Open training course ‘Laws that foreign businesses must know’ before investing in Thailand

The Department of Business Development is tutoring foreign investors, law firms and accounting firms in Thailand, which are the frontlines in providing correct advice to foreign investors and helping them understand how to invest under the Foreign Business Act. This is after finding that some foreign juristic persons still lack understanding of investment laws and have received complaints about businesses that are considered nominees in Thailand. Mrs. Aromorn Traiphutham, Director-General of the Department of Business Development, said that today (August 14), she assigned Mom Luang Phuthong Thongyai, Deputy Director-General of the Department of Business Development, to chair the opening ceremony of the training on the Alien Business Act and the Alien Employment Act: Laws that Foreign Businesses Must Know at the 1 Century Convention Center, 6th floor, Department of Business Development, to create awareness among the target group to see the importance of doing business based on the principles of good corporat e governance and reduce illegal acts in Thailand that are unintentional because they do not have knowledge of how to properly register a business in Thailand. The group of people who intentionally commit illegal acts will see the punishment they will receive and stop their actions. In addition, the department has now opened a system for applying for foreign business licenses via the system or e-Foreign Business, which will attract more foreign investors to be interested and flow into doing business in Thailand, reducing the time and difficulty of applying for investment licenses. However, in the past, the department found that many juristic persons still lack knowledge and understanding of the essential content of the Alien Business Act B.E. 2542, including the request for permission to operate a business by aliens, the legal procedures when receiving permission to operate a business, or the businesses that aliens are prohibited from operating, as well as the penalties for violating the law. In addition, the re have been complaints from the public to investigate aliens who enter to work in businesses that require permission from the department first, including the correct behavior according to various laws, such as requesting a work permit or occupation permit for aliens (Work Permit) and laws related to the employment of aliens. The target group that participated in the training today, the department focused mainly on foreign juristic persons, representatives of law firms, and accounting firms, with more than 230 interested in joining the training. The reason for focusing on this group is because they are directly involved in welcoming foreign investors to do business in Thailand. They need to truly understand the business laws of Thailand or may choose to use legal or accounting consultants as representatives to set up a business in Thailand. They are like the front line that must meet and provide correct information to investors before registering with the department. Therefore, if law firms and accounting fi rms can provide correct information and communicate to foreign investors about the penalties that they will receive if they commit illegal acts, it will reduce mistakes in doing business and cut off the cycle of wrongdoing in the form of nominees in Thailand very well. Participants will learn the steps to start a business and the correct application for foreign business licenses, relevant laws, guidelines for consideration of licenses, the list of businesses that require permission from the Department of Business Development, and how to conduct business correctly when entering Thailand, including laws and regulations related to foreign employment from lecturers from the Department of Employment. The Department expects that this training will help foreign investors gain a correct understanding of Thailand's investment laws, which will have a positive effect on the number of investors in the country, as well as promote business operations based on the principles of good corporate governance and help drive Thai land's economy forward. -514 Source: Thai News Agency