On 19 October, Thailand's Department of Business Development (DBD) announced that it has linked data with the Department of Lands, matching land holding records against company registration and shareholding data to trace businesses or land held through Thai nominees; on 17 October, the DBD also carried out on-site inspections of five companies in Rayong Province.
Land Data Matched Against Company Data
According to a DBD press release issued by the Ministry of Commerce on 19 October, the Department of Lands held a "Land Action" press conference at Government House that day on combating nominees, enforcing disposal orders and inspecting high-risk land holdings. The Prime Minister and Minister of Interior, Anutin Charnvirakul, chaired the event and designated the DBD as the "lead agency" responsible for identifying illegal cases of foreign nationals doing business through Thai nominees; the Deputy Prime Minister and Minister of Commerce instructed the DBD to work with law enforcement agencies, focusing on land, real estate and businesses in high-risk areas.
The DBD matches land holding data against its own company registration and shareholding data, analyzing links between companies, shareholders and land to identify suspicious relationships and high-risk targets. Next, the two departments will step up data exchange and joint on-site inspections, tracking cases systematically within their respective powers until the actual offenders and ultimate beneficial owners are identified.
The DBD also said it will promote lawful, transparent and fair business conduct, with the aim of strengthening the confidence of investors operating lawfully in Thailand and maintaining fair competition.
Rayong On-Site Inspections: Five Companies Asked for Written Explanations
Another Ministry of Commerce press release issued on 18 October shows that on 17 October the DBD sent its illegal business suppression officers and nominee inspection team, together with a Deputy Minister of Interior, the Department of Provincial Administration and the Department of Employment, to Pluak Daeng District in Rayong Province to inspect hotels, apartments, entertainment venues, tourism businesses and factories.
The first group was four juristic persons registered at the same address. Two were foreign juristic persons holding BOI promotion and Foreign Business Certificates, but the business type shown in their financial statements was wholesale of electronic equipment and parts, beyond the scope of their permits. The other two were Thai juristic persons with foreign shareholding of no more than 50%, engaged in import and export and in trading factory equipment, construction materials, chemicals and machinery. The DBD considers these to fall under item (14) retail and item (15) wholesale of List Three of the Foreign Business Act; if Thai nationals are assisting foreign nationals or holding shares on their behalf, there is a nominee risk, and the DBD will investigate further.
The second group was an accommodation and food business: one Thai shareholder holds 53%, and two foreign shareholders together hold 47%. The hotel manager, who is also a director and shareholder, explained that the hotel was converted from leased premises and admitted that the investment funds belonged to foreign nationals. The hotel was operating without a business license and is being dealt with by the Department of Provincial Administration in accordance with the law.
The DBD has sent letters requiring the companies concerned to explain their business operations and investments in writing, and any violations confirmed will be dealt with according to law.
Penalties
The DBD reiterated that Thai nationals who receive benefits for holding shares on behalf of foreign nationals face, under Section 36 of the Foreign Business Act, imprisonment of up to three years, a fine of THB 100,000 to 1 million, or both; foreign nationals operating restricted businesses without a license face the same penalties under Section 37.
Key Points
The DBD and the Department of Lands have linked data, matching land holdings against shareholding structures to trace ultimate beneficial owners.
Five companies were inspected in Rayong: two BOI companies operated beyond the scope of their permits, two face nominee risk pending investigation, and one hotel admitted its investment funds belonged to foreign nationals.
The companies with nominee risk are currently at the stage of providing written explanations; final conclusions rest with the competent authorities.
Both nominee arrangements and unlicensed operation are punishable by imprisonment of up to three years or a fine of THB 100,000 to 1 million.
Z&X Insight
This round of inspections looks at two things at once: whether the shareholding structure is genuine, and whether the actual business exceeds the scope of the permit. Companies holding a Foreign Business Certificate or BOI certificate should check that the business type in their financial statements matches the scope of their permit; where Thai shareholders hold shares, records of the source of capital contributions and dividends should be kept. Z&X Company Registration & Approval Services confirm the business type, foreign shareholding, registered capital and shareholder and director arrangements before work begins, and can help businesses review their existing structure against the scope of their permits.
Sources
กรมพัฒนาธุรกิจการค้า ผนึกกรมที่ดิน เชื่อมโยงข้อมูล และบูรณาการตรวจสอบนอมินีเข้ม เดินหน้าสกัดธุรกิจผิดกฎหมาย พร้อมปกป้องผลประโยชน์ชาติ (DBD Joins Forces with the Department of Lands to Link Data and Integrate Strict Nominee Inspections, Curbing Illegal Businesses and Protecting National Interests) | Ministry of Commerce, Department of Business Development | 2026-10-19 | https://www.moc.go.th/th/gallery/category/detail/id/5/iid/2288
กรมพัฒนาธุรกิจการค้า ลงพื้นที่ จ.ระยอง ร่วมกับ รมช.มหาดไทย (นายพลพีร์ สุวรรณฉวี) ตรวจสอบผู้ประกอบธุรกิจที่อาจฝ่าฝืนกฎหมายและเข้าข่ายนอมินี (DBD and the Deputy Minister of Interior Inspect Businesses in Rayong That May Violate the Law or Involve Nominees) | Ministry of Commerce, Department of Business Development | 2026-10-18 | https://www.moc.go.th/th/gallery/category/detail/id/5/iid/2285
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