A rule requiring foreign nationals to secure permission before conducting half a dozen types of businesses could soon be lifted, says a source at the Commerce Ministry.
The Department of Business Development (DoBD) has asked Commerce Minister Jurin Laksanawisit to remove the requirement, which could help boost foreign investments in the kingdom.
The requirement is enforced under a 1999 law governing business operations by foreign nationals. Permission is needed from a committee chaired by the commerce permanent secretary.
Six businesses are covered by the rule, and its removal would provide convenience for foreign nationals seeking to conduct business in the country, the source said.
If the minister approves the DoBD’s request to drop the requirement, the issue will be forwarded to the cabinet. After that, a regulation will be released to lift the requirement.
The source said the process is expected to be completed next year.
Businesses that would benefit from the change in the system are those where foreign nationals often seek to renew permission, including telecommunications-related companies that do not operate their own telecom services network.
The requirement to secure permission could be dropped for other businesses, such as those involving foreigners renting a telecom network to cater to fellow nationals.
Other businesses that sought such a waiver pertaining to financial management under the currency exchange control law and companies specialising in developing software, which are juristic persons registered in Thailand.