# EDGAR Filing Document

**Accession Number:** 0001944712
**File Stem:** 0001213900-26-005751
**Filing Date:** 2026-1
**Character Count:** 52746
**Document Hash:** 69a3c78a8bb82fcac728e9f59910a99c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-005751.hdr.sgml**: 20260120

**ACCESSION NUMBER**: 0001213900-26-005751

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260120

**DATE AS OF CHANGE**: 20260120

**EFFECTIVENESS DATE**: 20260120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Baiya International Group Inc.
- **CENTRAL INDEX KEY:** 0001944712
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-EMPLOYMENT AGENCIES [7361]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-292837
- **FILM NUMBER:** 26543916

**BUSINESS ADDRESS:**
- **STREET 1:** ROOM 18022, FLOOR 18
- **STREET 2:** 112 W. 34TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10120
- **BUSINESS PHONE:** 86 138 0806 3307

**MAIL ADDRESS:**
- **STREET 1:** ROOM 18022, FLOOR 18
- **STREET 2:** 112 W. 34TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10120

**As filed with the Securities and Exchange Commission on January 20, 2026.**

**Registration No. 333-**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM S-8**

**REGISTRATION STATEMENT**

**UNDER**

**THE SECURITIES ACT OF 1933**

**Baiya International Group Inc.** 

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Cayman Islands** | **Not Applicable** |
| (State or Other Jurisdiction of | (I.R.S. Employer |
| Incorporation or Organization) | Identification No.) |

---

**5Q, No. 5 Golf Avenue**

**Guangpei Community, Guanlan Street**

**Longhua District, Shenzhen, China**

**Telephone: +86 0769-88785888**

(Address, Including Zip Code, of Principal Executive Offices)

**Baiya International Group Inc.** 

**2026 Share Incentive Plan**

(Full Title of the Plan)

**Baiya International Group Inc.**

**Suite 7540, The Empire State Building**

**350 Fifth Avenue**

**New York, New York 10118**

**Telephone: +1838 900 8888**

(Name, Address and Telephone Number, Including Area Code, of Agent for Service)

***Copies To:***

**Pang Zhang-Whitaker, Esq.**

**Darius R. Alam, Esq.**

**Carter Ledyard & Milburn LLP**

**28 Liberty Street, New York, NY 10005**

**+1 212.238.8844** 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

**EXPLANATORY NOTE**

This registration statement on Form S-8 (the "**Registration Statement**") is being filed by Baiya International Group Inc. (the "**Registran**t") in accordance with the requirements of Form S-8 under the Securities Act of 1933, as amended (the "**Securities Act**"), in order to register 360,000 Class A ordinary shares, $0.0025 par value per share (the "**Class A Ordinary Shares**"), issuable pursuant to the 2026 Share Incentive Plan (the "**Plan**") of the Registrant.

**PART I**

**INFORMATION REQUIRED IN SECTION 10(a) PROSPECTUS**

The documents containing the information required in Part I of this Registration Statement have been or will be awarded or given to participating employees and Service Providers (as such term is defined in the Plan) as specified in Rule 428(b)(1) under the Securities Act, in accordance with the rules and regulations of the United States Securities and Exchange Commission (the "**Commission**"). Such documents are not being filed with the Commission either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. These documents and the documents incorporated by reference into this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II**

**INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Certain Documents by Reference.**

The following documents previously filed or furnished by the Registrant with the Commission are incorporated herein by reference in this Registration Statement:

● our annual report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1944712/000121390025042694/ea0239630-20f_baiya.htm) for the fiscal year ended December 31, 2024, filed with the Commission on May 13, 2025 (the "**Annual Report** ");

● All other reports filed with the Commission pursuant to Sections 13(a) or 15(d) of the Exchange Act since the end of the fiscal year covered by the Annual Report (other than the portions of these documents not deemed to be filed); and

● the description of our Class A ordinary shares, $0.0001 par value contained in our annual report on [Form 20-F](https://www.sec.gov/Archives/edgar/data/1944712/000121390025042694/ea0239630-20f_baiya.htm) , filed with the Commission on May 13, 2025, and any amendment or report filed with the Commission for the purpose of updating the description.

