After amending the Foreign Business Act. Thai companies (i.e. majority Thai owned) controlled by foreigners would be deemed foreign companies and would require a foreign business license or would need to restructure and limit foreign control in the Thai company. The new law would not work retrospective but would affect existing companies as under the Civil and Commercial Code company directors must rotate yearly and must be re-elected. Under the new law (if these plans would become law) the company would make itself foreign by re-electing a foreigner as managing director.
Main proposed amendments to the Foreigner Business Act definition under section 4: