To deal with the use of nominee shareholders by foreigners the previous government proposed to include foreign voting rights and control in the foreigner definition of a Thai company under the FBA (Foreign Business Act). The amendments were approved and passed the parliament and National Legislative Assembly with an overwhelming majority of votes, but were again withdrawn by the previous government.
A limited company in Thailand must have a minimum of 3 shareholder at all times. Thai nationals operating a business under a company often use nominee shareholders to complete the number of 3 shareholders in the limited company. There is no general restriction for Thais that prohibited the use of nominee shareholders in a business. This is different for foreigners. Foreign investors are prohibited from using nominee shareholders in a Thai company under the foreign business act. Also bearer shares (shares owned by whoever holds the physical share certificate) are prohibited.
A work permit is issued by the 'foreign employment division of the Labor Department and social welfare ministry'. A work permit is for a specific foreigner with specific qualities, allowing the foreigner to do a specific described job, for a specific employer, at a specific location.
Thailandlawonline
Thai law made simple
Thailandlawonline
Thai law made simple