Start with the business activity
Verified 1 August 2026. A company's permitted activity, foreign ownership and work-authorisation route are separate questions. The Department of Business Development's 2025 Foreign Business Act report is the official starting point for restricted activities, while the DBD Biz Regist service handles registration. DBD's Thai online-services page also lists the DBD Biz Regist and e-Foreign Business services.
A blanket statement that every Thai company is limited to 49% foreign ownership is inaccurate. As of 1 August 2026, the DBD and BOI materials show that the outcome depends on the activity and applicable route:
| Route | What the official material says | Decision-maker |
|---|---|---|
| Ordinary Thai company | If foreigners hold more than 49% of the capital, the entity is treated as a foreigner under the Foreign Business Act. Whether it may conduct the proposed activity depends on the Act and other applicable laws. | DBD / Ministry of Commerce |
| Foreign Business Licence | A licence may be required for a foreign entity conducting an activity restricted by the Act. Approval is activity- and evidence-specific. | DBD / Foreign Business Committee as applicable |
| BOI promotion | BOI states that promoted projects may be wholly foreign-owned except for activities in List One of the Foreign Business Act or where another law sets a limit. | Thailand Board of Investment |
| US Treaty of Amity | Eligible US-owned businesses may receive national-company treatment, subject to the treaty's excluded sectors and certification process. | US Commercial Service and Thai authorities |
Foreign Business Act and nominee risk
The ownership percentage alone does not answer whether a business may operate. The proposed activity must be matched to the Foreign Business Act lists, sector-specific laws and any licence or promotion. The DBD's current report also identifies unlawful nominee arrangements as an enforcement concern. A Thai shareholder must be a genuine shareholder; this guide does not describe structures intended to conceal foreign ownership.
BOI promotion
As of 1 August 2026, the BOI's English and Thai criteria pages say that List One projects require Thai nationals to hold at least 51% of registered capital, while List Two and List Three projects have no BOI equity restriction unless another law applies. Promotion is not automatic: the project must fit a promoted activity and meet the criteria in its approval.
BOI incentives and conditions vary by promoted activity and project. This page therefore does not publish a universal minimum capital, tax-holiday length, setup fee or approval time. Those figures must be taken from the current activity-specific BOI announcement and the project's promotion certificate.
US Treaty of Amity
The 1966 Treaty of Amity can apply to qualifying US citizens and US-owned companies, but it excludes specified sectors. As of 1 August 2026, the US Department of Commerce country guide identifies the certification route and exclusions. Treaty status does not itself grant a visa or work permit.
Company registration does not authorise work
Foreign directors and employees normally need the appropriate immigration status and permission to work. The BOI's Working in Thailand page describes the Non-Immigrant B and work-permit process and distinguishes the ordinary Department of Employment route from BOI-facilitated processing.
Capital, Thai-employee and salary thresholds are not universal company-formation rules. They can arise in particular visa, work-permit or extension contexts, with exceptions and office-specific evidence. The authority handling the exact application must confirm the applicable threshold.
Fees and processing times
As of 1 August 2026, no single official schedule covers the complete cost or timeline for every company, licence, BOI application, treaty certification, visa and work permit. Government charges, professional fees and processing time depend on the selected route and activity. This guide therefore does not publish a blended estimate.
Current official channels: DBD online services, DBD Thai home and services, DBD Biz Regist, DBD e-Foreign Business, BOI FAQ, the BOI's Thai Working in Thailand page and the Department of Employment's e-WorkPermit system.
Recurring compliance
Registration can create accounting, tax, corporate-filing, employment and social-security obligations. Which filings apply depends on the company, its accounting period, turnover, employees and activities. Current DBD and Revenue Department forms and deadlines govern the company's actual period; this page does not turn those facts into a legal or tax recommendation.
What changed in this verification
24 July 2026: replaced the universal 49% ownership claim with the activity-based Foreign Business Act rule; separated company registration from work authorisation; and removed unverified universal capital, staffing, salary, fee and processing-time figures. 25 July 2026: re-verified the DBD, BOI, Treaty of Amity and Department of Employment sources; no published rule change was found. 1 August 2026: re-opened the current DBD, BOI English and Thai, Treaty of Amity and e-WorkPermit sources; no published rule change was found, and the BOI equity wording now follows the current List One/List Two/List Three criteria.
Related visas
- Non-B + Work Permit — Standard route for company employment
- SMART-S Visa — Certified startup founders post-2025 reform
- LTR-H — Highly Skilled Professional criteria and statutory tax treatment
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