E-Foreign Business service said to simplify foreign investments
The Department of Business Development (DBD) is set to launch a new online service this month, the e-Foreign Business is aimed at streamlining the process for foreign investors to apply for business permissions in Thailand.
Director-General of the DBD, Auramon Supthaweethum highlighted that the new system is designed to shorten the processing time for business registrations and reduce the volume of required documents.
The e-Foreign Business platform will allow investors to perform tasks that were previously handled on paper or in person, such as submitting applications for foreign business licences and certificates, making payments, receiving electronic receipts, utilising digital signatures, obtaining digital licences and certificates, and downloading all required documents.
Auramon explained that the system is currently in its trial phase to ensure it is stable and user-friendly before its official launch. This preparation aims to provide foreign investors with confidence in the system, particularly regarding the protection of personal and corporate information.
“The trial process has been successful… and I’m confident the system will make it easier for foreign investors to complete several processes, reducing time and operating costs, thus improving Thailand’s ease of doing business and enhancing the country’s competitiveness.”
The department expects that once the system is operational, more applicants will prefer the online services over visiting the department in person.
Foreign entrepreneurs and investors will be able to access the e-Foreign Business service through the department’s website, or by contacting the Foreign Business Administration Division at the DBD.
The DBD is leveraging digital technology to upgrade its services, aiming for a seamless transition towards a fully digital government.
Last year, the DBD granted permission to 667 businesses under the Foreign Business Act of 1999, with a total investment value of 128 billion baht.
Japan led the list of top investing countries last year with 137 investors and a total investment of 32.2 billion baht. Singapore followed with 102 investors and an investment of 25.4 billion baht. The United States had 101 investors with an investment of 4.29 billion baht, while China had 59 investors bringing in 16.1 billion baht. Hong Kong rounded out the top five with 34 investors contributing 17.3 billion baht.
The introduction of the service is a step towards improving the business environment in Thailand, making it more attractive for foreign investment and driving economic growth, reported Bangkok Post.
