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Doing Business in Thailand 2021

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Doing Business in Thailand 2021 Doing Business in Thailand 2021 Doing Business in Thailand Updated as of January 2021 Baker & McKenzie Ltd. 25th Floor, Abdulrahim Place 990 Rama IV Road, Silom, Bangrak Bangkok 10500, Thailand Tel: +66 (0) 2636 2000 Fax: +66 (0) 2636 2111 Email: [email protected] www.bakermckenzie.com ©2021 Baker & McKenzie Ltd. This Guide has been prepared for the general information of clients and/or professional associates of Baker McKenzie. It is not legal advice and should not be regarded as a substitute for legal advice. To the fullest extent allowed by law, Baker McKenzie excludes all liability (whether arising in contract, negligence or otherwise) in respect of all and each part of this communication, including without limitation, any errors or omissions. No client or another reader should act or refrain from acting on the basis of any matter contained in this document without first seeking the appropriate legal or other professional advice on the particular facts and circumstances. Doing Business in Thailand Table of Contents Thailand: The Legal System Foreign Investment Investment Incentives Forms of Business An Overview Organization Data Privacy Dispute Resolution FinTech Healthcare Importing, Exporting, and Trade Remedies Insurance and Insurtech Intellectual Property Labour Laws Product Liability Real Estate, Hotel, Resort & Property Development Securities Law and Taking Security and Taxation Technology Competition Law Regulations Enforcement in Thailand Baker McKenzie i Doing Business in Thailand Foreword The attorneys of Baker McKenzie's Bangkok office have prepared this publication for the benefit of foreign individuals and companies who are considering investing in Thailand. The text presents a broad overview of certain aspects of the Thai legal system that significantly affect the way business is conducted in Thailand. This publication primarily focuses on government regulation and incentives for foreign investment, forms of business organization available to foreign investors, and the Thai tax system. Additionally, summaries of various aspects of Thai law that generally affect most business operations in Thailand are included for the following: intellectual property, data privacy, competition and consumer protection, labour, import/export, exchange control, and real estate. Text on industries such as FinTech, healthcare and insurtech are also included in this edition. This publication is intended only as a summary of certain aspects of Thai law with which a foreign investor should be familiar when initially planning a business venture in Thailand. It is not intended to serve as a substitute for specific legal advice, which one should procure before actually investing in Thailand. The materials on each topic do not exhaustively summarize all relevant laws. In addition to the topics covered, it is also important for the investor to consider the laws and regulations that govern the specific type of business activity contemplated. Finally, each of the laws discussed is, of course, subject to change. Baker McKenzie was established in Chicago 70 years ago and now has 77 offices in 46 countries, including each of the world's major commercial centers. Today the firm has approximately 1,500 partners and over 6,000 legal professionals. Baker McKenzie 1 With over 240 legal professionals and 240 non-legal business professionals, the Bangkok office is more than adequately equipped to offer a full range of commercial legal services. Our clients, including Thai and international public and private companies, professional firms, banks and other financial institutions, governments, trade and industry associations, trustees, joint ventures, and partnerships, are active in all areas of commerce. They include many significant foreign investors and companies doing business in Thailand, as well as major local companies developing their markets abroad. Meeting your Needs Baker McKenzie Bangkok office has the capabilities to provide all clients with a one stop shop service offering a diverse range of legal services not limited to: • Administrative and Constitutional • Antitrust & Competition • Banking and Finance and FinTech • Capital Markets • Construction • Corporate and Commercial 2 Baker McKenzie Doing Business in Thailand • Dispute Resolution • Employment and Compensation • Environment and Climate Change • Insurance • Intellectual Property • International Trade, Compliance and Customs • Mergers and Acquisitions • Major Projects • Natural Resources • Private Equity and Investment Funds • Real Estate, Hotel/Resort and Property Development • Restructuring and Insolvency • Tax and Transfer Pricing Baker McKenzie 3 • Technology We have dedicated foreign desks with legal and business professionals fluent in Chinese, French, German, Hindi, Japanese, Korean and Spanish to serve companies investing in Thailand. 