DBD flags 77 Phuket companies in nominee investigation

Thailand’s Department of Business Development (DBD) has identified 77 companies in Phuket as potentially using nominee structures to conceal foreign ownership or control.

The companies were included in a nationwide investigation into 1,932 businesses considered high-risk. The DBD said the figures were part of an intensified policy to investigate suspected nominee arrangements and protect Thai businesses from unfair competition.

Phuket had the second-highest number among Thailand’s tourist provinces, behind Chon Buri with 347 companies. Chiang Mai had 75, Rayong 73, Surat Thani 40, and Krabi and Phang Nga one each.

The DBD stressed that the companies had been selected for further scrutiny and that investigations were still needed to determine whether illegal nominee arrangements were being used. Of the 1,932 companies, 164 were registered as wholly Thai-owned, while 1,768 had foreign shareholdings ranging from 0.01% to 49.99%.

The department said its Intelligence Business Analytics System had identified 12,421 foreigners holding Thai citizenship, with national identification cards beginning with the number 8, who were shareholders or directors in 16,504 active limited companies.

Since 1 January, the DBD has tightened registration checks involving foreign shareholders or directors. The measures include requiring bank statements and investment confirmation letters, checking shareholders who hold state welfare cards, screening for dummy bank accounts, and examining cases where several companies are registered at the same address.

The DBD is also preparing to link its registration system with a Ministry of Finance database containing 10 million state welfare card holders. It said applicants identified in the database would have to verify their identities and provide additional evidence of their investments.

Property, construction and service businesses made up many of the high-risk companies nationwide. The largest categories were non-residential property sales, with 161 companies; non-residential construction, with 83; residential property sales, with 67; restaurant and food services, with 63; and real estate agencies, with 61.

Between 1 October 2025 and 31 October 2026, the DBD and partner agencies conducted 51 inspections of high-risk nominee businesses in 15 provinces and examined the accounts or financial statements of 3,294 companies. Information on 62,467 high-risk legal entities was sent to 12 partner agencies for investigation and possible legal action.

The DBD said those agencies include the Land Department, provincial governors, the Revenue Department, the Royal Thai Police, the Department of Special Investigation and the Anti-Money Laundering Office. It has also signed agreements with 23 agencies to coordinate checks involving shareholdings, land ownership, financial transactions and business licences.

The department warned that people involved in offences could face penalties under relevant laws and potentially have their Thai citizenship revoked. It said new registrations in the high-risk nominee group fell 77.12%, from 2,810 between August and October last year to 643 during the same period this year, which it attributed to stricter screening.