (including acting as an agent for the collection of insurance premiums, providing hire-purchase and leasing arrangements, etc.);
  2. certain legislated asset management services;
  3. a representative office;
  4. a regional office;
  5. a service contractor under an agreement with a governmental agency; and
  6. a service contractor under an agreement with a state enterprise.

 

It should be noted however that although a FBL is no longer required for the above business services, foreign companies operating in Thailand remain subject to other requirements such as the requirement to obtain a registration number or a taxpayer identification number, filing requirements and other Thai licensing requirements under specific laws. In addition, such specific laws may be different based on the nature of business activities to be conducted in Thailand.  

 

Therefore, foreign companies operating in Thailand should carefully consider the Thai regulatory requirements applicable to their business activities to be carried on in Thailand and seek advice from appropriate legal advisors to ensure compliance with Thai laws.

 

We welcome any opportunity to discuss the relevance of the above matters to your business. 

 

KPMG Thailand’s Legal Services Team offers a wide range of practical legal solutions. For more information, please visit Legal services.

 

Tax & Legal News Flash

Tax & Legal News Flash

KPMG Thailand Tax's bi-monthly newsletter which covers the latest issues in taxation and government announcements relating to tax matters.

Legal services

Legal services

KPMG in Thailand’s Legal Services Team offers a wide range of practical legal solutions.

© 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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