List one.
Foreigners as described above shall be prohibited from operating the following businesses (enumerated in List One, annexed to the FBA):

• Newspaper business, radio broadcasting or television station business
• Rice farming, farming or gardening
• Animal farming
• Forestry and wood fabrication from natural forest
• Fishery for marine animals in Thai waters and within Thailand specific economic zones
• Extraction of Thai herbs
• Trading and auctioning Thai antiques or national historical object
• Making or casting Buddha images and monks alms bowls
• Land trading

Given the fact that these activities touch the very essence of Thai economic culture, it seems understandable that these activities cannot be conducted by foreigners.

Group 1: Businesses related to the national safety or security

1. Production, selling and maintenance of:

• Firearms, ammunition, gun powder, explosives
• Accessories of firearms, ammunitions and explosives
• Armaments, ships, air-crafts or military vehicles
• Equipment or components, all categories of war materials

2.Domestic land, waterway or air transportation, including domestic airline business

Group 2: The businesses affecting arts and culture, traditional and folk handicraft

1. Trading antiques or art objects being Thai arts or handicraft
2. Production of carved wood
3. Silkworm farming, production of Thai silk yarn, weaving Thai silk or Thai silk printing
4. Production of Thai musical instruments
5. Production of gold ware, silverware, nielloware, bronze ware or lacquerware
6. Production of crockery of Thai arts and culture

Group 3: The businesses affecting natural resources or environment

1. Manufacturing sugar from sugarcane
2. Salt farming, including underground salt
3. Rock salt mining
4. Mining, including rock blasting or crushing
5. Wood fabrication for furniture and utensil production

In order to conduct a business of List two, at least 40% of the capital has to be held by Thai nationals or juristic persons that are not foreigners under the FBA. The FBA also states that unless there is a reasonable cause, the Minister (with the approval of the Cabinet) may reduce the proportion requirement but it shall not be less than 25 percent and the number of Thai directors shall not be less than two-fifths of the total number of directors.

The Thai legislator annexed a Third List to the FBA, listing all businesses in which Thai nationals are not ready to compete unless permitted by the Director-General with the approval of the Committee. Do note that this permission will most probably be subjected to certain conditions. The activities mentioned in List three concern amongst others:

• Rice milling and flour production from rice and farm produce
• Fishery, specifically marine animal culture
• Forestry from forestation
• Production of plywood, veneer board, chip board or hardboard
• Production of lime
• Accounting or service business
• Legal service business
• Architecture service business
• Engineering service business
• Construction, except for:
  • Construction rendering basic services to the public in public utilities or transport requiring special tools, machinery, technology or construction expertise having the foreigner’s minimum capital of 500M THB or more
  • Other categories of construction as prescribed by the ministerial regulations
• Broker or agent business, except:
  • Being a broker or agent for underwriting securities or services connected with future trading of commodities or financing instruments or securities
  • Being broker or agent for trading or procuring goods or services necessary for production or rendering services amongst affiliated enterprises
  • Being a broker or agent for trading, purchasing or distributing or seeking both domestic and foreign markets for selling domestically manufactured or imported goods in the manner of international business operations having the foreigners’ minimum capital 100M THB or more
  • Being broker or agent of other category as prescribed by the ministerial regulations
• Auction, except:
  • Auction in the manner of international bidding not being the auction of antiques, historical artefacts or art objects which are Thai works of art, handicraft or antiques having the historical value
  • Other categories of auction as prescribed by the ministerial regulations
• Internal trade connected with native products or production not yet prohibited by law
• Retailing all categories of goods having the total minimum capital less than 100M THB or having the minimum capital of each shop less than 20M THB
• Wholesaling all categories of goods having minimum capital of each shop less than 100M THB
• Hotel business, except for hotel management service
• Guided tour
• Selling food or beverages
• Plant cultivation and propagation business
• Other categories of service business except that prescribed in the Ministerial regulations

The list is not only long. A carryall clause has been inserted as well: ‘other categories of service business except that prescribed in the ministerial regulations’. This clause gives the Director-General extensive powers; every activity can be subjected to his approval, except for those expressly authorised (e.g. hotel management service).