Legal Compliance and Risk Prevention for Foreign Investors in Thailand外國投資者在泰國的法律合規與風險防範
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Strict Penalties for Illegal Nominee Structures and Daily Fines
Territorial Jurisdiction over Foreign Securities Operations in Thailand
Secure Legal Pathways: FBL, BOI Promotion, and International Treaties
針對非法代持股份結構嚴厲處罰與按日罰款
泰國境內對外國證券業務的屬地管轄權
安全的法律途徑：外商營業執照(FBL)、BOI投資促進及國際條約
For foreign businesses operating in Thailand, strict adherence to the Foreign Business Act (FBA) and specific regulatory laws is crucial. A recent Supreme Court Judgment (No. 3618/2566) highlighted the severe consequences of utilizing a "Nominee" structure, where a Thai national holds shares on behalf of a foreigner to evade legal restrictions. The court not only imposed suspended prison sentences and fines but also ordered the immediate cessation of business operations. Crucially, the company's failure to complete the liquidation immediately resulted in a continuous daily fine of 10,000 Baht until the dissolution was fully registered.
對於在泰國經營的外國企業而言，嚴格遵守《外商營商法》（FBA）及特定監管法律至關重要。最近一項最高法院判決（第3618/2566號）突顯了使用「代持」結構的嚴重後果——即由泰國公民代外國投資者持有股份以規避法律限制。法院不僅判處緩刑和罰款，還下令立即停止業務營運。關鍵在於，由於該公司未能立即完成清算，導致其面臨每天 10,000 泰銖的連續性罰款，直到公司完全註冊解散為止。
This ruling established a firm legal precedent: a court order directing a business to cease operations takes effect immediately on the day it is pronounced openly in court. Under Section 37 of the FBA, daily fines are strictly enforced throughout the entire period of violation, emphasizing the critical need for immediate legal compliance rather than delaying until final appeals are resolved.
該判決確立了明確的法律先例：法院責令企業停業的裁定，自法庭公開宣判之日起立即生效。根據《外商營商法》第37條，按日處罰將在整個違規期間強制執行，這強調了立即落實法律合規的迫切需要，而非拖延至最終上訴解決。
In another significant case concerning territorial jurisdiction (Supreme Court Judgment No. 14979/2558), foreign defendants established an office in Thailand to broker foreign securities for clients residing abroad. Although no funds entered the Thai economy and the securities were overseas, the Supreme Court ruled that utilizing Thailand as an operational base for contacting and persuading clients constitutes operating a securities business within the Kingdom. The defendants were found guilty under the SEC Act for failing to register as a limited company and lacking the mandatory licenses.
在另一宗涉及屬地管轄權的重要案件中（最高法院判決第14979/2558號），外籍被告在泰國設立辦事處，為居住在海外的客戶充當外國證券經紀人。儘管沒有資金進入泰國經濟體系且證券位於海外，最高法院裁定，利用泰國作為聯繫和說服客戶的營運基地，即構成在泰國境內經營證券業務。被告因未依法註冊為有限公司且缺乏強制性許可證，被判違反《證券交易委員會法》而有罪。
To prevent severe criminal and civil liabilities, foreign investors must conduct comprehensive legal due diligence and avoid illegal nominee shareholding structures entirely. Instead, businesses should utilize transparent and legal structural frameworks to enter the Thai market safely:
為了防止嚴重的刑事和民事責任，外國投資者必須進行全面的法律盡職調查，並完全避免非法的代持股份結構。相反，企業應利用透明且合法的架構進入泰國市場，以維護安全性：
Foreign Business License (FBL): Apply through the Department of Business Development for activities restricted under the FBA, allowing up to 100% foreign ownership legally.
BOI Promotion: Apply for privileges from the Board of Investment (BOI), which can supersede FBA restrictions, offer tax incentives, and grant non-tax privileges like land ownership.
Genuine Joint Ventures: Ensure that Thai majority shareholders (51%) are genuine co-investors with actual financial contributions and active participation in corporate governance.
International Treaties: Leverage bilateral agreements, such as the Treaty of Amity between Thailand and the USA, which grant specific foreign nationals the right to maintain majority ownership.
外商營業執照（FBL）： 針對受 FBA 限制的業務，透過商業發展廳提出申請，合法取得最高達 100% 的外資所有權。
BOI 投資促進： 向泰國投資促進委員會（BOI）申請優惠待遇，此舉可凌駕 FBA 的限制，提供稅收優惠，並賦予如土地所有權等非稅收特權。
真正的合資企業： 確保擁有泰國多數股權（51%）的股東是真正的共同投資者，具備實際的資金投入並積極參與公司治理。
國際經濟條約： 善用雙邊協定，例如泰國與美國之間的《泰美友好條約》，這類條約賦予特定外國公民維持多數股權的權利。
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