18 foreign businesses give licenses in September

Eighteen foreign companies were granted licenses in September, six are in business services – IT, accounting, financial, organization development, five are in consumer services: e-payment, e-recruitment software, equipment renting, five are in private construction contracting and two in retail. The Department of Business Development has granted licenses to 155 foreign companies since the start of the year generating more than 21 billion baht worth of investment. Most of the companies are from Japan, Hong Kong and Singapore.

The National Economic and Social Development Council (NESDC) expects the economy to grow in the third quarter and exceed the 2.3 percent year-on-year figure from the second quarter, supported by the government's stimulus package, growth in the tourism sector and exports. Gems and jewelry exports leaped 45.81 percent year on year in the first eight months to US$11.452 billion (351 billion baht), gold accounted for US$6.212 billion, an increase of 107.16 percent year on year. Southeast Asia has been the biggest market for jewelry and gems exports growing 190.9 percent, Singapore had the most growth, seeing exports to the country rise to 307 percent.

The Cabinet approved a draft bill proposed by the Anti-Money Laundering Office (AMLO) to inspect electronic transactions exceeding 50,000 baht in a move to combat money laundering and financing of terrorists. Financial institutions and businesses that fall under the Anti-Money Laundering Act’s Section 16, including gem dealers, car dealers or real-estate brokers must undergo assessment. Individuals who send more than 50,000 baht overseas and the recipient will have to provide their identification and information to banks before the transfer is completed.

Work Permit

Any foreigner working in Thailand must obtain a Work Permit before beginning work. While a prospective employer may file an application on the foreigner’s behalf in advance of his starting work, the actual Work Permit will not be issued until the foreigner has entered Thailand in accordance with the immigration laws and has presented himself to receive his Work Permit.

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