DBD Flags 1,932 Companies for Nominee Risks, Targets Naturalized Citizens
Thailand's Department of Business Development has identified 1,932 companies at high risk of using Thai nominees for foreign interests, flagging 12,421 naturalized citizens holding ID cards starting with 8 as key figures. Authorities are scrutinizing firms that quickly shift from full Thai ownership to foreign control, especially in real estate, construction, and hospitality, with potential penalties including citizenship revocation for violators.
The Department of Business Development (DBD) has listed 1,932 companies suspected of using nominees, discovering Thai nationals who changed nationality and hold ID cards starting with the number 8. Director-General Kittiwat Patchimanont revealed the DBD will act as the lead agency in screening and targeting nominee-risk businesses, coordinating with partner agencies for serious and continuous enforcement. The focus is on three risk groups: 1) limited companies with foreign shareholders or directors who became Thai; 2) companies initially 100% Thai-owned that added foreign shareholders within three months of registration (with suspicious shareholding changes afterward); and 3) high-risk businesses using Thai nominees, such as law and accounting firms, hotels/resorts, and agriculture-related businesses. Deputy Prime Minister and Commerce Minister Supachai Sutthamphan ordered deeper scrutiny of entities involving naturalized Thais holding shares with foreign investors, noting nominee schemes have grown more complex. From a review of 18,817 new companies registered between August 1 and October 31, 2026, 17,053 were 100% Thai-owned and 1,764 had foreign shareholders. Among the 100% Thai-owned firms, 158 added foreign shareholders within three months — suspicious behavior. The DBD has placed these 158 on a watchlist, especially nine where foreigners now hold over 50%, effectively turning them into foreign-controlled companies overnight, requiring deep investigation. Another group of concern: 12,421 naturalized Thais holding ID cards starting with 8, who are shareholders or directors in 16,504 active companies. Of these, 1,932 are high-risk nominee companies. The top five high-risk business categories are: 1) non-residential real estate trading (161); 2) non-residential building construction (83); 3) residential real estate trading (67); 4) restaurant/food services (63); and 5) real estate agency/brokerage (61). Most are in Bangkok (78), followed by Chonburi (27), Phuket (11), Chiang Mai (6), and Samut Prakan (6). The DBD has shared findings with law enforcement agencies to determine measures and conduct on-site inspections. If naturalized Thais are found guilty of wrongdoing, they face legal penalties and possible revocation of Thai citizenship. The DBD also uncovered data on companies with foreign shareholders or directors who became Thai.