In addition, all documents subsequently filed by the Registrant pursuant to Section 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") (prior to filing of a post-effective amendment which indicates that all securities offered have been sold or that deregisters all securities then remaining unsold) shall be deemed to be incorporated by reference in this Registration Statement and to be a part hereof from the date of filing of such documents, except as to specific sections of such documents as set forth therein. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement.

**Item 4. Description of Securities.**

Not applicable.

**Item 5. Interests of Named Experts and Counsel.**

Not applicable.

**Item 6. Indemnification of Directors and Officers.**

Cayman Islands law does not limit the extent to which a company's memorandum and articles of association may provide for indemnification of officers and directors. The Registrant's Memorandum and Articles of Association provides for indemnification of its officers and directors for any liability incurred in their capacities as such, except through their own fraud or willful default to the extent permitted under Cayman law. Indemnification is only available to a person who acted in good faith and in what that person believed to be in the Registrant's best interests. Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is theretofore unenforceable.

**Item 7. Exemption from Registration Claimed.**

Not applicable.

**Item 8. Exhibits.**

The Exhibit Index immediately preceding the exhibits is incorporated herein by reference.

**Item 9. Undertakings.**

(a) The undersigned registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of a prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20 percent change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;

*provided, however*, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in the post-effective amendment by those paragraphs is contained in periodic reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or 15(d) of the Exchange Act that are incorporated by reference in this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | <br>**Description of Exhibit** |
| 3.1 | [Amended and Restated Memorandum and Articles of Association of the Registrant Currently in Effect (incorporated herein by reference to Exhibit 1.1 of the Registrant's annual report on Form 20-F, filed with the Commission on May 13, 2025)](http://www.sec.gov/Archives/edgar/data/1944712/000121390023081813/ff12023ex3-1_baiya.htm) |
| 4.01 | [Specimen Certificate for Ordinary Shares (incorporated herein by reference to Exhibit 2.1 of the Registrant's annual report on Form 20-F, filed with the Commission on May 13, 2025)](https://www.sec.gov/Archives/edgar/data/1944712/000121390023081813/ff12023ex4-1_baiya.htm) |
| 4.02 | [Description of the Registrant's securities (incorporated herein by reference to Exhibit 2.2 of the Registrant's annual report on Form 20-F, filed with the Commission on May 13, 2025)](https://www.sec.gov/Archives/edgar/data/1944712/000121390025042694/ea023963001ex2-2_baiya.htm) |
| 5.1\* | [Opinion of Ogier](ea027326801ex5-1_baiya.htm) |
| 23.1\* | [Consent of Kreit & Chiu CPA LLP, an independent registered public accounting firm](ea027326801ex23-1_baiya.htm) |
| 23.2\* | [Consent of Ogier (included in its opinion filed as Exhibit 5.1)](ea027326801ex5-1_baiya.htm) |
| 24.1\* | [Power of Attorney (included on signature page hereto)](#p_001) |
| 99.1\* | [2026 Share Incentive Plan of Baiya International Group Inc.](ea027326801ex99-1_baiya.htm) |
| 107\* | [Filing Fee Table](ea027326801ex-fee_baiya.htm) |

---

\* Filed herewith.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Form S-8 Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, on January 20, 2026.

---

| | |
|:---|:---|
| **Baiya International Group Inc.** | **Baiya International Group Inc.** |
| By: | */s/ Siyu Yang* |
| Name: | Siyu Yang |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

Each person whose signature appears below constitutes and appoints Siyu Yang as his or her true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for him or her and in his or her name, place, and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments, exhibits thereto and other documents in connection therewith) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this Registration Statement has been signed below by the following persons in the capacities and on January 20, 2026.

---

| | |
|:---|:---|
| **Name** | **Title** |
| */s/ Siyu Yang* | Chief Executive Officer and Director |
| Siyu Yang | (Principal Executive Officer) |
| */s/ Dan Bin* | Chief Financial Offer |
| Dan Bin | (Principal Accounting Officer and Principal Financial Officer) |
| */s/ Huashu Yuan* | Director |
| Huashu Yuan |  |
| */s/ Yankun Wang* | Director |
| Yankun Wang |  |
| */s/ Linxi Xie* | Director |
| Linxi Xie |  |
| */s/ Luting Zhang* | Director |
| Luting Zhang |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

---

| | |
|:---|:---|
| **Baiya International Group Inc.** | **D** **+852 3656 6054** |
| **Baiya International Group Inc.** | **E** **nathan.powell@ogier.com** |
| **Baiya International Group Inc.** |  |
| **Baiya International Group Inc.** | Reference: NMP/CLE/503451.00002 |

