Est-il illégal pour un étranger de détenir des parts dans une société thaïlandaise ?

Détenir des parts dans une société thaïlandaise n'est pas, en soi, ce que la loi déclare illégal ; la déclaration porte sur le compte de qui les parts sont détenues. Une société thaïlandaise qui possède un terrain n'est légitime qu'avec de véritables actionnaires thaïlandais et une substance réelle. Des actionnaires thaïlandais détenant des parts pour le compte d'un étranger constituent un montage nominee, et il est illégal au titre du Code foncier et de la loi sur les entreprises étrangères. La vérification consigne ce que les documents montrent de la structure de détention, de sorte que la distinction se fait sur preuves, pas par supposition.

Que se passe-t-il si un montage nominee est découvert lors d'une vérification ?

Le risque nominee est nommé comme un red flag — un constat qui affecte matériellement la décision. Les red flags deviennent des conditions avant toute échéance de paiement dans le contrat, et le verdict — procéder, procéder sous conditions, ou renoncer — reflète les constats. Un red flag est un livrable, pas un échec : trouver le risque, c'est la vérification qui fonctionne comme prévu.

Pourquoi Suradeed évalue-t-elle le risque nominee plutôt que de concevoir des montages ?

Le montage lui-même est illégal au titre du Code foncier et de la loi sur les entreprises étrangères ; Suradeed n'en conçoit donc ni n'en facilite aucun. Ce que fait la vérification, c'est évaluer le risque : elle consigne ce que les documents montrent de la structure de détention et nomme le risque nominee comme un red flag. Suradeed n'est pas un cabinet d'avocats et ne donne aucun avis juridique — elle coordonne et livre la vérification, et les constats juridiques qui y figurent sont produits et signés par un cabinet d'avocats thaïlandais agréé.

← Due diligence in Thailand, explained

Ownership structures

Nominee structures in Thailand: why they are illegal

Foreigners cannot own land in Thailand, so the question of who holds a property is settled before any money moves. The ownership route most often misunderstood is the Thai company — and its shadow, the nominee structure, an arrangement the law declares illegal. This guide explains what a nominee structure is, why it is illegal, and what a verification actually does with nominee risk.

EN · FRLegalReviewed 27 August 2026

What a nominee structure is

Foreigners cannot own land in Thailand. A nominee structure is the arrangement that holds land for a foreigner despite the rule: Thai shareholders hold shares on a foreigner's behalf, so the foreigner effectively controls land that is owned in Thai names.

The shares are held in Thai names, but they are held for the foreigner. That is the definition the docs use: Thai shareholders holding shares on a foreigner's behalf. In every case, the question is the same — for whom the shares are held.

Why it is illegal

A nominee structure is illegal under the Land Code and the Foreign Business Act. The rule follows from what the structure is: Thai shareholders holding shares on a foreigner's behalf, holding land the foreigner cannot own. The law names the arrangement itself and declares it illegal.

Because the arrangement is illegal as such, the useful question is not how it can be made lawful — it is what the documents show. The verification records the ownership structure as the evidence presents it, and that record is what the buyer works from.

The legitimate alternative

A Thai company can own land in Thailand. The docs describe that company as Thai-majority, and legitimate only with genuine Thai shareholders and real substance.

The difference from a nominee structure is who the shares are held for. When Thai shareholders hold shares on a foreigner's behalf, the company's Thai ownership is a form — the foreigner effectively controls the land, and the arrangement is a nominee structure, illegal under the Land Code and the Foreign Business Act.

What a verification does

Suradeed assesses nominee risk in a dossier; it never designs or facilitates such a structure. The two parts belong together: assessing the risk is what the verification does, and facilitating the structure would mean helping create an arrangement the law calls illegal.

The verification records what the documents show about the ownership structure: who holds the shares, in whose name the land is held, and what the evidence supports. When the documents point to Thai shareholders holding shares on a foreigner's behalf, nominee risk is named as a red flag. Each finding rests on the evidence ledger — source document, issuing office, reference number, date and reviewer.

A red flag is a finding that materially affects the decision, and it is a deliverable, not a failure. In the contract, red flags become conditions the seller must cure before a payment milestone; the verdict — proceed, proceed with conditions, or walk away — reflects the findings.

Finding a nominee risk is the verification working as intended. An unfavourable finding is a delivered service, not a failure.

What Suradeed is, and is not

Suradeed is not a law firm and gives no legal advice. Every legal finding and recommendation in a verification certificate is produced and signed by a licensed Thai law firm, which is responsible for it. Suradeed defines the verification protocol, coordinates the work, controls its quality and delivers the result.

You are billed in two lines for that reason: the partner firm's fee, which Suradeed collects as payment agent for the firm, and Suradeed's own platform and coordination fee. Your invoice shows both.

Suradeed accepts no commission, referral fee or benefit from any seller, developer, agent or broker — independence is contractual, and partner firms confirm a conflict check per matter.

FAQ

Is it illegal for a foreigner to hold shares in a Thai company?

Holding shares in a Thai company is not, by itself, what the law declares illegal; the declaration is about who the shares are held for. A Thai company that owns land is legitimate only with genuine Thai shareholders and real substance. Thai shareholders holding shares on a foreigner's behalf is a nominee structure, and it is illegal under the Land Code and the Foreign Business Act. The verification records what the documents show about the ownership structure, so the distinction is made on evidence, not assumption.

What happens if a nominee structure is found in a verification?

Nominee risk is named as a red flag — a finding that materially affects the decision. Red flags become conditions before any payment milestone in the contract, and the verdict — proceed, proceed with conditions, or walk away — reflects the findings. A red flag is a deliverable, not a failure: finding the risk is the verification working as intended.

Why does Suradeed assess nominee risk rather than design structures?

The structure itself is illegal under the Land Code and the Foreign Business Act, so Suradeed never designs or facilitates one. What the verification does is assess the risk: it records what the documents show about the ownership structure and names nominee risk as a red flag. Suradeed is not a law firm and gives no legal advice — it coordinates and delivers the verification, and the legal findings in it are produced and signed by a licensed Thai law firm.

Know what you are buying before you commit.

Suradeed coordinates a structured review of Thai property documents with licensed, independent law firms — for a fixed price, agreed before any work starts.

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