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Yes, foreign investors can often own 100% of a company in both the Philippines and Thailand, but the rules, the exceptions and the tax treatment differ sharply. In this Global Law Experts roundtable, two corporate and tax practitioners compare how the Philippines and Thailand handle foreign ownership limits (the Philippine 60/40 rule and negative list against Thailand’s 51/49 default and Foreign Business Act), cross-border withholding tax, transfer pricing and permanent establishment, and what it now takes to incorporate and capitalise a company in each market in 2026.
The through-line: in Asia, corporate structure and tax cannot be separated, and whether 100% foreign ownership is possible almost always turns on the sector and on getting the tax treatment right before you enter.
Chapters:
0:00 Introduction
0:14 Meet the panel: Kerwin Tan (Philippines) and Kevin Luecha (Thailand)
2:32 The topic: cross-border investment in Asia in 2026
3:40 Philippines: cross-border payments, withholding tax and transfer pricing
7:43 Why investors must understand withholding rates and tax treaties
8:16 Thailand: related-party rules and offshore withholding tax
11:11 Thailand: is 100% foreign ownership possible?
12:18 The 51/49 rule and finding a genuine Thai partner
14:01 Philippines: the foreign ownership myth and the negative list
15:10 Foreign ownership limits by sector and the 60/40 rule
16:20 Legal versus beneficial ownership and the anti-dummy law
18:38 Thailand: the Foreign Business Act, restricted lists and licences
20:56 Nominee rules and how ownership is proven in Thailand
23:48 Philippines: the post-2019 reforms (two incorporators, no residency)
26:37 Paid-up capital, the $200,000 rule and the 2022 Retail Act
29:30 Thailand: BOI incentives, tax holidays and long-term visas
31:50 Closing thoughts
Panel:
Kerwin Tan, Philippines
Kittirut (Kevin) Luecha, Thailand
Hosted by Jenny, Global Law Experts.
Roundtable Participants
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Global Law Experts is dedicated to providing exceptional legal services to clients around the world. With a vast network of highly skilled and experienced lawyers, we are committed to delivering innovative and tailored solutions to meet the diverse needs of our clients in various jurisdictions.
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