Tilleke & Gibbins has contributed an updated Cambodia chapter to Foreign Investment Review 2026, a global guide to the legal and regulatory environment for foreign investment in 25 jurisdictions around the world. Published and distributed by Lexology Panoramic, the guide is focused on law and policy regarding foreign investment oversight, regulatory frameworks, procedural requirements, and other notable concerns for foreign investors. The updated Cambodia chapter was prepared by Jay Cohen, partner and director of Tilleke & Gibbins’ Phnom Penh office, and Nitikar Nith, associate. The chapter focuses most closely on the law and policy section, which explains the government’s policies and practices regarding foreign direct investment, the main investment laws and their scope, and the relevant authorities responsible for regulating mergers, acquisitions, and other business transactions. The chapter also brings up key recent developments, such as the prospect of Cambodia establishing a competition regulator. A PDF of the Cambodia chapter can be downloaded through the button below. Tilleke & Gibbins also provided the Laos, Myanmar, and Vietnam chapters to Foreign Investment Review 2026. Readers can also gain 30 days of complementary access to the full Foreign Investment Review 2026 guide and the rest of Lexology Panoramic’s varied offerings through this link.

Myanmar’s Private Security Services Law, enacted on February 18, 2025, together with its implementing Directive on Applications for a Private Security Services License or Permit issued on June 18, 2025, establishes the country’s first comprehensive regulatory framework for both commercial private security service providers and companies that employ in-house security personnel. The framework applies to both Myanmar and foreign entities. For foreign investors and multinational operators, the new regime introduces strict licensing requirements, local content rules, and various approvals that must be carefully considered as part of business planning and compliance processes. Regulatory Authority and Structure The governing authority under the Private Security Services Law is the Private Security Services Central Supervisory Committee, formed with the minister of the Ministry of Home Affairs (MOHA) as chairperson, the chief of the Myanmar Police Force as vice-chairperson, and members from other high-ranking officials from relevant ministries, such as Transport and Communications, Defense, Planning and Finance, Investment and Foreign Economic Relations, Legal Affairs, Immigration and Population, Labor, and Commerce. This Central Committee is the highest regulatory authority and has the power to adopt policies, approve or reject applications for licenses and permits, and decide appeals against administrative actions taken by Supervisory Committees, which operate under the Central Committee at the state and regional level. They are responsible for processing applications, verifying compliance with statutory requirements, submitting applications to the Central Committee with remarks, and issuing licenses and permits once approved. Supervisory Committees also monitor compliance by license or permit holders and impose administrative penalties for noncompliance, while the Central Committee exercises final decision-making authority. License Requirements for Security Service Providers To apply for a private security services license, companies must be registered under the Myanmar Companies Law. Foreign companies may also operate a private security services business in Myanmar, subject to compliance

Spurred by global geopolitics and Canada’s Indo-Pacific Strategy, which aims to forge deeper ties with ASEAN, Canadian companies have been showing growing interest in Thailand and Southeast Asia in recent years. To understand the opportunities offered by the region, we sat down with Andrew Stoutley, a Toronto native and the chief operating officer of Tilleke & Gibbins, a leading Southeast Asian regional law firm with over 130 years of history in Thailand. Q: Why are Canadian companies looking at Thailand and Southeast Asia right now? A: Two reasons stand out. First, diversification has moved up the agenda. Many Canadian companies want options outside North America due to tariff volatility and policy uncertainty in the United States, as well as questions around the next Canada–United States–Mexico Agreement mandatory joint review. At the same time, the shift of global production from China to Southeast Asia is accelerating, driven by rising costs, geopolitics, and the need to avoid overreliance on a single market. As a result, Canadian companies are looking for a second production base or a regional hub, and Thailand and its neighbors are natural choices given their manufacturing depth, location, and established supply chains. Second, Canada’s own efforts in the region are gaining traction. The Indo-Pacific Strategy has led to more on-the-ground support, including larger trade missions, upgraded diplomatic posts, and new financing options. Export Development Canada (EDC) now has a presence in Bangkok, giving Canadian companies a direct line to financing and insurance in Thailand. There’s also steady progress on trade frameworks like the recently signed Canada–Indonesia Comprehensive Economic Partnership Agreement (which will come into effect pending domestic procedures), ongoing negotiations of a Canada–ASEAN FTA, and the exciting announcement about the launch of negotiations of a Canada–Thailand FTA. Together, these developments have the potential to make it much easier

Thailand’s Board of Investment (BOI) has imposed new restrictions on foreign-majority shareholding and land ownership for companies in certain promoted activities. The changes took effect on September 1, 2025, but were not published in the Government Gazette until December 30, 2025, under Notification of the Board of Investment No. Sor. 7/2568 on the Amendment to List of Activities Eligible for Investment Promotion under Notification of the Board of Investment No. 9/2565, dated July 22, 2025. Foreign Land Ownership Restrictions Generally, foreign land ownership is one of the privileges granted to BOI-promoted companies, allowing them to own land to engage in the promoted activities. However, with these new restrictions, the BOI will no longer grant land-ownership privileges to foreign-majority-owned companies that conduct business activities in the following categories: Rolling, drawing, casting, or forging of nonferrous metals (category 5.4.9) Manufacturing of ferrous metal products or ferrous metal parts (category 5.4.11.2) Manufacturing of nonferrous metal products and/or nonferrous metal parts for industrial use (category 5.4.11.4) Manufacturing of other metal products, including other metal parts for industrial use (category 5.4.11.5) Manufacture of chemical products for industry (category 6.2) Manufacture of plastic products for industrial goods and parts (category 6.4.1) These restrictions do not apply to existing BOI-promoted companies that have at least three projects granted promotion under the same juristic person during the past 15 years (2011–2025) with total investment of at least THB 5 billion, excluding the cost of land and working capital. Foreign Shareholding Restrictions For companies to be eligible for BOI promotion in three other categories of business activities, at least 51% of the company’s registered capital must be held by Thai individual shareholders, unless the BOI-promoted activity is located within a special border economic zone as designated by the BOI. These three categories are: Manufacture of bags made of