Andreas Richter (Senior Partner) and Zhe Che (Head of China Practice)
The Department of Business Development (DBD) has introduced a series of new regulations targeting companies with foreign shareholders or foreign authorized directors, as part of its broader crackdown on nominee shareholding arrangements. These measures impose stricter requirements on fund verification and truthfulness declarations — matters of direct relevance to Chinese-invested companies already operating in Thailand and those planning to enter the market.
I. Core Requirements of the New DBD Regulations
DBD this year, Order No. 2/2568 (effective 1 January 2026) and Order No. 1/2569 (effective 1 April 2026) are the most significant.
1.Fund Tracing Review: DBD Order No. 2/2568
This order applies to the following two scenarios:
– Private limited companies with foreign shareholding of less than 50%; and
– Companies with no foreign shareholders but having a foreign national serving as an authorized director with signing authority.
Key requirements:
– Bank statements, not balance certificates: Each Thai shareholder must submit bank transaction statements covering three months retroactive from the contribution date. Bank confirmation letters certifying only the account balance are no longer accepted.
– Fund flow verification: The DBD will check whether the statements reflect withdrawals or transfers matching the subscription amount and date, to verify that the funds genuinely originate from the Thai shareholder themselves.
2. Truthfulness Declaration Disclosure: DBD Order No. 1/2569
This order addresses company amendment registrations, such as where all authorized directors were previously Thai nationals, and the company now applies to appoint a foreign individual as an authorized director with signing authority.
Key requirements:
– The company must submit an Investment Confirmation Letter to the DBD.
– This letter must be signed by the director who signs the registration application, confirming in writing that:
– All shareholders have made actual contributions and fully paid up their share subscription;
– There is no Thai nominee holding shares on behalf of others or assisting foreigners to circumvent the law; and
– The signatory is aware of the legal consequences under relevant laws, including the Foreign Business Act and the Penal Code.
II. Relevance to Chinese Investors
The above regulations form part of the Thai government’s broader toolkit to combat nominee shareholder arrangements. Recently, the Department of Special Investigation (DSI) and the DBD conducted raids on multiple nominee networks in areas such as Koh Samui and Koh Phangan, involving businesses linked to Chinese and Israeli nationals, with seized assets valued at billions of baht.
In sectors with a high concentration of Chinese investors — such as real estate, hotels, tourism, and e-commerce — regulators are identifying potential nominee structures by scrutinizing fund sources and verifying the financial capacity of Thai shareholders.：
Direct impact on Chinese investors:
| Scenario | Potential Impact | |
| 1 | Planning to incorporate a new company (foreign <50% or foreign director) | Must prepare 3-month bank statements of Thai shareholders in advance and ensure a clear and traceable fund trail. |
| 2 | Planning to appoint a foreign director | Must submit an Investment Confirmation Letter, with the signatory personally liable. |
| 3 | Existing nominee arrangements | Face risks of DBD/DSI investigation, fines, criminal charges, and company dissolution. |
III. Compliance Recommendations
1.Review existing ownership structures: Verify whether Thai shareholders have genuinely contributed capital and whether there are any signs of fund circularity or nominee arrangements.
2. Ensure a complete fund trail: Retain bank transfer receipts, payment records, and tax filing documents to ensure the source of funds is traceable.
3. Exercise caution in director changes: When appointing a foreign director, carefully verify the accuracy of the Investment Confirmation Letter to avoid criminal liability arising from false statements.
4. Prioritize lawful business pathways: If intending to operate in a restricted business sector, priority should be given to applying for BOI investment promotion or an FBL (Foreign Business License) that allows for 100% foreign shareholding in the venture, rather than circumventing the law through illegal nominee structures.
The new DBD regulations mark a shift in Thailand‘s corporate registration review from “form-based compliance” to “substance-based scrutiny.” For Chinese investors seeking long-term and sustainable development in Thailand, conducting early compliance self-assessments, ensuring fund authenticity, and maintaining clear control structures are key to mitigating legal risks.
For further details on implementation or case-specific assessments, please do not hesitate to contact us.
DBD新规下资金溯源与真实性声明要求：中国投资者合规要点解析
近期，泰国商业发展厅（DBD）针对含有外国股东或外国授权董事的公司，出台了一系列旨在打击“代持（Nominee）”行为的新规。相关措施对资金审核和真实性声明提出更高要求，与在泰中资企业及计划赴泰投资的中国投资者密切相关。
I. DBD新规核心要求
DBD陆续发布的多项命令中，第2/2568号令（2026年1月1日生效）与第1/2569号令（2026年4月1日生效）为最核心的两项。
- 资金溯源审查：DBD第2/2568号令
该命令适用于以下两类情形：
– 外资持股比例低于50%的有限公司；
– 虽无外资股东，但有外国人担任有签字权的授权董事。
核心要求：
– 银行流水，而非余额证明：每位泰国股东须提交涵盖出资之日起追溯三个月的银行交易明细，不再接受仅证明账户余额的银行确认函。
– 资金流向核查：DBD将核对该流水是否显示与出资金额及日期相符的取款或转账记录，以验证资金是否真实来源于泰国股东本人。
2. 真实性声明披露： DBD第1/2569号令
该命令针对公司变更登记情形，例如：原全部为泰国籍授权董事，现申请变更为外国自然人担任有权签字董事。
核心要求：
– 公司须向DBD提交一份《真实投资确认书》（Investment Confirmation Letter）。
– 该确认书须由签署登记申请的董事书面确认：
– 所有股东已实际出资并完成股款实缴；
– 不存在泰国人代为持股或协助外国人规避法律的情形；
– 知悉违反相关法律（包括《外商经营法》及《刑法》）的法律后果。
二、与中国投资者的关联
上述新规是泰国政府全面打击“代持”行为的组合拳之一。近期，泰国特别调查部（DSI）与DBD在苏梅岛、帕岸岛等地对多个代持网络展开突击搜查，涉及中国人和以色列人的相关企业，查获资产价值达数十亿泰铢。
在中国投资者较为集中的行业（如房地产、酒店、旅游、电商等），监管机构正通过审查资金来源、核实泰国股东财务能力等方式，识别可能存在的代持安排。
对中国投资者的直接影响：
Direct impact on Chinese investors:
| 情形 | 潜在影响 | |
| 1 | 计划新设公司（外资<50%或外籍董事 | 需提前准备泰国股东3个月银行流水，确保资金路径清晰可追溯。 |
| 2 | 计划任命外籍董事 | 须提交《真实投资确认书》，签署人需承担个人法律责任。 |
| 3 | 已有代持安排 | 面临被DBD/DSI调查、罚款、刑事指控及公司解散的风险。 |
三、合规建议
1.审查现有股权结构：核查泰籍股东是否真实出资、是否存在资金回流或代持迹象。
2. 确保资金链路完整：保留银行转账凭证、付款记录及税务申报材料，确保资金来源可追溯。
3.谨慎对待董事变更：涉及任命外籍董事时，务必确认《真实投资确认书》内容的真实性，避免因虚假陈述引发刑事责任。
4. 优先选择合法经营路径：如拟从事受限制行业，应优先考虑申请BOI投资优惠或FBL外商经营许可证，而非通过代持结构规避法律。
DBD新规标志着泰国对公司注册的审查已从“形式合规”转向“实质穿透”。对于希望在泰国长期稳健发展的中国投资者而言，提前进行合规自查、确保资金真实性和控制权清晰，是规避法律风险的关键所在。
如需进一步了解具体操作细节或个案评估，欢迎随时与我们联系。
