ICC Says Thai Business Climate Lags

"The International Chamber of Commerce [ICC] has urged Thailand to create a more business-friendly environment or risk falling behind its Asian neighbours,…", reports the Bangkok Post.  The ICC specifically cited the absence of a clear arbitration process to settle disputes, particularly with the Thai government.  For information on arbitration with the Thai government click here and for information about dispute resolution generally in Thailand click here.  The ICC also pointed to Thailand's work permit rules, saying: "You have to get a work permit if you want to come to Thailand for a one-hour meeting".  A summary of Thai law on so-called "urgent work permits" for business meetings and other short business trips to Thailand can be found here.  The ICC also said restricting "foreign ownership at 49% is also a concern of international investors because they cannot control the major investments they have put in here."  Foreigners are not restricted to 49% ownership of all businesses in Thailand, but Thai law does provide that Thais must hold a majority of the shares in many kinds of businesses.  For more information on these investment restrictions, click here.