Tag Archives: Thailand

ILN Today Post

09 JAN – ASEAN Today – Regional Legal and Business News – December 2017

Blockchain Technology
A recent report by a global business consulting firm argues that ASEAN will be the top investment destination in the region by 2025, replacing China, and that disruptive trends in the logistics sector will boost ASEAN’s position as a leading business hub. The report states that it expects blockchain to influence ASEAN’s supply chain management the most. A blockchain facilitates secure online transactions and is a continuously growing list of records linked and secured using cryptography. Blockchain use in the ASEAN region will help boost the logistics industry, accelerate trade growth, and support the rapid adoption of digital technology.

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ASEAN Today – Regional Legal and Business News – November 2017

ASEAN Investment Report 2017
The ASEAN Secretariat and the United Nations Conference on Trade and Development (UNCTAD) released the “ASEAN Investment Report 2017: Foreign Direct Investment and Economic Zones in ASEAN” at the 31st ASEAN Summit in Manila this month. The report states that even with the drop in global foreign direct investment (FDI) into developing economies, FDI flows into ASEAN in 2016 remained high. However, inflows into ASEAN did decline to US$97 billion in 2016 due to divestment,. This was due to ASEAN companies acquiring foreign assets in their home countries, and repayment of intracompany loans. Intra-ASEAN investment made up 25% of the total FDI inflows, an all-time high.

ASEAN Fintech Network
The ASEAN Fintech Network (AFN) launched this month and will be a platform to promote cross-border collaboration amongst members and help boost the region’s position as a Fintech hub. The AFN’s founding members are non-profit Fintech industry organizations from Indonesia, Malaysia, the Philippines, Thailand, and Vietnam. Fintech is an innovativeon and new technology, and is used to deliver financial services as an alternative to traditional financial methods. ASEAN has great potential for Fintech companies as it has a rapidly growing online population together with low banking penetration.

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ASEAN Today – Regional Legal and Business News – October 2017

 ASEAN TODAY – REGIONAL LEGAL AND BUSINESS NEWS – OCTOBER 2017

In Memoriam – H.M. King Bhumibol Adulyadej
December 5, 1927 – October 13, 2016

The cremation and ceremonies for our beloved departed King have now concluded. We sincerely thank everyone for all the kind words of support and thoughtful sharing with us during our difficult times.

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ASEAN Today – Regional Legal and Business News – September 2017

ASEAN Business Survey
The Australian Chamber of Commerce released its Australian Business in ASEAN Survey 2017. The survey findings show that the top attraction for Australian businesses investing into the region is ASEAN’s growing consumer market, not the economic integration of the ASEAN Economic Community. Corruption is rated the top challenge for Australian companies doing business in ASEAN. Over 60% of the surveyed firms expanded their trade and investment in the region in the past two years and 85% plan to expand their investment in the next five years. Singapore is the favorite spot to operate a regional hub and Vietnam is the most popular market for expansion. Two-way investment between ASEAN and Australia was US$224 billion at the end of 2016.

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ILN Today Post

Online work permits and visas for BOI companies in Thailand

Thailand’s Board of Investment (BOI) announced that it is launching a new system for online work permits and visas for BOI Companies. The BOI will phase in an E-service channel that will allow BOI companies to electronically file work permit and visa applications and renewals for expatriates. Furthermore, with the new Single Window for Visa and Work Permit System, the foreign national employees will receive digital work permits instead of the hardcopy work permit booklet currently issued. The BOI partnered with the Immigration Bureau (IMM) and the Department of Employment (DOE) to allow foreign national employees of BOI-promoted companies to apply for their visas and work permits through a one-time online application. The expatriate employee will have to use a smartphone or other electronic device to register and download their Digital Work Permit from the DOE. Any change in an employee’s work status will automatically be updated and shown on their Digital Work Permit.

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ASEAN Today – Regional Legal and Business News for August 2017

50 Years of ASEAN
The Association of Southeast Asian Nations (ASEAN) turned 50 this month. In the last half century, the region has become the world’s sixth-largest economy with intra-regional trade totaling US$550 billion in 2015. To date, ASEAN’s greatest economic achievement is tariff reduction. The average percentage of tariff elimination for all ASEAN member countries was 96% in 2016 and is expected to be 98.7% in 2017. However, the growth of non-tariff measures has tripled in the last 15 years. To address the challenges in completing the implementation of the ASEAN Economic Community (AEC), ASEAN will pursue trade liberalization and behind-the-border reforms, policy harmonization, and integration of national single windows for cargo clearance into the ASEAN Single Window.

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Doing Business – Challenges for Thai and American Companies

Introduction

Thailand and the US first signed a free trade treaty 184 years ago and continue to have a unique relationship. Both countries benefit from increased trade and eased foreign direct investment regulations. Thailand gives the US access to the ASEAN market and proximity to both China and India, and the US is a prime destination of Thai exports. However, changing economic and political climates as well as domestic law in both countries pose challenges to Americans wishing to do business in Thailand and Thais wishing to do business in the US. A summary from both perspectives is provided in four key areas: corporate, intellectual property rights, litigation, and immigration/employment.

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Thailand Legal Update – Petroleum Act and Consumer Protection Act

Acts and regulations posted in the Royal Gazette in June 2017 including amendments to the Petroleum Act, new regulations under the Consumer Protection Act and from the National Anti-Corruption Commission.

1. Amendments of the Petroleum Act and Petroleum Income Tax Act
To comply with the national energy stability plan and secure Thailand’s petroleum reserves, the amended Petroleum Act and the Petroleum Income Tax Act came into force on June 23, 2017. Now instead of just concessions, the government can implement joint-production ventures (JPVs) and hire of service contracts.

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ASEAN Today – Regional Legal and Business News for April 2017

ASEAN Economic Community News

Civil Service Declaration
At the 30th ASEAN Summit in Manila, the heads of the ASEAN member states signed the Declaration on the Role of the Civil Service as a Catalyst for Achieving the ASEAN Community Vision 2025. The Declaration emphasizes the civil service’s role in providing good governance and vital public services and driving national and social development. The Declaration includes initiatives to enable ASEAN’s civil services to reach the highest standards of professionalism, efficiency, effectiveness, transparency, responsiveness, participatory approach, and accountability. At present, mechanisms to ensure the adoption of good governance need to be developed.

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Important Amendment to Thailand’s Anti-Corruption Act

Amendment 3 of Thailand’s Anti-Corruption Act, the Organic Act on Counter Corruption B.E. 2542 (1999) (the Act), came into effect on July 10, 2015. The amendment was influenced by the U.K. Anti-Bribery Act and by the U.S. Foreign Corrupt Practices Act (FCPA) and its enforcement agencies. Under the Act, Thailand now complies with international standards for anti-corruption. The amended Act covers offenses and punishments relating to bribery amongst state officials in Thailand, foreign countries, and officials from international organizations. The National Anti-Corruption Commission can now investigate and file suits in Thailand and in foreign courts against Thai and foreign state officials, individuals in the private sector, and international organizations. A major objective of the amended Act is to compel Thai companies to draft and implement anti- corruption policies that will help prevent corrupt practices before they can happen.

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