Business in Thailand 2025: Tourism and E-Commerce for Foreign Investors

Thailand welcomed 35.5 million tourists in 2024, and its e-commerce market surpassed $22 billion (Statista). Tourism and online retail are driving the strongest foreign investment flows in the region — yet the gap between 'I want to open a hotel in Phuket' and an actual launch is filled with licensing traps, ownership restrictions, and costly mistakes.

Here is what foreign investors need to know before spending a single baht.

Who Can Own a Business 100% in Thailand?

The Foreign Business Act (FBA) governs all foreign-owned enterprises. Most service businesses fall under List 3 — meaning full foreign ownership is prohibited without special approval.

• Restaurants — require a Thai partner holding at least 51%. Foreigners are capped at 49%.
• Hotels and resorts — eligible for BOI promotion, which unlocks 100% foreign ownership. Minimum investment starts at 20 million THB (~$570,000).
• Tour operators — inbound operators with full foreign ownership require a minimum registered capital of 25 million THB. Thai-majority firms can start from 5 million THB.

Using nominee Thai shareholders to disguise foreign control is illegal — penalties reach 1 million THB, with possible criminal charges and forced dissolution.

Tourism: Hotels, Restaurants, Agencies — Key Differences

Hotels require a Ministry of Interior Hotel License. Properties over 80 rooms must complete an Environmental Impact Assessment (EIA). Licensing takes 3–12 months. Without BOI status, a Thai company structure is mandatory.

Restaurants need a Thai partner, alcohol license, municipal permits, and health certification. Minimum registered capital is 2 million THB with foreign shareholders.

Tour agencies operate under TAT licenses — inbound or outbound. Compliance requirements are strict and capital thresholds are significant.

E-Commerce: Full Foreign Control Is Possible

Online retail is one of the few sectors where foreigners can maintain full control. All businesses must register with the DBD portal. Companies exceeding 1.8 million THB in annual turnover must register for VAT.

• Export-focused e-commerce can qualify for BOI promotion — up to 8 years of tax holidays and 100% foreign ownership.
• Online Business Registration is mandatory for any company selling via website or social media in Thailand. Operating without it risks fines up to 200,000 THB.
• Foreign companies earning from Thai customers without a local presence must pay 7% VAT under the simplified VES system, introduced in 2021.

Protecting Your Capital

Before signing any development agreement:

• Verify the EIA permit — without it, construction can halt at any stage.
• Request a Land Department title extract to confirm ownership and encumbrances.
• Transfer funds only to a company escrow account, never personal accounts.
• Review the Construction Permit and confirm it matches the actual project.

Thailand remains one of Southeast Asia's most attractive markets — but only for investors who understand the rules. The right company structure, chosen before launch, can save hundreds of thousands of dollars long-term.

Ready to invest in Thailand? Our experts will help you find the perfect property.