How to Apply for a Foreign Business License (FBL) in Thailand: Process, Timeline and Minimum Capital

In short

A foreigner wishing to operate in Thailand any of the restricted businesses set out in the three Lists annexed to the Foreign Business Act must first obtain a Foreign Business License (FBL): businesses in List One are in principle not permissible to foreigners; businesses in List Two require permission from the Minister with the approval of the Council of Ministers; and businesses in List Three require permission from the Director-General of the Department of Business Development with the approval of the Foreign Business Commission (Section 8).

1. Which businesses need an FBL: the three restricted Lists (Section 8)

The Foreign Business Act divides the businesses restricted to foreigners into three Lists. Whether a license can be applied for, and to whom, depends on which List the business falls under (Section 8). For an item-by-item comparison of the specific industries in each List, see our dedicated article on Thailand's three foreign-investment Lists.

List One Prohibited in principle

Businesses not open to foreigners for special reasons, such as newspaper and radio broadcasting, land trading and rice farming; foreigners may not operate them (Section 8).

List Two Minister + Cabinet

Businesses affecting national safety or security, arts, culture and folk handicrafts, or natural resources and the environment; they may be operated only upon obtaining permission from the Minister with the approval of the Council of Ministers (Section 8).

List Three Director-General + Commission

Businesses in which Thai nationals are not yet ready to compete with foreigners, such as accounting, law, architecture, engineering and most service businesses; they require permission from the Director-General of the Department of Business Development with the approval of the Commission (Section 8).

In addition, an individual who was born in the Kingdom but did not acquire Thai nationality under the law on nationality, or who became a foreigner as a result of the revocation of nationality, falls into a separate special category and may, upon a license issued by the Director-General, operate businesses within the scope and localities prescribed in a Notification issued by the Minister (Section 7).

2. Where to apply and how long approval takes (Section 17)

The applicant must file an application with the Minister or the Director-General in accordance with the rules and procedures prescribed in the Ministerial Regulation (Section 17). The deciding authorities and time limits are as follows:

Deciding authority: List Two applications are referred by the Minister to the Council of Ministers for consideration, and List Three applications are considered by the Director-General of the Department of Business Development (Section 17).
60-day consideration: the Council of Ministers (List Two) or the Director-General (List Three) must complete its consideration of whether to approve within 60 days from the date the application is filed; where the Council of Ministers cannot complete its consideration within that period for an inevitable cause, the period may be extended, but the extension must not exceed 60 days (Section 17).
15-day issuance: once the Council of Ministers has given approval or the Director-General has granted permission, the Minister or the Director-General must issue the license within 15 days from the date of the approval (Section 17).
Written reasons for refusal: if the Council of Ministers refuses a List Two application, the Minister must notify the applicant in writing within 30 days and clearly state the reasons; if the Director-General refuses a List Three application, the notification in writing with a clear statement of reasons must be given within 15 days (Section 17).

3. Minimum registered capital (Section 14)

The minimum capital used by a foreigner to commence business in Thailand must not be less than that prescribed in the Ministerial Regulation (Section 14). The statutory floors are as follows:

General floor: not less than 2 million Baht (Section 14).
Restricted businesses requiring a license: for a business requiring permission as specified in the annexed Lists, the minimum capital for each business must not be less than 3 million Baht (Section 14).
Exact amount and remittance period: the precise minimum capital, and the time within which the capital must be brought or remitted into Thailand, are further prescribed by the Ministerial Regulation; the exact figures are subject to the official rules (our firm can help confirm them) (Section 14).
Reinvestment exception: this minimum-capital requirement does not apply where a foreigner uses revenues from a business already in operation in Thailand to commence another business, subscribe for shares or invest in any other undertaking (Section 14).

4. Conditions to observe after the license is granted, and its validity (Sections 19, 20 and 21)

A license is not a one-off grant. The holder must continue to comply with the conditions attached at the time of approval; otherwise it may be ordered to rectify, suspended or even revoked (Section 19).

Consequences of breaching conditions: if the license holder violates the conditions attached on issuance or the statutory requirements, the Director-General first serves a written notification setting a period to rectify; if the holder fails to comply within that period without reasonable cause, the Director-General may order the license suspended or the business temporarily ceased for up to 60 days; if it still fails to rectify, the license may be revoked (Section 19).
Validity of the license: a license has no fixed term and remains valid until the holder ceases to operate the permitted business (Section 21).
Display and replacement: the holder must display the license at an overt location at its place of business; if the license is damaged or lost, an application for a substitute must be submitted to the Registrar within 15 days from the date of becoming aware of it (Section 21).
Right of appeal: a holder aggrieved by a suspension or revocation order may lodge a written appeal with the Minister within 30 days from receipt of the notification; the appeal does not stay the execution of the order (unless a stay is granted by the Minister with the recommendation of the Commission), and the Minister must decide within 30 days, the decision being final (Section 20).

⚠️ Note

Whether approval can be obtained, which List a business falls under, and how much minimum capital is required must be assessed case by case in light of the specific business scope and shareholding structure; the exact amounts and additional conditions set by the Ministerial Regulation are subject to the official rules. Our firm can help assess whether your business is restricted, prepare the FBL application materials and coordinate on-the-ground services - each case requires individual confirmation.

FAQ

Which businesses in Thailand require a foreigner to obtain an FBL?

The Foreign Business Act divides restricted businesses into three Lists: List One is in principle not permissible to foreigners; List Two requires permission from the Minister with the approval of the Council of Ministers; and List Three requires permission from the Director-General of the Department of Business Development with the approval of the Foreign Business Commission (Section 8).

How long does it take for an FBL application to be approved?

The Council of Ministers (List Two) or the Director-General of the Department of Business Development (List Three) must complete its consideration within 60 days from the date the application is filed; the Council of Ministers may extend this by no more than a further 60 days for an inevitable cause; the license is issued within 15 days after approval (Section 17).

What is the minimum registered capital to apply for an FBL?

The statute sets a general floor of not less than 2 million Baht; for a business requiring permission under the annexed Lists, the floor is not less than 3 million Baht per business. The exact amount and the capital remittance period are prescribed by the Ministerial Regulation and are subject to the official rules (our firm can help confirm them) (Section 14).

How long is the license valid, and what if it is suspended or revoked?

The license has no fixed term and remains valid until the holder ceases to operate the business, and it must be displayed openly at the place of business (Section 21). A holder aggrieved by a suspension or revocation order may appeal in writing to the Minister within 30 days from receipt of the notification, and the Minister decides within 30 days, the decision being final (Section 20).