Industries which must be majority-owned by Thais included the newspaper business, radio stations, television stations, rice farming, animal husbandry, fishing, land trading, mining, wholesaling and retailing, restaurants, and all service businesses.
The law criminalized nominees, any Thai who held shares on behalf of a foreigner.
The main points of contention are : The foreign business community have objected to the draft on the following bases.
Only the US-Thai Treaty of Amity allows U.S. nationals and/or companies to hold majority or whole of the shares in companies to engage in business on the same basis as Thai companies but with certain requirements, i.e.: The Treaty of Amity between the United States and Thailand, however, prevents US nationals/entities from engaging in the following restricted activities: FBA issues regulations from time to time.
It is to exclude certain foreigners’ service business activities, as detailed in Ministerial Regulations.