Additional Thailand resources
Understanding how economics, politics and government intersect can help businesses navigate Thailand's market with confidence. This chapter outlines key institutions, economic zones, essential contacts and support resources for business success.
Country information
Politics and government
Thailand is a constitutional monarchy that is modelled on the Westminster system of government, divided between the executive, legislative and judicial branches. Thailand has seen multiple military coups and constitutions, with a to-and-fro between military rule and elected governments.
The King is the head of state, and while the executive branch of the government is headed by the Prime Minister, the King continues to exercise significant influence over the political system. The King is revered in Thailand and under a law known as lese majeste it is illegal to defame, insult or threaten the monarch. Anyone found guilty of such acts can be imprisoned for between three and 15 years.
The Prime Minister is supported by various other ministers, and deputy ministers and permanent officials of various ministries. The Prime Minister is selected by the House of Representatives, whose President recommends his/her name to the King for appointment. As the head of the government, the Prime Minister is responsible for the administration of all government agencies.
The Parliament, also known as the National Assembly, is the law-making body of government, and it is comprised of the House of Representatives (the lower house comprised of 500 members) and the Senate (the upper house, comprised of 200 members). While members to the House of Representatives are directly elected by the public (400 through a first-past-thepost system and 100 through party list proportional representation), the members of the new Senate were elected following three rounds of elections at district, provincial and national levels in June 2024.
There has been significant upheaval in Thai politics over the past decade. Although the government is popularly elected, the Thai military remains a key player in politics and retains significant sway over the democratic process.
Legal system
Thailand’s legal system is a hybrid, although it predominantly has a civil law legal system. The traditional bases of the legal system are rooted in the ancient Hindu Code of Manu, which have been localised to suit Thai custom. It is also influenced by the French civil system and is statute based as a result, with several similarities to codes seen in European civil law.
The Thai constitution is the supreme law of the state, and assigns the responsibility of trying and adjudicating cases to the courts, of which they are four types: the Constitutional Court, the Courts of Justice, the Administrative Courts and the Military Courts. Of these, the Courts of Justice rule on most types of cases – there are three levels of the Courts of Justice, namely the Courts of First Instance, the Courts of Appeal and the Supreme Court of Justice.
Thailand’s government and judicial structure
Key government agencies
Key government agencies and industry associations will need to be consulted throughout the process of setting up a business in Thailand. Some of these agencies can also be useful for providing advice and initiating contacts.
The main agencies and their areas of authority relating to foreign businesses are:
| Government agency | Responsibilities | Website |
|---|---|---|
| Department of Business Development (DBD) | DBD is Thailand’s national regulator for business entities, offering assistance and business development under the MOC. | dbd.go.th/en |
| Board of Investment (BOI) | The BOI, an agency under the Office of the Prime Minister, promotes foreign investment in Thailand by offering information, services and incentives to potential investors. Companies can contact the BOI can receive a Foreign Business Certificate and information on foreign investor investments and tax benefits from BOI. | boi.go.th/en |
| The Securities and Exchange Commission (SEC) | The SEC is primarily responsible for policy relating to capital markets, and issues regulations on public companies. | sec.or.th/EN |
| Stock Exchange of Thailand (SET) | The SET is Thailand’s only stock exchange. | set.or.th/en |
| The Revenue Department (RD) | The RD collects taxes in accordance with the Revenue Code’s laws and regulations. | rd.go.th/english |
| Bank of Thailand (BOT) | The BOT is the central bank – it is responsible for issuing banknotes, formulating monetary policy and providing banking facilities for financial institutions. | bot.or.th/th |
| Ministry of Labour (MOL) | The MOL oversees labour administration and protection, in addition to skills development and employment promotion in Thailand. The MOL can assist companies with staff recruitment and provide information on labour standards. | mol.go.th/en |
| National Science and Technology Development Agency (NSTDA) | The NSTDA, a government agency under the Office of the Prime Minister, supports R&D in science and technology. Companies can contact the NSTDA for further information on innovations and R&D in Thailand. | nstda.or.th/en |
| Eastern Economic Corridor Office of Thailand (EECO) | The EECO aims to encourage investment, boost innovation and advance technologies in Thailand. Companies can consult the EECO to develop projects or invest in areas located in the EEC. | eeco.or.th/en |
| Thai Customs | Thai Customs (also known as the Customs Department) is responsible for collecting duties and taxes related to imports and exports. | customs.go.th |
Free trade and special economic zones
Thailand has over 10 special economic zones (SEZs) to facilitate trade and transhipment. Most of the SEZs are located close to the borders with Malaysia, Cambodia, Laos and Myanmar, and have good road and sea connectivity to China. The SEZs are categorised as first phase, which started in 2015, and second phase, which started after 2016.
