The question we hear most from foreign buyers: "Can I actually own this?" The short answer is usually 49% — but the real answer depends on what the business does and which of three legal routes you take to go higher.
The baseline: 49/51. Under the Foreign Business Act (FBA), foreign ownership of a Thai company is generally capped at 49%, with the remaining 51% held by Thai nationals or entities. Cross the 50% foreign-ownership line and the company is legally treated as a foreign entity — bringing a higher minimum capital requirement (generally ฿3 million) and restrictions on land ownership. Acclime Thailand
Which businesses this applies to. Most F&B businesses — restaurants, cafes, bars, and catering operations — fall under the FBA's restricted lists and need one of the routes below to be foreign-majority or foreign-owned.
Three legal routes to majority or full foreign ownership:
The route to avoid: nominee shareholders. Using Thai nominees who hold shares on paper but have no real stake, purely to get around the 49% cap, is illegal under the FBA. Penalties can include significant fines and imprisonment for both the foreign beneficiary and the Thai nominee.
What this means if you're buying. Ask early: is this a genuine 51/49 structure, a licensed/BOI-promoted foreign-majority company, or something murkier? It changes both what you're legally allowed to do and what due diligence needs to check.