Foreign investment in other financial services is subject to local incorporation.
"Section 4. In this Act: [...]
"securities company" means any company, or financial institution licensed to undertake securities business under this Act.
"securities business" means any of the following securities businesses:
(1) securities brokerage; (2) securities dealing; (3) investment advisory service; (4) securities underwriting; (5) mutual fund management; (6) private fund management; (7) other businesses relating to securities as specified by the Minister upon recommendation of the SEC.
[...]
CHAPTER 4 - SECURITIES BUSINESS
DIVISION 1 - FORMATION AND ISSUANCE OF LICENSE
SECTION 90. Securities business can be undertaken only by formation of either a limited company or a public limited company, or by a financial institution established in accordance with other laws, and after having obtained a license from the Minister upon recommendation of the SEC.
A merger of securities companies shall be deemed as the formation of a limited company or of a public limited company, as the case may be.
The application for a license, application for an approval, the issuance of a license, and the granting of an approval under this Section shall be in accordance with the rules, conditions and procedures, and subject to the payment of fees, as specified in the ministerial regulations. [...]" (Securities and Exchange Act B.E.2535 (1992) as amended by Securities and Exchange Act (No. 6) B.E. 2562, 15 April 2019 [unofficial traslation])
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"[...] Section 4 In this Act,
“financial institution business” means the commercial banking business, finance business and credit foncier business, and shall include the undertaking of business of a specialised financial institution. [...]
“finance business” means the undertaking of business of accepting deposits of money or accepting money from the public subject to withdrawal on demand or at the end of a specified period, which is not accepting deposits of money or accepting money in the accounts to be withdrawn by cheques, and of employing such money in one or several ways such as granting of credits, buying or selling of bills of exchange or any other negotiable instruments. [...]
“granting of credits” means lending money or buying, discounting, rediscounting bills, becoming a creditor upon having paid or ordered that an amount of money be paid on behalf of a customer, or becoming a creditor upon having paid in accordance with an obligation specified in a letter of credit or other obligations.
“transaction similar to granting of credits” means factoring transaction, hirepurchase transaction, leasing transaction and other transactions similar to granting of credits prescribed in the notification of the Bank of Thailand. [...]
“finance company” means a public limited company licensed to undertake finance business.
[...]
CHAPTER 1 - FORMATION AND LICENSE APPLICATION
Section 9 The commercial banking business, finance business or credit foncier business may be undertaken only by a juristic person in the type of public limited company and upon having obtained a license from the Minister with the advice of the Bank of Thailand. In granting such license, the Minister may prescribe rules as deemed appropriate. [...]" (Financial Institutions Businesses Act B.E. 2551 (2008))
Securities and Exchange Act B.E.2535 (1992) as amended by Securities and Exchange Act (No. 6) B.E. 2562, 15 April 2019 [unofficial traslation]
Financial Institutions Businesses Act B.E. 2551 (2008)
[<a href="https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/Act/act-sea1992-amended.pdf">Act</a>],[<a href="https://www.sec.or.th/EN/Documents/ActandRoyalEnactment/Act/act-sea2019-no6.pdf">Amend</a>],[<a href="https://www.bot.or.th/English/AboutBOT/LawsAndRegulations/SiteAssets/Law_E24_Institution_Sep2011.pdf">Act</a>]