Thai Law Consulting Firm BSA Law Urges Business Caution with FBA Compliance Under Scrutiny

Foreign investment and interests in Thailand are tightly controlled; one of the main methods of regulation of foreign interest in Thailand is the FBA, or Foreign Business Act. Thailand law consulting firm BSA Law is urging all businesses with a foreign stakeholder to consult their legal advisors ahead of an anticipated review of FBA compliance early in 2010. End Quote

(1888PressRelease) February 01, 2010 - BSA Law, one of the leading Thai law consulting firms for business, is urging their clients and all foreign businesses without legal representation to contact their Thai legal service ahead of an anticipated in-depth review of compliance with the Foreign Business Act (FBA).

A new government office is expected to be established to ensure that companies with a foreign ownership element are not taking part in any industries which are supposed to be exclusively Thai-run.

The review has been said to be prompted by reports of foreign-owned businesses in prohibited industries such as rice-growing. However a specialist adviser at BSA Law says that the reviews will be much more comprehensive than a simple industry check.

"Any business with foreign elements will need to consult with their legal team as soon as possible, to ensure they are in compliance with all aspects of the Foreign Business Act", said the adviser.

"This applies especially if no Thai law reviews have been undertaken in the past few years - the law is constantly having small amendments made", the adviser continued.

It has been observed by Thai law experts that while attempts to change the law, either by liberalizing or tightening it, are rarely met with approval by the business community, compliance is an issue which cannot be compromised.

The April 2007 amendments to the FBA consisted mainly of a tightening of controls, a trend which BSA Law specialists expect to continue in future.

About BSA Law:

For nearly 30 years, Bamrung Suvicha Apisakdi Law Associates (BSA Law) has focused on providing reliable legal advice and services to the Thai and foreign business community in Thailand. BSA Law seeks to provide international standards of legal services while retaining the customs of the Thai business culture.

For more information please contact:

Jim Byrne
Business Advisor, BSA Law.
Email: jim ( @ ) bsalaw dot co dot th
Website:www.bsalaw.co.th

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