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6,551 foreign firms probed for unlicensed business operations

6,551 foreign firms probed for unlicensed business operations

MGR Online•Economy•8d ago

Reader Briefing

Thai authorities are investigating over 6,500 foreign-owned companies for operating businesses without the necessary permits.

  • •The Department of Business Development is reviewing 6,551 companies with at least 50% foreign ownership for potential violations of the Foreign Business Act B.E. 1999.
  • •The majority of these companies are located in Bangkok, followed by Chonburi and Samut Prakan.
  • •The investigation focuses on businesses such as general wholesale, jewelry retail, and real estate transactions.
  • •Findings will be forwarded to agencies like the DSI, police, and the Revenue Department for further legal action.

Overview

  • •The Department of Business Development is investigating 6,551 juristic persons with 50% or more foreign ownership.
  • •This investigation is being conducted under the Foreign Business Act B.E. 1999.
  • •Bangkok has the highest concentration of these entities, with 3,934 companies.
  • •The department will conduct in-depth audits of revenue, assets, and financial statements for these companies.
  • •Information will be submitted to the Department of Special Investigation (DSI), Police, Revenue Department, and Anti-Money Laundering Office for legal proceedings.
  • •Companies are being investigated for potentially operating businesses without proper permits.
  • •The probe includes sectors like general wholesale, jewelry retail, and real estate transactions.
  • •The department will analyze financial statements and registration data to identify high-risk businesses for further scrutiny.

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Key Quotes

Phumphong Naiyanapakon
"The department has inspected juristic persons where foreigners hold 50% or more shares to check business operations that may be conducted without permission under the Foreign Business Act B.E. 1999, with an initial finding of 6,551 entities."
กรมได้ตรวจสอบนิติบุคคลที่มีคนต่างด้าวถือหุ้นตั้งแต่ร้อยละ 50 ขึ้นไป เพื่อตรวจสอบการดำเนินธุรกิจ ที่อาจประกอบธุรกิจโดยไม่ได้รับอนุญาตตาม พ.ร.บ.การประกอบธุรกิจของคนต่างด้าว พ.ศ.1999 โดยเบื้องต้นพบว่ามีจำนวน 6,551 ราย

Key Entities

Organization

Department of Business Development(กรมพัฒนาธุรกิจการค้า)
The government agency conducting an investigation into foreign-owned companies operating without permits.
DSI(ดีเอสไอ)
The Department of Special Investigation, which will receive information for further legal action.
Police(ตำรวจ)
Law enforcement agencies that will be involved in handling legal proceedings.
Revenue Department(สรรพากร)
The tax authority that will be involved in handling legal proceedings related to the investigation.
Anti-Money Laundering Office(ปปง.)
The agency that will be involved in handling legal proceedings related to the investigation.

Law

Foreign Business Act B.E. 1999(พ.ร.บ.การประกอบธุรกิจของคนต่างด้าว พ.ศ.1999)
The legislation under which foreign companies are being investigated for potentially operating businesses without proper authorization.

Person

Phumphong Naiyanapakon(นายพูนพงษ์ นัยนาภากรณ์)
The Director-General of the Department of Business Development, who revealed details of the investigation.

Place

Bangkok(กรุงเทพฯ)ℹ️
The location with the highest number of foreign-owned companies being investigated.
Chonburi(ชลบุรี)ℹ️
A province with a significant number of foreign-owned companies under investigation.
Samut Prakan(สมุทรปราการ)ℹ️
A province with a notable number of foreign-owned companies under investigation.