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SEC Introduces KYC Sandbox

On May 23, 2017, the Securities and Exchange Commission (“SEC”) of Thailand has opened a new regulatory sandbox specifically for businesses who wish to test “Know Your Client” technology. The KYC Regulatory Sandbox (the “Sandbox”) will allow interested applicants to test their KYC technology for a period of no longer than 1 year on limited group of clients under the supervision of the SEC. The SEC published a news update on their website on June 7, 2017 that stated [...]

Thailand Parliament Makes Business More Friendly

Thailand has recently undertaken a series of Orders by Parliaments that is designed at improving the ease of doing business in the Kingdom of Thailand.  They were published in the Royal Gazette on 4th April 2017 and was in effect that day. Changes are as follows: The Civil and Commercial Code amended to facilitate promoters to register company at any district nationwide instead of registering at the location where a company has been established. Also, the requirement that every certificate of shares [...]

A Guide for Buyers: Property Public Auction in Thailand

The Legal Execution Department is responsible for holding Public Auctions that are listed in its Public Auction Announcements. The sale of properties can range from condos, empty land, factories and commercial buildings.  The properties sold at auction are usually derived from bankruptcy, defaulted mortgages and seized property by the anti-money laundering office. The following outlines the procedures and requirements to purchase a property at auction. Secure bid with the Public Auction Announcement See what’s listed. Buyers are responsible to inspect the property [...]

Thailand: The World’s New Medical Destination, for Services and Investment

The economy of Thailand boasts a thriving, robust medical industry that both leads Southeast Asia and is renowned across the world.  From the world’s leading medical tourism sector to growing sectors in pharmaceuticals, medical devices and implants, and academic research, the Thai medical sector presents a wealth of opportunities, for Thai and foreign patients, as well as entrepreneurs and investors looking for global growth opportunities in the medical field. Relative to its Asian neighbours and compared to global leaders, Thailand [...]

On 2017 and 2018 Public Tenders of Transmission Lines in South of Thailand

On May 2015, The National Energy Policy Committee approved the Power Development Plan for 2015 to 2036 introducing significant changes in different aspects such as on national economy with a less impact on people cost of living, energy security with less dependent on natural gas, environment releasing 37% less carbon monoxide (low carbon society in 2050) and on regional integration with more solid commitment with Asean region. The energy consumption is increasing fast in the South of Thailand but the [...]

Electronics and Electrical Appliances:  The State of Thai Industry

Thailand has long been accelerating into the pack of world leaders in high-technology industries.  Although world leaders like Japan and South Korea currently enjoy advantages in the tech sector, their growth has created space for other countries to move ahead, and Thailand has been pivoting to take advantage of this opportunity.  Being able to provide a highly skilled workforce at a competitive price level, and further occupying a strategic location for global imports and exports, Thailand enjoys several fundamental [...]

Challenges and Regulatory Trends for the Automotive Sector in Thailand

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 Thailand FinTech Predictions

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 [...]

Doing Business in Thailand

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 [...]

Bank of Thailand Public Hearing on Guidance to Participate the Regulatory Sandbox

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 [...]