Starting a Business
Can Indians Own 100% of a Business in Thailand?
Sometimes yes, sometimes no — and it depends entirely on the activity. Here is how to work out which situation you are in.
Pradumn, Thaind Group · 3 March 2026 · 7 min read
The short answer
Yes, in some activities. Thailand restricts foreign participation in a defined list of mainly service and trading activities. Activities outside that list — including most manufacturing — can be fully foreign-owned. Inside the list, you need BOI promotion, a Foreign Business Licence or Certificate, or a qualifying treaty structure.
Why India's position differs from the US
American investors often use the US–Thailand Treaty of Amity, which allows majority US ownership in many activities. India does not have an equivalent arrangement, so Indian investors work through BOI promotion, licensing, unrestricted activities or genuine joint ventures.
The four lawful routes
In practice, Indian investors reach control through one of these.
- Operate an activity that is not restricted — often manufacturing and export
- Obtain BOI promotion for a promoted activity
- Apply for a Foreign Business Licence or Certificate
- Structure a real joint venture with a Thai partner who contributes capital and role
What not to do
Nominee shareholding — Thai names on the register holding shares for a foreigner — is unlawful. Enforcement has increased, penalties are serious, and the structure destroys resale value because any buyer's lawyer will identify it. Loan-and-pledge workarounds designed to achieve the same result carry the same risk.
Control without 100% ownership
Ownership is not the only lever. Preference shares with weighted voting, reserved matters in the shareholders' agreement, board composition, and control of brand, IP or supply can deliver practical control within a lawful shareholding split. Structure this properly with Thai counsel rather than improvising.
Frequently asked questions
- Is a 49% stake with control rights legal?
- A minority stake with negotiated governance rights is a normal commercial arrangement. What is unlawful is using nominees to disguise who really owns the company.
Read next
Information on investment, BOI, taxation, immigration, company structures and regulations is provided for general information only and should be independently verified with qualified Thai professionals and the relevant government authorities.