Non-Fungible Tokens (NFTs) have recently become a global trend. NFTs are created and stored in a blockchain but are different from fungible cryptoassets such as Bitcoin, as they are commonly used to represent an ownership interest in, or a right to, a unique asset in a tangible or intangible form. The regulatory treatment of NFT’s… Read More
The main tax legislation applicable to FDI in Thailand is the Revenue Code (“RC”), which covers the following taxes:- (1) Corporate Income Tax (“CIT”) CIT applies to businesses and legal entities registered in Thailand or registered abroad but operating a business in Thailand. Except for SMEs, companies registered in Thailand pay CIT based on both… Read More
Employment and Labour Protection The Civil and Commercial Code (“CCC”) and the Labour Protection Act B.E. 2541 (1998) (“LPA”) are the major employment and labor protection laws. The CCC defines employment as a hire of work (hire of services) and provides the general requirements for duties and liabilities of employers and employees. The LPA sets… Read More
The Government of Thailand approves and regulates FDI through several government authorities in charge under different applicable laws. The three major authorities are discussed below. (1) Ministry of Commerce (“MOC”) The MOC regulates and approves FDI of foreigners (defined under the Foreign Business Act B.E. 2542 (A.D. 1999) (“FBA”) as a foreign individual, a foreign… Read More
Foreign investors can set up legal entities and business units in Thailand to do foreign direct investments in Thailand. Private Limited Company Foreign investors can register a private limited liability company with the Ministry of Commerce (MOC). The company must have at least three promoters, three shareholders and one authorized director. The promoters must be… Read More
It has been almost three years since the Emergency Decree on Digital Asset Business Operation B.E. 2561 of Thailand (“DA Law”) came into force on 14th May 2018. Since then several implementation rules have been issued by the Ministry of Finance (“MOF”), the Securities and Exchange Commission Thailand (“SEC”) and the SEC Office. This article… Read More