Nominee-risk firms fall 75% after tighter checks
Commerce Ministry says stricter registration and investment checks have cut high-risk nominee firms, as 21 agencies prepare a wider crackdown.
Nominee-risk firms fall 75% after tighter checks
The number of high-risk companies suspected of being nominee businesses has fallen sharply after the Commerce Ministry tightened checks on company registrations and investment verification, the Department of Business Development (DBD) said.
Poonpong Naiyanapakorn, Director-General of the DBD under the Ministry of Commerce, said Deputy Prime Minister and Commerce Minister Suphajee Suthumpun had instructed the department to accelerate efforts to prevent and suppress nominee businesses under the government’s Quick Big Win policy.
The move is aimed at blocking the use of Thai nationals to hold shares on behalf of foreigners and preventing legal entities from being misused for illegal activities, including money laundering and unlawful business operations.
High-risk registrations drop sharply
Poonpong said the DBD had worked with partner agencies to screen high-risk legal entities with foreign shareholders, carry out in-depth field inspections and strengthen checks before company registration.
The department has also introduced five orders and two notifications targeting high-risk groups suspected of using Thai nationals as nominees.
After the DBD began requiring high-risk groups to submit additional financial evidence from January 1, 2026, the number of companies considered at risk of being nominee businesses dropped by 60% in the first quarter of 2026.
From January 1 to March 31, 2026, the department found 1,373 high-risk companies, compared with 3,511 in the same period last year.
The DBD later introduced additional investment verification measures, which took effect on April 1. Between April 1 and 23, the number of high-risk companies fell by 75% to 175, compared with 658 in the same period of 2025.
Cases linked to more than 300 entities
From October 1, 2025, to April 23, 2026, the DBD and its partner agencies carried out prevention and suppression operations in three main areas.
First, the department took urgent action under the Deputy Prime Minister’s policy to address nominee businesses by inspecting Thai legal entities with foreign shareholders that may have nominee characteristics.
Information on 11 cases was sent to the Central Investigation Bureau (CIB). These cases were linked to more than 300 legal entities in the steel, accounting office/property development and transport sectors.
The businesses were found in Samut Prakan, Surat Thani, Chonburi, Bangkok and surrounding provinces.
Field inspections target risky sectors
Second, the DBD conducted in-depth field inspections of high-risk groups in 27 locations across 10 provinces.
The inspections covered businesses including tourism, real estate, logistics and coconut trading warehouses.
Information on legal entities suspected of being nominee businesses was forwarded to nine relevant agencies for further investigation and legal action.
4,372 foreign businesses under scrutiny
Third, the department inspected foreign legal entities that may have operated businesses without permission or violated the Foreign Business Act B.E. 2542 (1999).
The DBD found 4,372 foreign businesses potentially operating without authorisation.
Of these, 256 were List One businesses, which foreigners are strictly prohibited from operating. Another 4,116 were List Two and List Three businesses, which require prior approval before foreigners can operate them.
The department said it would gather facts and evidence for further in-depth investigation. If any businesses are found to have violated the law on foreign business operations, strict legal action will be taken.
21 agencies to sign anti-nominee pact
Suphajee has also instructed the DBD to integrate cooperation with other relevant agencies and move ahead with a serious crackdown on nominee businesses.
A memorandum of understanding on cooperation to prevent and suppress the use of Thai nationals as nominees is scheduled to be signed on Wednesday, April 29, 2026, at Santi Maitri Building, Government House, with the Prime Minister presiding over the ceremony.
The agreement will involve 21 agencies, including the Ministry of Interior, the Ministry of Digital Economy and Society, the Royal Thai Police, the Anti-Money Laundering Office, the Bank of Thailand, the Board of Investment, the Internal Security Operations Command, the DBD, the Revenue Department, the Customs Department, the Department of Special Investigation, the Department of Lands, the Department of Tourism, the Department of Employment and the Department of Industrial Works.
Other parties include the Department of National Parks, Wildlife and Plant Conservation, the Department of Agriculture, the Trade Competition Commission, the Food and Drug Administration, the Thai Industrial Standards Institute and the Thai Bankers’ Association.
The cooperation is intended to strengthen the prevention and suppression of offences involving the use of Thai nationals as nominees, build confidence among the public and international community, improve inter-agency data sharing and ensure more effective enforcement of relevant laws.