Phase 1 SEZs
The phase one SEZs consist of five provinces, 10 districts and 36 sub-districts.
Phase 2 SEZs
The phase two SEZs consist of five provinces, 12 districts and 55 sub-districts.
Companies that conduct businesses in the SEZs are able to access simpler registration procedures and streamlined bureaucracy, full foreign ownership and tax incentives.
The Thai SEZs prioritise specific industries and investment projects by foreigners are reviewed individually. Foreign entities that want to register companies in the SEZs are required to meet criteria that includes paid capital of at least AUD 100,729 (THB 2.22 million), securing a lease agreement for space for manufacturing or warehousing and demonstration that their operations will result in more exports or technology transfers into Thailand.
Thailand also currently has 62 general industrial zones (GIZs) that are typically focused on industrial activities. Companies registered in these are provided exemptions import duties and VAT on imports.
Locations of the special economic zones in Thailand
Thailand-Australia bilateral relationship
Thailand and Australia have enjoyed deep ties since formal diplomatic relations were established in 1952. Cooperation between the two countries is built on a range of shared interests, such as commerce, trade and investment, defence, counter-terrorism, education, agriculture, tourism, energy and climate change.
The two countries signed a Joint Declaration in November 2020, which elevated the relationship between them to that of a Strategic Partnership, which builds on the earlier Agreement on Bilateral Cooperation. In November 2022, Australia and Thailand signed a Strategic Economic Cooperation Arrangement (SECA) MOU, which aims to strengthen government-to-government cooperation in key economic sectors.
Australia and Thailand share deep commercial and trade ties. The Thailand-Australia Free Trade Agreement continues to support mutual cooperation. The two countries are additionally both party to the Regional Comprehensive Economic Partnership (RCEP) too, which is an FTA between 15 Asian economies, and are parties to the agreement establishing the ASEANAustralia-New Zealand FTA (AANZFTA). Two-way trade in goods and services between Thailand and Australia has continued to grow, and Thailand is Australia’s 9th largest trading partner globally.
Further information on the bilateral relationship between the two countries is available from DFAT.
Useful contacts and support resources
Government organisations
Australian Department of Foreign Affairs and Trade (DFAT)
DFAT manages Australia’s international network, including in Thailand. Australia has an Embassy in Bangkok, and a Consulate-General in Phuket.
Australian Trade and Investment Commission (Austrade)
Austrade is the Australian Government agency responsible for facilitating international trade and investment. Austrade can provide advice on the market, potential in-market partners and export marketing services. Austrade has an office in the Australian Embassy in Bangkok.
Export Finance Australia (EFA)
EFA provides information, support and export finance solutions to Australian businesses looking to expand overseas.
Business and industry associations
AustCham Thailand
The Australian Chamber of Commerce in Thailand represents and promotes Australian businesses operating in Thailand. AustCham coordinates a regular program of business seminars, networking and social functions for the business community in Thailand.
Australia Thailand Business Council
The Australia Thailand Business Council promotes bilateral trade and investment opportunities between Australia and Thailand. It offers networking and cultural awareness programs, and a B2B supply chain consultancy service for Australian businesses looking to enter Thailand.
