Country Factsheet Thailand

Factsheet Thailand February 2022

Reading Time: 4 minutes

 I.  Facts


Population:                              69 million
2021 GDP (Gross Domestic Product): US$ 546 billion
2021 GDP per capita at PPP (Purchase Power Parity): US$ 19,028
Human Development Index: 79
Big Mac Index: US$ 3.90 (USA: US$ 5.65)


In comparison:


Population: 83 million
2021 GDP: US$ 4.23 trillion
2021 GDP per capita PPP: US$ 58,150
Human Development Index: 6
Big Mac Index: US$ 5.02



Population: 98 million
2021 GDP: US$ 368 billion
2021 GDP per capita at PPP:    US$ 11,607
Human Development Index: 117
Big Mac Index: US$ 3.00


*All economical figures according to the International Monetary Fund (IMF), the World Bank and the Economist


 II. Opportunities and Challenges



  • Overall good infrastructure (International Airports, Container Ports, etc.)
  • Skilled labour force
  • Well developed industrial estates available
  • Up to 8 years corporate income tax holidays, import duty exemptions and other in­centives for Board of Investment promoted companies
  • Board of Investment promoted companies are permitted to own land
  • Favourable income tax laws allow tax planning for regionally active professionals
  • Various tax treaties in place with other countries



  • Foreign Business Act imposes restrictions on foreign investments (particularly if re­lated to retail trading)
  • Corporate structures using Thai trustees to facilitate foreign investment are prohib­ited and considered a criminal offence
  • Foreign ownership of land is not permitted (except for Board of Investment pro­moted companies/investments within industrial estates)
  • Political tensions still not entirely resolved


III. What we do in Thailand


Headquartered in Bangkok, Lorenz & Partners has assisted medium-sized and large corpora­tions since 1997 with their investment in Thailand. As a one-stop service coordinator we offer our clients tailor-made solutions and guidance before, during and after the set-up.


Our Services include:

  • Company Set up, Preparation of Joint Venture Agreements, Project Management As­sistance
  • Corporate and Commercial Law, Corporate Income Tax, Personal Income Tax
  • Business and Management Advice
  • Licensing and Corporate Re-structuring
  • Back Office Services; Tax Structuring
  • Accounting and other Corporate related Work


All of our legal and consulting services are provided by our team of local and foreign qualified lawyers and accountants who are well versed in all the key legal and tax issues faced by those investing in Thailand.

IV. Recent Projects:


  • Legal advice and optimisation of an underlying EPC contract in the most tax ef­ficient way for a leading Aus­trian manufacturer of warehouse logistic solu­tions.


  • Legal advice, tax planning, optimal project structuring and contract optimisa­tion for one of the leading German manufacturers of automotive presses which is in charge of the manufacturing, installation and commissioning of an auto­motive press for the Thai plant of one of the world’s largest automakers.
  • Setup of the Thai subsidiary of one of the world’s leading construction ma­chine manufacturers and ongoing legal advice in all fields relevant to their in­vestment in Thailand.
  • Set up of various legal entities in Thailand for one of Germany’s leading inter­net businesses, and preparation/review of the contractual framework for their Thai entities. These new legal entities shall provide an internet market place for a variety of consumer products.
  • Handling of all legal matters related to the construction of a wind farm on Koh Tao Island in the South of Thailand. Such matters included negotiations with potential investors and preparations for the restructuring of the Thai entity that shall operate the wind farm.


V. Further Reading (some Key Publications)


  1. BR001E How to set up a Company in Thailand
  2. BR009E The Thai Labour Law
  3. BR011E Visa and work permit regulations in Thailand
  4. BR017E Bankruptcy and Business Reorganisation in Thailand Law, Procedure and Forms
  5. BR019E Duties and Liability of Directors of Thai Limited Companies
  6. BR068E Termination of Employment in Thailand
  7. NL045E BOI Promotion: Trade and Investment Support Office (TISO)
  8. NL054E Establishment of a Representative Office in Thailand
  9. NL195E Transfer Pricing in Thailand
  10. NL219E Investment Promotion for International Business Centers
  11. NL235E Secondment to Thailand


For our complete range of publi­cations please click here.

  1. Further queries on Thailand? Get in touch


We welcome all Thailand related legal inquiries. Please use the contact form on our website to get in touch.


Our targeted clients are midsized and large German and European corporations which intend to setup in Thailand or are already established in Thailand.


Please note that we do not advise on any matters related to family law (marriage, pre­nuptial agreements, divorce, etc.).



We hope that we have been able to assist you with this information.
If you have any further questions, please contact us:

Lorenz & Partners Co., Ltd.

27th Floor, Bangkok City Tower, 179, S Sathorn Rd,

Thung Maha Mek, Sathon, Bangkok 10120

Email: [email protected]
+66 (0) 2 287 1882

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