Révisé par ThaiLawOnline, un cabinet d'avocats thaïlandais agréé exerçant en Thaïlande depuis 2006. Avocate thaïlandaise en charge du dossier : Wichuda Atthamethakon, LL.M., licence du barreau thaïlandais 3149/2556.
Dernière mise à jour le 5 septembre 2026
A shareholder (ผู้ถือหุ้น, phu thue hun, also stockholder ou member) is a person or company whose name is entered in the share register of a Thai company limited as the holder of one or more shares. Ownership of shares gives the right to vote at general meetings, to receive dividends and to share in the surplus on liquidation, and it limits liability to the amount still unpaid on the shares. For foreigners the word carries a second meaning, because the split between Thai and foreign shareholders decides whether the company is Thai or foreign under the Loi sur les entreprises étrangères et le Code foncier.
Table des matières
What the Civil and Commercial Code provides
Formation and liability. Since the 2023 amendment to Section 1097 a company limited can be formed by 2 or more persons, each taking at least one share; the old minimum of 3 is gone. A shareholder’s liability is limited to the unpaid part of the share price, so once shares are fully paid the shareholder owes nothing more to creditors, whatever the company’s debts.
Rights. Each share carries one vote unless the articles create preference shares with different rights. Shareholders appoint and remove directors, approve the accounts and dividends, and pass special resolutions (a three-quarters majority) to amend the memorandum or articles, increase or reduce capital, merge or dissolve. Shares are transferred by a written instrument signed by transferor and transferee and witnessed, and the transfer binds the company only once entered in the register.
Foreign shareholders in practice
The 49% line. A company with less than half its capital in foreign hands is Thai under the Foreign Business Act and needs no licence for a restricted business. Under Section 97 of the Land Code the test for holding land is stricter: a company is foreign if foreigners hold more than 49% of the capital or make up more than half of the shareholders by number, so two foreigners and one Thai fail even at 49%.
Proving the Thai shareholders are real. Since DBD Order 2/2569 took effect on 1 August 2026, the registrar requires each Thai shareholder in a mixed company to file bank statements for the 3 months before subscription, the receiving-account statement showing the money arriving, and an Investment Explanation Letter. A Thai shareholder whose money cannot be traced is treated as a candidat and the registration is refused. The shareholder list, form Bor Or Jor 5, must be filed with the DBD within 14 days of each annual general meeting.
Shareholder, nominee and director are not the same
A shareholder owns part of the company; a director runs it. A foreigner can be the sole director of a company in which they hold 49% of the shares, a lawful structure if the Thai 51% is genuinely invested and genuinely votes. A nominee is a shareholder in name only, and Section 36 of the Foreign Business Act punishes both the nominee and the foreigner behind them with up to 3 years’ imprisonment, a fine of 100,000 to 1,000,000 baht, or both, plus 10,000 to 50,000 baht a day while it continues.
The distinction turns on money and control, not on paper. Who paid for the shares, who takes the profit and who decides are the questions the DBD and the courts ask. Preference shares and weighted voting can protect a minority foreign investor, but they cannot turn a nominee into a shareholder.
Foire aux questions
Can a foreigner be a shareholder in a Thai company?
Yes, without limit for businesses outside the Foreign Business Act lists, and up to 49% for restricted businesses unless the company holds a Foreign Business Licence, BOI promotion or Treaty of Amity status. A company that will own land must also keep foreigners below half of the shareholders by number.
How many shareholders does a Thai company limited need?
Two, since the 2023 amendment to Section 1097 of the Civil and Commercial Code. Each must subscribe for at least one share. A company that later drops below two shareholders can be dissolved by the court on a shareholder’s application.
What is the liability of a shareholder in Thailand?
It is limited to the amount unpaid on the shares. Once the shares are fully paid the shareholder is not liable for the company’s debts. A shareholder who is also a director, or who acts as a nominee for a foreigner, can be liable in that other capacity.
Voir aussi : Company limited, Director, Candidat, Registered capital, the 2026 nominee company crackdown ET how to register a company in Thailand.
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