Nominee crackdown targets Prachuap accountants

Nominee crackdown targets accountants in Prachuap Khiri Khan

Thailand’s nominee crackdown has widened to accounting firms in Prachuap Khiri Khan, as authorities investigate businesses suspected of using Thai nationals to hide foreign ownership.

The Department of Business Development, under the Ministry of Commerce, said on 22 June that it had expanded checks to accounting firms in eight tourism provinces, including Prachuap Khiri Khan, Chonburi, Chiang Mai, Mae Hong Son, Surat Thani, Phuket, Krabi and Phang Nga.

The move followed instructions from Prime Minister Anutin Charnvirakul and forms part of a wider investigation into nominee businesses across the country.

Department Director-General Poonpong Naiyanapakorn said investigators found that 29 accounting firms and 140 accountants had become shareholders in 2,040 companies involving foreign investment. The combined value of those shares was reported at 2.528 billion baht.

In some cases, the department said, one person was found to hold shares in as many as 212 companies, with a combined share value of 247 million baht. The information has been passed to relevant agencies for further action.

Nominee crackdown focuses on high-risk sectors

The department said its nationwide nominee crackdown has focused on six high-risk sectors: tourism and related businesses, land and real estate, e-commerce, transport and warehousing, hotels and resorts, agriculture, and construction.

Mr Poonpong said common methods included the use of accountants, accounting firm staff, legal office employees or Thai staff of foreign-linked businesses as shareholders.

Authorities said some companies were set up with Thai and foreign shareholding split at 51:49, while others were initially registered as fully Thai-owned businesses before later changing their shareholding structure to include foreign investors.

Stricter checks on company registration

Since 1 January 2026, Thai shareholders investing alongside foreigners have been required to provide three months of bank statements to prove they have the financial means to invest.

The department said the measure helped reduce the number of companies considered at risk of nominee activity by 51.05% between 1 January and 31 March, compared with the same period last year.

After further checks were introduced on 1 April, the department said the number of high-risk companies fell by 65.22% between 1 April and 31 May.

Further measures are being considered and are expected to take effect on 1 August, subject to public consultation.

Agencies working together on nominee cases

The department said it had examined 3,294 companies considered at risk and forwarded information to several agencies, including the Revenue Department, Department of Lands, Anti-Money Laundering Office, Department of Special Investigation and Economic Crime Suppression Division.

Mr Poonpong said the crackdown was the result of cooperation between the Department of Business Development and 23 partner agencies under a memorandum of understanding titled “Closing the cracks in the economy, working together to defeat nominees”.

He said the cooperation had improved the authorities’ ability to monitor, prevent and suppress nominee activity, as well as take legal action against offenders.

Mr Poonpong said the work reflected the government’s aim of creating a more transparent and fair business environment, while strengthening confidence among Thai and foreign investors.