What Types of Businesses Foreigners Can Own 100% in Thailand with FBL?
Foreign investors often ask whether they can fully own a company in Thailand. Under the Foreign Business Act B.E. 2542 (1999), foreigners may own 100% of certain businesses if they obtain a Foreign Business License (FBL).
However, the approval of an FBL is not automatic — it depends on a case-by-case assessment by the Foreign Business Commission.
✅ Understanding List 3 Businesses — “Businesses that Thai Nationals are Not Yet Ready to Compete with Foreigners”
List 3 businesses are those that Thai law considers sensitive because Thai nationals are not yet ready to compete with foreign investors in these sectors.
Thus, foreign ownership of more than 49% in List 3 businesses requires an FBL, and approval is based on whether the business will bring significant benefits to Thailand.
The Foreign Business Commission considers factors such as:
- Technology transfer and innovation.
- Employment of Thai nationals and skills development.
- Investment size and economic impact.
- Contribution to Thailand’s competitiveness and industry development.
💡 Therefore, even if the law allows foreigners to apply for 100% ownership via FBL, the decision rests on whether the foreign business is beneficial and necessary for the Thai economy.
✅ List 3: Businesses Foreigners Can Own 100% with an FBL (Subject to Approval)
| Business Type | Details |
|---|---|
| Consulting and advisory services | Business, management, marketing consultancy. |
| Engineering services | All types of engineering consultancy. |
| Architectural services | Design and architectural consultancy. |
| Accounting and auditing services | Limited scope; subject to other regulations. |
| Legal advisory services | Only for international law; no court representation. |
| Retail and wholesale (below capital exemption) | Requires FBL if capital below exemption threshold. |
| Import and distribution within Thailand | General trade of goods. |
| Hotel operations (excluding management) | Running hotels, resorts. |
| Restaurant and food & beverage | Public restaurants and cafes. |
| Tour agency and travel operator services | Organizing tours for local/international clients. |
| Advertising and media services | Marketing, advertising campaigns. |
| Construction (specific categories) | Not covered under automatic exemptions. |
| Brokerage and agency services | Except those specifically exempted. |
| Auction businesses | Domestic auctions, subject to regulations. |
🎯 Important Considerations When Applying for an FBL for List 3 Businesses:
- Application Review by Foreign Business Commission
- Your application will be evaluated based on whether the business activity truly benefits Thailand, including technology transfer, employment of Thai workers, and economic development.
- Not Automatically Approved
- Being on List 3 means the business is sensitive, and approval is discretionary based on the merit of each case.
- Comprehensive Documentation Required
- Applicants must submit detailed business plans, outlining how the business will contribute to Thailand (e.g., hiring local staff, training programs, technological input).
- Minimum Capital Investment
- Generally, a minimum registered capital of THB 3 million per business activity is required when applying for an FBL under List 3.
✅ Key Takeaway:
Although foreigners may apply for 100% ownership of List 3 businesses via FBL, approval depends on whether the business is considered beneficial to Thailand, and if Thai nationals are not ready to compete in that field.
💼 How BRW Can Help You Succeed in FBL Applications:
At BRW – Boonrawee Co., Ltd., we specialize in helping foreign investors navigate the complexities of FBL applications, including:
- Assessing eligibility and business feasibility.
- Preparing business plans that highlight benefits to Thailand.
- Handling document submission and liaising with the Ministry of Commerce.
- Strategic advice to increase chances of FBL approval.
📞 Contact BRW today for expert guidance on owning a business 100% in Thailand under the Foreign Business Act.
