Page 48 - Introduction to Investment Laws in Thailand

of 10,000 Baht per day throughout the period of
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violation.
- Any foreign business, being granted the license to
operate any business under this Act, takes part in a
business owned by other foreigners not permitted to
operate the business or operated the business jointly
owned by such other foreigners by showing that he is the
sole owner of the business in order for such other
foreigners to avoid or violate the provisions of Foreign
Business Act, B.E. 2542(1999), shall be punished with an
imprisonment of not exceeding three years or a fine from
100,000 Baht to 1,000,000 Baht or both and the Court
shall order the dissolution of such joint business or
business operation. Any violation of the Court's order is
punishable with a fine of 10,000 Baht to 50,000 Baht per
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day throughout the period of violation.
- Any Thai national or juristic person that is not a foreigner
under The Foreign Business Act, B.E. 2542(1999), aiding
or abetting or taking part in the business operation of the
foreigners whose business falls under the Lists of The
Foreign Business Act, B.E. 2542(1999) section 34 and the
foreign business are not permitted to operate the business
or taking part in the business operation of the foreigner
by showing that he or it is the sole owner of the business
or holding shares on behalf of the foreigners in any
partnership or limited company or juristic person in
order for the foreigners to operate the business in
avoidance of or violation to the provisions of The
Foreign Business Act, B.E. 2542(1999), including the
foreigners allowing Thai nationals or juristic persons that
are not foreigners under this Act to do so, shall be
punished with an imprisonment of not exceeding three
years or a fine from 100,000 Baht to 1,000,000 Baht or

46 The Foreign Business Act, B.E. 2542(1999) section 34
47 The Foreign Business Act, B.E. 2542(1999) section 35

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