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Section 8: Juristic persons having registered in Thailand that are not foreigners under the definition in the Foreign Business Act of 1999 but are foreigners under the amended definition in this act and conduct a type of business stipulated in the Restricted Business Lists on the day in which this Act goes into effect must alert the Director General within one year after this Act goes into effect and request an authorization certificate according to the rules that the Director General stipulates if they wish to continue to conduct their business. After receiving the Certificate of Authorization they are permitted to conduct business according to the following conditions:

(1) If a business under List Three, they shall be permitted to carry out the business until they cease carrying out the business
(2) If a business under List One or List Two, they shall conduct the business for two years from the day in which this act goes into affect

If foreigners, according to paragraph one, do not request an Authorization Certificate within the stipulated period and continue to conduct business in violation, or in the case of a business under List One or List Two, continue to carry out business in violation after the stipulated period of two years has elapsed then they are considered to be conducting business without authority and will be subject to punishment for their offense as stipulated in the Foreign Business Act of 1999 as amended in this act.

Section 9: Persons in violation of Section 6, Section 7, Section 8 having stipulated the punishments in Section 37 or in violation of Section 35 or Section 36 of the Foreign Business Act of 1999 before the day in which this act goes into effect if the said person alerts the Director General following the rules and procedure that the Director General stipulated within 90 days after this act goes into effect and correct the business until it is not in violation of Section 6, Section 7, Section 8, Section 35, or Section 36 or cease to conduct the business that is in violation of the above sections within one year from the day that this piece of legislation goes into effect then the said person will not be subject to punishment stipulated for the given offense.

The legislation in paragraph one does not apply to offenders under Section 6, Section 7, Section 8, Section 35 or Section 36 of the Foreign Business Act of 1999 that is currently under investigation or in the courts

Section 10: Item (18) of the Appended List Three of the Foreign Business Act of 1999 shall be repealed.

Section 11: Items (13) (14) (15) and (21) of the appended List Three of the Foreign Business Act of 1999 shall be repealed and replaced with the following:

(13) Domestic trade related to native products or produce not yet prohibited by law except futures trading pursuant to the law on agricultural futures trading when there is no delivery of the products.

(14) Retailing of all categories of goods.

(15) Wholesale trade of all categories of goods

(21) Other categories of service businesses except:

(a) service businesses that are related to futures trading according to the law on agricultural futures trading

(b) securities, derivatives and like businesses according to the law on securities and stock exchange

(c) commercial banking businesses pursuant to the law on commercial banking

(d) financial and credit foncier businesses according to the law on financial, securities and credit foncier businesses

(e) securities, derivatives, and related businesses as stipulated by ministerial regulations.

 

 



 

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