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Thailand allows majority ownership for more businesses


March 31, 2008

Thailand allows majority ownership for more businesses

Thailand is opening the rental, operations leasing, financial leasing and factoring businesses to foreign majority ownership this week, according to Business Development Department.

Coming up next will be the contract-manufacturing business, followed by the brokerage, internal trade involving agricultural goods, advertising agency, hotel operating, beverage and food retailing, seed development, computer service, warehouse control service, pawnshop, school and entertainment businesses, whose restrictions will be relaxed under the Foreign Business Act (FBA), the department said.

All of these businesses will still be listed in Annex III of the Foreign Business Act, but will receive more flexible conditions to operate in Thailand.

On Friday, Thai Commerce Minister Ming-kwan Sangsuwan reportedly assured Japanese investors that all obstacles to foreign investment would be cleared.

Currently, foreigners who want to operate businesses under Annex III have to ask for approval from the Foreign Business Act committee, which will no longer be the case once the new conditions go into effect The application procedure and approval process will be predictable and more transparent, the minister said.

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