Transcript of the above video:

As the title of this video suggests, we are discussing the Foreign Business Act in Thailand. This is kind of one of those topics I tend to presume people are aware of, they know it and I take kind of a shotgun approach on this channel. We discuss things, I sometimes assume people have watched prior videos I have done on things and the fact of the matter is folks haven't, so sometimes we kind of have to do a video that kind of covers all ground. That said, it is usually a good thing and sometimes we can do this in such a way that it has a topical context. Speaking of which, I thought of making this video after reading a recent article from the Bangkok Post, that is bangkokpost.com. I actually saw this article originally in the print edition, we are going to go ahead and throw up the online edition, but I saw this in my copy of the print edition. The article is titled: 'Gray' businesses facing crackdown. Quoting directly: Mr Jitakorn said the department," and I believe that's the Head of the Ministry of Commerce. Quoting further: "Mr Jitakorn said the Department has also asked for financial information about the suspected companies and their business registration documents, to see whether they have violated the Foreign Business Act. Thai citizens who are foreigners' nominees are liable to a jail term of up to 3 years and/or a fine of 100,000 to 1 million baht." There is also a daily fine of 10,000 - 50,000 Baht until the violation stops. Thailand's Foreign Business Act currently limits foreign shareholdings to 49% of a business, and includes three lists of work for which foreign participation may be prohibited or restricted."

So yeah, that basically sounds, and I urge those who are watching this video, go check out that article in detail but that basically sums up the gist of the Foreign Business Act. It's designed quite honestly to protect Thai businesses by restricting or heavily regulating or just fully restricting foreign business. There are certain businesses listed in the Foreign Business Act that are completely barred for foreigners so you have got to understand, it is highly protective, it is protectionism. As a Thai, maybe the fervour of the converted, but as a Thai I definitely understand the desire to protect business here in Thailand and I do understand the frustration of foreigners that come here trying to do business and have to deal with the Foreign Business Act. It is something that foreign businesses are going to have to bump up against and dealing with compliance associated with that can be rather rigorous but failure to do so could result in certain fines and even possible criminal penalties here in the Kingdom of Thailand.