Which Businesses Can Be 100% Foreign-Owned?

Not everything in Thailand is restricted. In fact, many business types can be 100% foreign-owned without any special permits, simply because they do not appear on the Foreign Business Act's restricted lists. Before you assume you need a Thai partner, a nominee, or a complex BOI application, it pays to check whether your activity is unrestricted by default. Choosing the right structure from day one is the single most important — and most expensive to undo — decision a foreign founder makes in Thailand. Here's the complete picture.

Automatically Unrestricted

These categories are NOT on the Foreign Business Act restricted lists, which means a foreigner can hold 100% of the shares through a standard Thai limited company without any additional permit. For the inverse — activities that are always restricted — see our guide to restricted categories.

Technology & Digital

Software development
Mobile app development
Digital content creation
Cloud services
Cybersecurity
AI/machine learning

This is the most attractive category for foreign founders. A pure software or SaaS business with no regulated local service component typically clears the FBA without issue. Note, however, that if you also provide on-the-ground consulting or implementation services to Thai clients, those services may push you into a restricted category — the activity matters more than the industry label.

Creative Services

Graphic design
Video production
Music production
Photography
Animation

Export-oriented creative work is clearly unrestricted. The grey area appears when creative services are bundled with local advertising or media brokerage, which can carry licensing requirements under separate regulations.

Export Business

Manufacturing for export (80%+ exports)
Trading companies (80%+ exports)
International consulting

The 80% export threshold is the key qualifier. If your revenue is overwhelmingly from abroad, the FBA steps aside. If you sell meaningfully into the Thai market, that protection evaporates — and the same factory can cross the line simply because its domestic orders grew.

Professional Services

International IT consulting
Software licensing
Remote digital services

Services rendered to overseas clients, billed from Thailand, generally fall outside the FBA's service-business restrictions. This is what makes Thailand a viable base for location-independent founders.

With BOI Promotion

Even restricted categories become 100% foreign-ownable with BOI promotion. The Board of Investment can grant exceptions that override the FBA for promoted activities:

Any activity in promoted categories
Digital services (Category 5.8)
High-tech manufacturing
R&D centers
Regional headquarters

BOI promotion is the most powerful pathway because it doesn't only unlock ownership — it also delivers tax holidays, work-permit quotas, and land ownership rights. The trade-off is a rigorous application process that typically takes three to six months. Our step-by-step setup guide walks through the full pathway comparison.

With Treaty of Amity (US Citizens)

American citizens can own 100% in almost all categories except:

Communications
Transportation
Fiduciary functions
Banking/finance
Mining

The Treaty of Amity gives US persons near-national treatment, making it the fastest route to 100% foreign ownership for those who qualify. The excluded sectors above remain off-limits even under the treaty.

Practical Considerations

Even when your activity is unrestricted, three obligations still apply to every foreign-owned Thai company. Overlooking these is the most common reason a "simple" setup turns into months of delay.

Registered capital. A Thai limited company needs paid-up capital sufficient to support the business activity and any foreign work permits. If you plan to sponsor your own work permit as a foreign director, the threshold and proof-of-funds requirements are higher.
Work permits. Owning 100% of a company does not grant you the right to work in it. A foreign director still needs a valid work permit and visa, and the quota depends on the structure — BOI companies enjoy a far more generous quota than a plain limited company.
VAT and tax registration. Once turnover crosses the VAT threshold (currently 1.8 million baht per year), registration becomes mandatory. Even below the threshold, many founders register voluntarily to reclaim input VAT on expenses and to look credible to Thai clients and banks.

The Pathway Matters

The same business can be:

Restricted as a normal Thai company
100% foreign-owned with BOI promotion
100% American-owned with Treaty of Amity

Your structure choice determines your options, your tax exposure, and your ability to bring in foreign talent. The same founder, with the same business plan, can land in very different regulatory regimes depending on which door they walk through — and the Treaty of Amity is closed to anyone who is not a US person or entity.

Not sure which pathway fits your business? Schedule a consultation.