On 28 August 2026, the Ministry of Commerce issued Ministerial Regulation No. 5 B.E. 2569 under the Foreign Business Act (FBA), further expanding the list of service businesses that foreign investors may operate in Thailand without obtaining a Foreign Business License (FBL).
The rationale for this regulation is to align the regulatory framework with current economic, trade, and investment conditions, as well as to promote economic, trade, and investment development and enhance Thailand’s competitiveness.
1. Securities Business
The scope of exempted securities businesses has been expanded to include:
- Lending money for the purchase of securities
- Purchasing securities under a reverse repurchase agreement
2. Derivatives Business
This new regulation expands the exemption to include:
- Derivatives for purchasing securities with reverse repurchase agreement;
- Derivatives dealer, derivatives advisor, or derivatives fund manager where the underlying goods or variables are not subject to the law governing derivatives; and
- Derivatives dealer, derivatives advisor, or derivatives fund manager in relation to futures contracts where payment is calculated based on an exchange rate or interest rate and the futures trading is conducted outside a derivatives exchange.
In addition, on the same day, the MOC issued a separate Ministerial Regulation Prescribing Derivatives Brokers or Agents Not Required to Apply for an FBL. This regulation exempts derivatives agency businesses as additional scope under List Three (11)(d) of the Foreign Business Act B.E. 2542 (1999), as follows:
- Derivatives agents where the underlying goods or variables are not subject to the law governing derivatives.
- Derivatives agents for trade futures where payment is calculated based on an exchange rate or interest rate and the futures trading is conducted outside a derivatives exchange.
3. Telecommunication Business
Telecommunication service business for License to Operate Telecommunication Business of Type One, namely license for telecommunication business operators that do not own telecommunication network, shall be exempted from FBL requirements.
The rationale for the exemption is to facilitate market entry for new operators, thereby increasing competition in the telecommunications sector and providing users with greater access to and choice of telecommunications services. Foreign operators wishing to engage in this business will still be required to obtain the relevant license from the National Broadcasting and Telecommunications Commission (NBTC) and must continue to comply with applicable requirements under the Telecommunications Business Act. Therefore, it helps to reduce regulatory duplication among government authorities, while lowering compliance costs and facilitating business operations for the investors.
4. Treasury Center
Treasury center business under the law governing exchange control will be exempt from the FBL requirement, as such businesses are already subject to specific regulatory requirements under the supervision of the relevant regulator.
The exemption is intended to facilitate multinational groups in centralizing their financial management and cash management functions in Thailand, thereby making Thailand a more attractive location for regional treasury operations.
5. Intercompany Management Services
Management services regarding Administration, Human Resources, and Information Technology between related juristic persons falling under any of the following circumstances shall be exempted from FBL requirements.
(a) Shareholders or partners representing more than one-half of the total number of shareholders or partners of one juristic person are also shareholders or partners representing more than one-half of the total number of shareholders or partners of another juristic person.
(b) Shareholders or partners holding shares or partnership interests representing at least 25% of the capital of one juristic person also hold shares or partnership interests representing at least 25% of the capital of another juristic person.
(c) One juristic person holds shares or partnership interests representing at least 25% of the capital of another juristic person.
(d) Directors or partners with management authority representing more than one-half of one juristic person’s directors or partners are also directors or partners with management authority representing more than one-half of another juristic person.
This represents an important development in the expansion of shared service activities. While the 2019 regulation exempted only “advisory services” provided to affiliated companies, the new regulation broadens the scope to cover “operational-level management support” in Human Resources and Information Technology.
6. Domestic Debt Guarantee Business
Domestic debt guarantee service businesses provided between related juristic persons falling under any of the following circumstances:
(a) Shareholders or partners representing more than one-half of the total number of shareholders or partners of one juristic person are also shareholders or partners representing more than one-half of the total number of shareholders or partners of another juristic person.
(b) Shareholders or partners holding shares or partnership interests representing at least 50% of the capital of one juristic person also hold shares or partnership interests representing at least 50% of the capital of another juristic person.
(c) One juristic person holds shares or partnership interests representing at least 50% of the capital of another juristic person.
(d) Directors or partners with management authority representing more than one-half of one juristic person’s directors or partners are also directors or partners with management authority representing more than one-half of another juristic person.
7. Renting Business
Businesses providing rental of part of their premises for the installation of electronic machines used to provide financial services, such as ATM machines, as well as machines for the automated sale of products or services, such as vending machines, for the purpose of serving and facilitating the company’s employees, shall be exempt from FBL requirements.
8. Petroleum Drilling Business
Petroleum drilling service businesses where the contractor has entered into a service contract directly with a concessionaire, production sharing contractor, or service contractor under the law governing petroleum operations, shall be exempt from FBL requirements.
13-Digit Juristic Person Identification Number for Foreign Juristic Persons
A juristic person established under foreign law that operates a business exempt from the FBL requirement, such as a Foreign Branch Office, may apply electronically for a 13-digit identification number through the DBD eforeign system without payment of any government fees.
This will facilitate foreign investors and the general public in accessing information and documents evidencing the status of such juristic persons in a more convenient and efficient manner.
Software Development Business Still NOT being exempted from FBA
While an earlier draft of the relevant Ministerial Regulation proposed including “Software Development” as a business exempt from the FBL, it was ultimately NOT included in the Ministerial Regulation as expected. Accordingly, foreigners wishing to enagage in the Software Development business are still required to obtain an FBL before commencing business in Thailand or, where applicable, obtaining a BOI promotion.
