Remark: A foreign majority-owned company can engage in List 2 activities if Thai nationals or legal persons hold not less than 40% of the total shares and the number of Thai directors is not less than two-fifths of the total number of directors.Exceptions are those which receive:• Permission from the Minister of Commerce with approval by the Cabinet (if there is a reasonable cause, the Minister, with the approval of the Cabinet, may reduce the Thai shareholding requirement, which cannot be less than 25% of the total shares)• Investment promotion from the Board of Investment• Authorization by the Industrial Estate Authority of Thailand• Permission under a treaty to which Thailand is bound
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