Tough penalties for foreign nomineesThe Department of Business Development is warning Thai citizens who are acting as nominees for Chinese-owned businesses along Yaowarat Road that they face up to three years in prison and/or fines of up to one million baht. Thosapone Dansuputra, director-general of the department, yesterday reminded the public of the penalties for violating restrictions on foreign-run businesses in Thailand. Officials from the Department of Business Development and Labour Ministry regularly inspect foreign-owned businesses to ensure their compliance with the regulation, Mr Thosapone said. "Thai citizens who are foreigners' nominees and act as co-investors without any actual investment are liable to a jail term of up to three years and/or a fine of 100,000-1 million baht. Last year, Yaowarat Road was ranked eight on the list of the world's "coolest" streets by Time Out magazine for its charming mix of history, food and local activities.

Source: Bangkok Post January 16, 2023 14:52 UTC