Is It Realistic to Obtain a Foreign Business License (FBL)?

Foreigners in Thailand often ask: is it possible to open a company with 100% foreign ownership without Thai partners?

Such an option does exist, but in practice, it is not that simple — each pathway comes with its own limitations.

Foreigners can consider several ways to operate a business in Thailand without Thai shareholders:

Obtaining a Foreign Business License (FBL)
Obtaining BOI promotion followed by an FBL
Using the Treaty of Amity between Thailand and the United States (for U.S. citizens only)
Registering a Representative Office (non-commercial activity only)
Operating outside the FBL-restricted activities list (for example):
- export
- wholesale and retail trade with registered capital from 100 million THB
- hotel management

Despite the available options, most foreign entrepreneurs choose the traditional structure with 51% Thai shareholders.

The reason is simple:

Each of the alternative options comes with limitations.

If you are not a U.S. citizen, the treaty option is not available
If you are not willing to limit yourself to a representative office, that option is also excluded

As a result, only FBL or BOI remain viable.

In practice, the most common way to establish a 100% foreign-owned company is through obtaining BOI status.

Before applying, it is important to:

check whether your business activity falls under BOI-promoted categories
assess the requirements:
- registered capital
- salary levels
- hiring Thai employees
- other conditions

If the business meets the criteria, you can proceed with the BOI application.

Obtaining an FBL:

with BOI — faster and simpler
without BOI — more complex, time-consuming, and requires strong justification to the Ministry of Commerce

Obtaining an FBL is possible, but in most cases, the optimal route is through BOI.

This approach allows you to legally operate a business in Thailand with 100% foreign ownership, while also benefiting from additional advantages.