Asia Business Law Journal Ranking: Thailand’s top lawyers 2024

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As one of the most advanced markets in Southeast Asia, Thailand is expected to see its economy grow 2.4% in 2024, up from 1.9% last year, according to projections by the World Bank Group. The improved outlook has come about even as the country experiences contractions in goods exports and manufacturing given weak external demand.

While facing challenges including a struggle to restore tourism to pre-pandemic levels and a projected rise in public debt, the country has seen its financial system remain stable. The World Bank says capital and liquidity buffers at the country’s commercial banks are staying well above regulatory requirements.

Both the Thai government and the country’s securities watchdog have taken measures to boost the nation’s competitiveness and modernisation. In a move to stimulate consumer spending at home, the government started the first phase of the country’s digital-wallet stimulus scheme in September this year, distributing THB10,000 (USD300) into bank accounts of Thai welfare cardholders and citizens with disabilities.

The Securities and Exchange Commission has also been contributing to the digitalisation of Thailand’s economy with the launch of the Digital Asset Regulatory Sandbox in August this year. The sandbox is open to everyone interested in testing six different eligible digital asset-related services, including digital asset fund managers and digital asset brokers. Thailand has received an injection of international investor confidence in its market, with Alphabet’s Google announcing in September a plan to invest USD1 billion to build a data centre in the country.

Against the backdrop of this challenging yet dynamic landscape, Asia Business Law Journal proudly presents Thailand’s top 100 lawyers and 25 Legal Icons for 2024. The A-List is the result of rigorous research and nominations received from in-house counsel in Thailand and abroad, as well as Thailand-focused partners at international law firms. Feedback from clients submitted to Asia Business Law Journal indicates strong demand for lawyers who have unrivalled practice and country-specific expertise, show a long-term commitment to quality and provide innovative and strategic solutions to different legal matters.

Market entry guide

Thailand is one of the most mature markets in Southeast Asia, and most sectors of its economy are open to foreign investors. But expanding into this generally business-friendly market comes with challenges, and it is necessary for overseas companies to have a full grasp of restricted areas of investment and sector-specific regulations.

Kevin Stock, the chief financial officer of DMA Industries in South Carolina, says his go-to Thai legal counsel for obtaining such market-entry advice is Threenuch Bunruangthaworn, a legal director at KPMG Law in Bangkok.

Stock says Bunruangthaworn played an integral role in helping his company set up a joint venture in Thailand, advising on every aspect of it, from purchasing land to obtaining financing. Particularly on the financing side, the KPMG Law Legal director assisted in navigating co-operation with Thai banks for moving funds daily and obtaining loans.

“Threenuch shows strategic thinking as well as day-to-day knowledge, which has been invaluable for a midsized company working in Thailand for the first time,” says Stock.

While a JV setup is one method through which some foreign investors have expanded into the Thai market, others have opted to establish a wholly owned entity in the country. John Hall, the executive chairman of FlavourCraft in Thailand, has set up a new fully foreign-owned specialist flavour manufacturing company headquartered in Bangkok, together with the acquisition of another Bangkok-based business.

Hall says the assistance provided by Yothin Intaraprasong, a partner at Nagashima Ohno & Tsunematsu in Bangkok, in all matters related to his business including due diligence and licensing was crucial in the eventual granting of approval from the Board of Investment of Thailand (BOI).

Read more and access full list at

https://law.asia/thailand-top-lawyers-2024/

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