Silk Legal is pleased to announce that Jose Herrera has joined the firm as a partner. Jose brings with him a wealth of international legal experience from practice in Thailand, South East Asia, East Europe and Spain. His practice concentrates on Foreign Direct Investment in the automotive, infrastructures and energy sectors.
Although the vast majority of global cars manufacturers have already a corporate presence in the Kingdom of Thailand, the three largest manufacturers originally come from Japan: Toyota, Isuzu and Honda. The automobile industry in Thailand as a whole account for 12% o GDP and employ more than 550,000 workers. Due to the economic importance of the automotive sector, Thailand enforces Tax and Non-Tax Incentives under the Board of Investment (“BOI”) scheme as seen in Section 4: Metal products, machinery and [...]
2017 is positioned to be an exciting year for the development of Fintech in Thailand. Over the past year, we have seen several key indicators that lead us to believe that a FinTech revolution will start this year. We have identified six areas to watch closely: Thailand 4.0 – The Thai government has placed substantial resources in developing Thailand into a digital economy. Creativity and Innovation in this digital economy is the main drivers of this initiative. We predict that [...]
As global business continues to grow, mature, and evolve, increasing numbers of international businesses and entrepreneurs enjoy the option of pursuing their business from an international location. This opportunity can also be expressed as a challenge: With such a wide variety of potential overseas locations, growing firms need to choose one that provides the best possible fit for the optimal chance at succeeding in an increasingly competitive marketplace. Thailand’s national Board of Investment (BOI) has collected a host of useful [...]
Thailand’s FinTech regulation is evolving and 2017 will be an exception year for financial innovation within Thailand. The Bank of Thailand (“BOT”) has published consultation papers on how the proposed regulatory regime using a “Sandbox” approach will function. This regulatory sandbox will allow FinTech firms and financial instructions the ability to test their products in a system that will allow real world trials, while providing consumer protection. Silk Legal is pleased to provide an unofficial English translation of the most [...]
Silk Legal attended the TAGLaw regional conference held in Singapore on 27 – 28 August, 2016. 59 People representing a variety of firms across SE Asia and the Pacific attended a full day seminar and two nights of networking. Silk Legal is excited to build new relationships and having the ability to offer our clients seamless legal and accounting works across the region.
Islamic finance albeit more popular in recent times, has been around for 1400 years. The essence of Islamic finance revolves around the simple notion that wealth must be preserved, invested and circulated. It is rather different from the conventional financial model in form and substance. The cornerstones are set on grounds of social justice. So what is the first thing that one must know about Islamic finance? This financial model, unlike its conventional counterpart, is not based on debt and [...]
For businesses seeking to close down shop in Thailand, the legal framework surrounding dissolution and liquidation of assets may seem daunting; however, failure to comply with these processes can generate ongoing fines and criminal liability for directors. Regardless of whether a company elects to, or is enjoined to liquidate, it should carefully follow the prescribed process in order to minimize losses and residual damages. This article provides an overview of key steps to be aware of when closing a [...]
What is a TISO? A Trade and Investment Support Office (TISO) is a category of business that is promoted by the Board of Investment of Thailand. The TISO is not actually a type of business activity per se nor is it an activity specific to any particular industry, but rather it forms a collection of various businesses which are deemed to be potentially supportive of trade and investment in the country in general. As a result, the TISO is a [...]
Thailand is currently experiencing a massive growth in opportunities related to e-commerce with current estimates for the next five years predicting an average growth of 18.2% per year. Thailand has one of the highest internet and mobile internet adoption throughout Southeast Asia. Furthermore, Thai companies that are adopting social media and messaging platforms such as LINE have seen even faster growth as Thais have quickly adopted to purchasing goods and services through mobile devices. Over the past year, Silk Legal [...]