How many shareholders does a Thai limited company need?
Short answer
A Thai private limited company is formed by promoters and must maintain the minimum number of shareholders required by the Civil and Commercial Code as amended. Because that threshold has changed over time, confirm the current requirement with the Department of Business Development before structuring the shareholder list.
The more consequential question is usually nationality of shareholding rather than headcount, because it determines whether the Foreign Business Act applies to the intended activity.
Share allocation should reflect real economic arrangements. Nominee arrangements created to change an apparent nationality carry significant legal risk.
Reviewed as of 2026-08-04. General guidance only, not case-specific advice and not a guarantee of outcome. Government fees, conditions and processing times are set by the responsible authority and can change. This site does not publish prices — please ask our staff.
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