4 Baker McKenzie Doing Business in Thailand 1 Thailand: An Overview 1.1 Geography and Climate Thailand is strategically situated in Southeast Asia, bordered by Cambodia to the southeast, Laos to the north and northeast, Myanmar to the north and west, and Malaysia to the south. It has extensive coastlines along the Andaman Sea to the west and the Gulf of Thailand to the east. Thailand consists of four geographic regions. The north is mountainous and forested; the northeast is semi-arid with poor soil; the central region is a vast alluvial plain; and the southern region is comprised of a narrow tropical peninsula that is rich in minerals. 512,000 square kilometers North Northeast Central South Baker McKenzie 5 Thailand: An Overview March to May June to October November to February (hot) (wet) (dry and cool) 1.2 Population and Language Thailand's population is approximately 66.4 million, as of December 2018. The predominant ethnic group is Thai, with minorities of Chinese, Laotians, Cambodians, Malays, and various indigenous hill-tribes. 6 Baker McKenzie Doing Business in Thailand Major Cities Bangkok (capital) Phuket Khon Kaen Chiang Mai Nakhon Ratchasima Songhkla / Hat Yai The national language is Thai, with minor regional variations. English is used in certain commercial circles and in tourist areas, but otherwise is not widely spoken. 1.3 Religion Approximately 95 percent of Thailand's population is Buddhist. Minority religions include Islam (approximately 3 percent) and Christianity (approximately 1 percent). Although the Christian calendar is widely used in Thailand, the Thai calendar is also used, with the Buddhist Era (B.E.) beginning with the Lord Buddha's death in 543 B.C.Therefore, the legislation cited in this brief is marked by the year in which the legislation was enacted in Buddhist Era terms, followed by the Christian calendar equivalent; for example, B.E. 2562 (2019). Baker McKenzie 7 Thailand: An Overview 1.4 The Political System Political System: Constitutional Monarchy Established: 1932 Present Monarch: King Maha Vajiralongkorn Ascended Throne: December 2016 At present, the country adopts the Constitution, which was promulgated in 2017, as the supreme law of the land. Under the Constitution, the King remains the head of state and exercises the sovereign powers through the main three branches, namely, the legislative powers through the National Assembly of Thailand (or the Parliament), the executive powers through the government, and the judicial powers through the Courts. 8 Baker McKenzie Doing Business in Thailand The Constitution provides for an elected lower house, the House of Representatives, and an appointed upper house (pursuant to the selection procedures stated in the applicable organic law), the Senate, which together make up the National Assembly. The National Assembly consists of 750 members and is empowered to consider and enact laws. It succeeded the National Legislative Assembly which had been appointed by the National Council for Peace and Order in 2017. The government, administrated by the cabinet, which consists of ministers with a prime minister as the leader, is served by a large bureaucracy. Each ministry is headed by a minister appointed by the King on the recommendation of the prime minister. Office of the Prime Minister Ministry of Interior Ministry of Commerce Ministry of Industry Ministry of Digital Economy and Ministry of Finance Society Baker McKenzie 9 Thailand: An Overview 1.5 Currency The local currency is the Thai Baht (THB), which is divided into 100 satang. Notes are available in denominations of 20, 50, 100, 500, and 1,000; and coins of one, two, five, and 10, as well as 25 and 50 satang. Foreign currency can be exchanged for THB at commercial banks, authorized money exchange centers, and other authorized agents. 10 Baker McKenzie Doing Business in Thailand 2 The Legal System 2.1 The Law Thailand has a codified system of law as a result of reforms instituted by King Chulalongkorn (King Rama V) at the turn of the nineteenth century. The Civil and The Criminal Commercial Code Procedure Code Major Legislative The Revenue The Penal Code Codes Code The Civil Procedure The Land Code Code Baker McKenzie 11 The Legal System The content of the Codes was drawn from the laws of other countries having codified systems (e.g. France, Switzerland, and Germany), from countries with common law systems (e.g. Great Britain), and from the traditional laws of Thailand. The supreme law of Thailand at present is the 2017 Constitution. The current Constitution replaced the Interim Constitution 2014 on 6 April 2017. Laws are normally drafted in broad terms, especially laws regulating commercial activities.
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