After several years of policy discussion and continued efforts led by the Ministry of Commerce (MOC) to relax the list of reserved businesses under the Foreign Business Act B.E. 2542 (1999) (FBA), the reform process has now reached a significant milestone.

On May 12, 2026, the Thai cabinet approved in principle two draft subordinate legislative instruments aimed at delisting certain reserved business activities under the FBA and reducing licensing requirements for foreign business operators. These developments signal a renewed and concrete effort by the government to modernize Thailand’s business regulatory framework in order to attract foreign investment and boost Thailand’s competitiveness in the global market.

Nine Businesses Set for FBA Delisting

Below is a list of the nine businesses that are being targeted for delisting from the FBA’s restrictions. A draft ministerial regulation would delist the first eight reserved businesses, while a royal decree has been drafted to delist the ninth business:

1. Telecommunications services (Type 1 license only, covering operators without their own telecommunications infrastructure), under the supervision of the Office of the National Broadcasting and Telecommunications Commission.
2. Treasury center services subject to the Foreign Exchange Control Act B.E. 2485 and under the supervision of the Bank of Thailand.
3. Securities-collateralized lending, pursuant to the laws governing securities and exchange and derivatives regulated by the Securities and Exchange Commission.
4. Agency, dealer, advisory, or fund management services relating to derivatives where the underlying assets fall outside the scope of the Derivatives Act B.E. 2546 (2003)
5. Intra-group shared services, including administrative, human resources, and IT functions
6. Intra-group domestic debt guarantee services
7. Leasing of partial space for installation of financial service machines and automatic vending machines for employee use
8. Petroleum drilling services
9. Trading of agricultural product derivatives through a futures exchange, with physical delivery or receipt of agricultural products at a futures exchange–designated warehouse

These delistings were made on the basis that they would not adversely affect Thai businesses, as the relevant activities (1) are already subject to regulation and supervision under specific laws and by competent regulatory authorities, (2) provide services exclusively to affiliated or group companies, (3) are for the benefit of the company’s own employees, or (4) are provided solely to concessionaires. Foreign businesses benefiting from these exemptions must nonetheless comply fully with all applicable laws and regulatory requirements.

Both draft instruments have been submitted to the Office of the Council of State for review. While the timeline for passage of the regulations is still uncertain, upon enactment and publication in the Government Gazette, they will come into effect.