Thailand: Foreign business license no longer required, banking and insurance

Thailand: Foreign business license no longer required

Thailand’s Ministry of Commerce in February 2016 issued a regulation providing that foreign companies conducting certain banking and insurance services are no longer required to obtain a “foreign business license” from the government.

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The guidance is known in English as: Ministerial Regulation Prescribing Service Business Not Requiring Foreign Businesses License (No. 2) B.E. 2559 (2016). Under this regulation, a foreign business license is not required for foreign companies seeking to operate:

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

Still, the regulation does not provide an exemption from the requirements under specific laws governing commercial banking and insurance service businesses. Thus, foreign companies are still required to comply with those specific laws before operating the subject service businesses in Thailand.

 

Read a March 2016 report prepared by the KPMG member firm in Thailand: Foreign Business License No Longer Required for Commercial Banking and Insurance Services

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