After an extensive legislative process, the National Legislative Assembly (NLA) has recently passed the new Land and Building Act (the “Act) comprising 94 Sections and introducing a new system on property taxation. With its announcement in the Royal Gazette, the Act will replace the old and outdated Land and House Tax Act B.E. 2475 (1932).
Together with their local partner Thonburi Automotive Assembly Plant Co. Ltd. (“TAAP”), Mercedes-Benz Cars is going to invest over 100 Million Euros in the existing car plant and a new battery production factory in Thailand. The investment shall extend the existing car plant and increase the production portfolio by adding new models. The new battery factory will be established close to the car plant of Mercedes Benz, expand over 48.000 sqm. This project shall be realized until 2020; the production of the batteries shall start in 2019, according to Managing Director of TAAP, Veerachai Chaochankij.
The electronic machine tracking system (eMT) was developed by the Investor Club Association to assist companies, promoted by the Board of Investment (BOI), with privileges granted under Section 28 and 29 of the Investment Act B.E. 2520.
The purchase or sale of a property is a legal transaction with a far-reaching legal and financial impact.
To secure a prospective purchase or sale of property legally, both the buyer and the seller may enter into a so-called Memorandum of Understanding (MoU) on the intention to conclude a main contract later. The parties of such a MoU can sanction a breach of the intention to conclude the contract later, with legal consequences such as compensation of damages. If the MoU is worded correctly, it should not be possible to enforce the transfer of ownership of the property, or payment of the purchase price, on the basis of the MoU. However, it should strongly incentivize the parties to enter into the main contract, since a breach of the MoU would carry a contractual penalty, and compensation, if the parties agreed on such legal consequences in the MoU.
The Long Stay Visa Non-Immigrant O-X was approved in November 2016. It allows nationals from several countries to stay in Thailand for a period of maximum 10 years. The Non-Immigrant Visa O-X has a five years validity and can be extended for another period of five years. Nationals from the following countries benefit from this Visa: Japan, Australia, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Sweden, Switzerland, UK, Canada and USA.
FRANK Legal & Tax will be holding another of our regular free events, designed to support the business community in Bangkok.
The upcoming event will provide an opportunity to explore the topic of starting a business in Thailand. Starting a new business can be both exciting and challenging, particularly in a foreign country. By attending our workshop, you will acquaint yourself with the legal procedures for opening a business in Thailand and be more familiar with the programs and opportunities available throughout the Kingdom. Please register using the form on this page.
Foreigners who reside in Thailand and want to drive a car or motorcycle in Thailand should apply for a Thai driving license. The Thai driving license is essential since the international driving permit is not valid for driving in the country of residence. The purpose of an international driving permit is to translate the domestic driving license, certify the validity of the driving license in the country of residence, indicate the categories of motor vehicles that are covered by the driving license and improve the road safety worldwide.
In March 2018 the Thai cabinet approved the amendments to the Royal Ordinance on the Management of Foreign Workers Employment B.E. 2560 (2017). The amendments were published on March 27, 2018 in the Royal Gazette and are known as the Royal Decree on Managing the Work of Foreigners (No. 2) B.E. 2561 (the “Decree”).
In certain cases when a certified document is used in another country, a supplementary authentication of such certified document may be required.
Such supplementary authentication is an additional certification that is usually issued by courts of the country from which the document originates. It is an internationally recognized confirmation that the certification of the document is genuine. As a result, the certified and then authenticated document may be used abroad.
Under the Foreign Business Act (FBA), the business activities of foreigners in Thailand are restricted. Fortunately, there are various possibilities to obtain official permissions and programs to enhance international business in Thailand.