Thailand Cracks Down on Nominee Firms, Impacting Foreign Investors
Siam Legal International, a law firm based in Phuket, is advising foreign investors on the implications of Thailand's crackdown on nominee firms. The Department of Business Development, along with other government agencies, has shut down four companies in Chon Buri province for using Thai nominee shareholders to bypass foreign ownership restrictions under the Foreign Business Act. This enforcement action targeted businesses in the tourism and property sectors, revealing corporate structures designed to circumvent legal ownership limits. The crackdown reflects a shift towards stricter scrutiny of nominee arrangements, with potential criminal penalties for violations. 
