24/08/2026
⚖️ Can Foreigners Establish a Real Estate Company in Thailand, but Work as a “Broker” Themselves?
Recently, there has been increased scrutiny of businesses involving foreigners and issues concerning “nominee” arrangements, particularly in tourist areas. This raises an important question:
Can a foreigner be a shareholder or director of a real estate company and also personally work as a broker selling houses, land, or condominiums?
The answer is that a distinction must be made between “being an owner or director of a company” and “working as a broker.”
Under the Notification of the Ministry of Labour Re: Prohibited Occupations for Foreigners B.E. 2563 (2020), “brokerage or agency work” is prescribed as work prohibited for foreigners, subject to an exception for brokerage or agency work in international trade or investment as prescribed by law.
Therefore, if a foreigner directly performs the duties of a real estate broker in Thailand, such as finding clients, accepting property listings for sale, taking clients to view houses or condominiums, acting as an intermediary in negotiating the purchase or sale of property, or otherwise performing brokerage activities in return for commission, there is a risk that such activities may fall within the category of work prohibited for foreigners.
📌 Having a Work Permit Does Not Mean That a Foreigner May Perform Every Type of Work
Even if a foreigner holds a work permit for a position such as Managing Director, General Manager, or Marketing Manager, consideration must still be given to the work that the foreigner actually performs in practice.
If the stated position is managerial but, in reality, the foreigner performs the duties of a real estate broker, the authorities may consider the actual nature of the work performed, rather than merely the job title stated in the relevant documents.
Furthermore, the fact that a company has 51% Thai shareholders and 49% foreign shareholders does not automatically mean that its shareholding structure is lawful. The Thai shareholders must be genuine shareholders who have actually invested in the company and must not be “nominees” holding shares on behalf of foreigners, as such an arrangement may constitute an offence under the Foreign Business Act B.E. 2542 (1999).
⚠️ In Summary
“Being able to establish a company” ≠ “Being able to perform every type of work within that company.”
The business operations of the company and the right of the individual foreigner to work are separate matters and are governed by different areas of law. It is therefore necessary to ensure compliance in relation to the company structure, shareholders, work permit, and the actual nature of the work performed.
Before investing in or operating a real estate business in Thailand, the corporate structure and working arrangements should be properly reviewed from the outset. Once an investigation is commenced, the authorities do not merely examine the documents; they may also investigate the actual facts, including who provided the investment funds, who controls the business, and who actually performs the work.
⚖️ Legal Knowledge for Conducting Business in Compliance with the Law
