How to Verify a Company in Thailand? An Ultimate Guide

Thailand is positioning itself as a gateway to Southeast Asia for international investors with tax incentives, investment benefits, and economic reforms to attract foreign direct investment (FDI). With “Thailand 4.0” and big investments like Google’s $1 billion in AI and data centers, the country is embracing digitalization and strengthening the regulatory framework to support business growth.

But as Thailand recovers from the pandemic, corporate transparency and compliance are a top priority. The government is beefing up business verification measures to prevent fraud, secure investments, and build trust among foreign and domestic investors. Official portals and regulatory bodies like the Board of Investment (BOI) are key in facilitating secure company registration and verification processes.

This blog will walk you through how to verify a company in Thailand through the official portal, ensure compliance, reduce fraud risk, and make informed business decisions.

How to Verify if a Company is Registered in Thailand

Company verification in Thailand confirms business legitimacy and compliance. If you want to verify a company in Thailand, the first step is to screen it against the government registry. There are multiple ways you can find information on Thai companies, but the official source for Thailand company verification is through the Department of Business (DBD) under the Ministry of Commerce.

The DBD portal is widely used to verify if a company is legally registered by checking company details, helping businesses and individuals reduce the risk of potential fraud. The information is available on the website in both Thai and English, so users can look up data as they wish; however, some documents may only be available in Thai, making business verification challenging.

Step-by-Step Guide to Verify a Company in Thailand

To verify a company in Thailand, you have to find accurate data. To access the complete company profile, follow the following steps:

• Go to the DBD Data Warehouse Website: Go to the official website of the Department of Business Development (DBD) and navigate to the DBD Data Warehouse platform.

• Search for the Business

1. Using the search bar, enter the company name. The portal is available in both English and Thai versions, so you can search for an English version of a business name if you don’t know the other version.
2. You can also search a business using other input parameters such as business registration number, type, or other relevant company description.

3. Company Details (What You Get): After searching, you will be given key company information such as:

• Registration number
• Jurisdiction person name (legal name of the company)
• Type of business
• Status
• TSIC (Thailand Standard Industrial Classification code)

Challenges of Verifying a Company in Thailand

Intricate Regulatory Landscape

The company registration process in Thailand is long and complicated and has many steps. This can lead to inconsistencies in the company records and make verification take longer. And companies that are BOI-promoted have different regulatory requirements, so verification is more complicated.

Work Permits and Visa Dependencies

For companies with foreign directors or senior managers, their right to operate the business depends on having valid work permits and visas. These permits are company and location-specific, so if the business structure or address changes, the permit will be invalid. Verification teams need to check both company registration data and director work permit status to ensure compliance.

Language-Driven Verification Delays

Most of the official documents related to company registration, financial statements, and compliance filings are in Thai, which can slow down the verification process for foreign companies or international partners. And the English proficiency of the company representatives can vary, especially outside major cities, so collecting and verifying data through direct communication is more challenging.

How to Verify Ultimate Beneficial Owners (UBOs) in Thailand?

In Thailand, the UBO threshold for corporate ownership and financial transactions follows the global Financial Action Task Force (FATF) standard, which is 25% ownership control. Hence, any individual owning 25% or more of a company’s shares or voting rights is considered an ultimate beneficial owner.

Thailand has no central register that collects or holds beneficial ownership information for legal persons. Additionally, beneficial ownership is covered to some extent under Thailand’s AML/CFT framework, but only for certain types of legal persons and arrangements, so there are gaps in coverage. While you can access other company essential data, the Department of Business Development’s (DBD) portal does not disclose beneficial ownership information.

Conducting AML Checks on Businesses in Thailand

In KYB verification, AML checks are of two types. The first is verifying the company itself by checking its registration details, licenses, and operational status against official records. This also includes screening the company name against international sanctions lists, regulatory enforcement databases, and adverse media reports to identify any compliance risks.

The second part of the AML check is on the individuals linked to the company, including directors, shareholders, and ultimate beneficial owners (UBOs). These individuals are screened against sanctions lists, politically exposed persons (PEP) databases, watchlists, and adverse media sources to detect any personal involvement in financial crime or corruption.

In Thailand, where UBO transparency remains limited due to the absence of a central UBO register, these checks are even more important to identify hidden ownership risks and ensure full compliance when verifying Thai companies.

Licenses and Certifications

Bank of Thailand

The Bank of Thailand is the central bank of Thailand and is responsible for monetary policy, financial stability, and regulation of financial institutions. It supervises commercial banks, non-bank financial institutions, and payment service providers to ensure a sound financial system. Businesses in the financial sector must apply for licenses from the BOT, such as banking licenses, payment provider licenses, and digital lending licenses.

Securities and Exchange Commission

The Securities and Exchange Commission (SEC) regulates Thailand’s capital markets. It ensures transparency and protects investors by supervising securities exchanges, brokers, investment advisers, and asset management firms. Companies offering financial products or services related to the capital markets must get a license from the SEC, including securities brokerage, investment advisors, and asset management.

Thai Customs Department

The Thai Customs Department is responsible for all imports, exports, and transit of goods into and out of Thailand to collect duties and taxes, comply with import/export laws, and prevent smuggling and illegal trade. They also implement international trade agreements and cooperate with global customs. The department’s main tasks are to issue import and export permits, enforce tariff and non-tariff barriers, investigate customs violations, and work with international customs bodies to ensure smooth and lawful cross-border trade.

The Ministry of Interior

The Ministry of Interior (MOI) is involved in issuing licenses and permits, especially for businesses involved in construction, land development, regulated events, and entertainment venues. Companies may need construction permits, land use approvals, and licenses to operate lotteries, festivals, or public events.

How Can The KYB Help You Verify a Company in Thailand?

At The KYB, we simplify the process of verifying companies in Thailand by gathering official data from multiple trusted sources and putting it into one platform. We have ample sources that can help you gain an insight into the company you wish to verify. Our platform eliminates various challenges related to business verification, such as regulatory complexity and language hurdles of official documents.

To verify a company in Thailand, you can easily retrieve business registries and gain access to essential data without these challenges. 

The KYB doesn’t stop at company data; we also implement AML checks on the key person of a business (directors, shareholders, and UBOs) against global sanctions lists, watchlists, and adverse media databases. You get a full risk profile so you can spot the red flags before you enter a business relationship.

The KYB is an all-in-one platform for business verification. With 250+ global registries and 120+ million legal entities, you have global verification in one place. With our real-time data retrieval via API, you can verify companies fast, reduce onboarding time, and ensure compliance.

Contact us today to get reliable data and understand how our experts can help you verify a business.

FAQs

Q. How to Check if a Company is Legit in Thailand?

To check if a company is legit in Thailand, search for its registration on the Department of Business Development (DBD) website. You can verify the company name, registration number, and status. Also, check licenses, financial records, and reviews to confirm its credibility before doing business.