Foreign business owners aren’t necessarily bad
We’re shuttering nominee firms, where foreign nationals hold shares in excess of what we allow in the Alien Business Act.
I have no problem with that, as they broke the law – but does the Alien Business law as it stands offer maximum benefit to Thailand? For example, London’s iconic Harrod’s department store is Arab-owned and controlled, and the English aren’t up in arms about it. What do the British know that we don't? All other things being legal, why should it make any difference what passport the majority shareholders carry? If some shareholders changed their nationality but left company policies as is, why should we object?
I suggest that a neutral academic body, such as the Thailand Development Research Institute, should study the matter in-depth, especially looking at practices and results overseas, and we should act on the basis of those findings. It is natural for owners to want to control the uses to which their funds are put, and we should welcome their investment in legal activities.
Burin Kantabutra