Export Council of Australia
The Export Council of Australia is the peak industry body for the Australian export community.
Programs and support
Go Global Toolkit
Austrade's Go Global Toolkit provides Information, tools and support to grow your business globally through a range of digital platforms for every stage of the export journey.
Export Market Development Grants (EMDG)
Austrade seeks to help small to medium Australian enterprises grow their exports in international markets through their EMDG grant program.
Industry Growth Program
The Industry Growth Program supports innovative SMEs undertaking commercialisation or growth projects in the National Reconstruction Fund priority areas.
State or territory government trade and investment agencies may also run programs and provide support to businesses looking to expand into international markets. Please consult your relevant state or territory agency for more information.
References
A select list of sources used in the development of this publication are included below.
Acclime
ANZ
Asia Law Network
Asian Development Bank
Associated Press
Association of Banks in Singapore
AustCham Thailand
Australian Department of Foreign Affairs and Trade
Australian Taxation Office
Australian Trade and Investment Commission (Austrade)
Australian Government Department of Education
Australian Government GoGlobal Toolkit
Bangkok Post
Bank of Thailand
BDO Thailand
BTI Transformation Index
Business Law Journal
Chambers and Partners
Climate Knowledge Portal
Compliancia
Dezan Shira and Associates
DBS
DLA Piper
Euromonitor
EY
Export Finance Australia
Factory Mutual Insurance
Freedom House
FitchRatings
GlobalLex
GSL Law & Consulting
Healy Consultants
Herbert Smith Freehills
Heritage Foundation
HSBC
IFRS Foundation
IMF
International Comparative Legal Guide
International Federation of Accountants
International Forum of Independent Audit Regulators
International Labour Organization
Join Horizons
Juslaws & Consult
King & Wood Mallesons
Legal Thai
Lexology
Lloyds Bank
Mahanakorn Partners
Market Research Thailand
McKinsey & Company
Nichimura & Asahi
NNRoad
Notre Dame Global Adaptation Initiative
Odin Tax
Office of the National Economic and Social Development Council, Thailand
OOSGA
OpenGov
PwC
Royal Thai Consulate-General Royal
Thai Embassy
Siam Legal
S&P Global
StartUp in Thailand
StatCounter
Tech in Asia
Telecom Review Asia
Tetra Global Consultants
Thai Customs
Thailand Board of Investment
Thailand Business News
hailand Government Public Relations Department
Thailand Integrated Tariff Database
Thailand Law Forum
Thailand Law Online
Thailand Revenue Department
The ASEAN Post
The Heritage Foundation
Themis Partner
The Nation
The Star
Tilleke & Gibbins
ransparency International
S&P Global
United Nations Council of Trade and Development
UNESCAP
University of Melbourne
US Chamber of Commerce
US Department of State
US International Trade Administration
Thailand Government (various sources)
Transparency International
Wage Indicator Foundation
We Are Social
Workello
World Bank
World Economic Forum
World Free Zones Organization
World Trademark Review
A note on currency
All money amounts are in Australian dollars unless otherwise indicated.
Exchange rate used is the historical rate for the previous twelve months.
1 USD = 1.5427 AUD
1 USD = 33.9999 THB
1 AUD = 22.0392 THB
1 THB = 0.0454 AUD
Acknowledgements
Asialink Business gratefully acknowledges the assistance and information from the following organisations in the production of this Doing Business Guide:
Austrade
Department of Foreign Affairs and Trade
AustCham Thailand
Disclaimer
This publication contains country and industry general information and does not address the circumstances of any particular individual or entity. While all efforts have been made by Asialink Business to ensure that the data and information provided herein are accurate, the accuracy of the information in the future cannot be guaranteed.
Users of this document should undertake their own independent analysis and obtain appropriate professional advice, if required, before acting upon such information in any given situation. Asialink Business accepts no liability for any loss which may arise from the use of the information contained in this publication.
Reproduction of any part of this publication without prior written approval of Asialink Business is strictly prohibited. The information in this document is accurate as of October 2025.