---

Jan 20, 2026

Dear Sirs

**Baiya International Group Inc. (the Company)**

We have acted as Cayman Islands counsel to the Company in connection with the Company's registration statement on Form S-8, including all amendments or supplements thereto (the **Form S-8**), as filed with the U.S. Securities and Exchange Commission (the **Commission**) under the United States Securities Act of 1933, as amended to date (the **Act**). The Form S-8 relates the registration by the Company of up to 360,000 Class A Ordinary Shares of the Company with a par value of US$0.0025 each (the **Shares**) pursuant to the Company's 2026 Share Incentive Plan (the **Incentive Plan**).

We are furnishing this opinion as Exhibit 5.1 and [Exhibit 23.2] to the Form S-8.

Unless a contrary intention appears, all capitalised terms used in this opinion have the respective meanings set forth in the Documents. A reference to a Schedule is a reference to a schedule to this opinion and the headings herein are for convenience only and do not affect the construction of this opinion.

1 Documents examined

For the purposes of giving this opinion, we have examined originals, copies, or drafts of the following documents (the **Documents**):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the certificate of incorporation of the Company dated 18 October 2021 issued by the Registrar of Companies
of the Cayman Islands (the **Registrar**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fifth amended and restated memorandum and articles of association of the Company adopted by the special
resolutions passed on 28 November 2025 (the **Memorandum and Articles**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a certificate of good standing dated [date] (the **Good Standing Certificate**) issued by the Registrar
in respect of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the register of directors and officers of the Company (the **ROD**);

---

| | | | |
|:---|:---|:---|:---|
| **Ogier**<br> Providing advice on British Virgin Islands,<br> Cayman Islands and Guernsey laws<br>Floor 11 Central Tower<br> 28 Queen's Road Central<br> Central<br> Hong Kong<br>T +852 3656 6000<br> F +852 3656 6001<br> **ogier.com** | **Partners**<br> Nicholas Plowman<br> Nathan Powell<br> Anthony Oakes<br> Oliver Payne<br> Kate Hodson<br> David Nelson<br> Justin Davis<br> Joanne Collett<br> Dennis Li | Cecilia Li<br> Yuki Yan<br> David Lin<br> Alan Wong<br> Rachel Huang\*\*<br> Janice Chu\*\*<br> Florence Chan\*<sup>‡</sup><br> Richard Bennett\*\*<sup>‡</sup><br> James Bergstrom<sup>‡</sup> | \* admitted in New Zealand<br> \*\* admitted in England and Wales<br> <sup>‡</sup> not ordinarily resident in Hong Kong |

---

Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certificate from a director of the Company dated [date] as to certain matters of facts (the **Director's Certificate**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the unanimous written resolutions of all of the directors of the Company dated 2 [date] approving, among
other things, the Company's adoption of the Incentive Plan (the **Board Resolutions**);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Form S-8; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Incentive Plan as exhibited to the Form S-8.

2 Assumptions

In giving this opinion we have relied upon the assumptions set forth in this paragraph 2 without having carried out any independent investigation or verification in respect of those assumptions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all original documents examined by us are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all copy documents examined by us (whether in facsimile, electronic or other form) conform to the originals
and those originals are authentic and complete;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all signatures, seals, dates, stamps and markings (whether on original or copy documents) are genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each of the Good Standing Certificate, the Director's Certificate and the ROD is accurate and complete
as at the date of this opinion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Memorandum and Articles provided to us are in full force and effect and have not been amended, varied,
supplemented or revoked in any respect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all copies of the Form S-8 are true and correct copies and the Form S-8 conform in every material respect
to the latest drafts of the same produced to us and, where the Form S-8 has been provided to us in successive drafts marked-up to indicate
changes to such documents, all such changes have been so indicated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the Board Resolutions remains in full force and effect and have not been, and will not be, rescinded or
amended, and each of the directors of the Company has acted in good faith with a view to the best interests of the Company and has exercised
the standard of care, diligence and skill that is required of him or her in approving the Offering and the transactions set out in the
Board Resolutions and no director has a financial interest in or other relationship to a party of the transactions contemplated by the
Offering and the Board Resolutions which has not been properly disclosed in the Board Resolutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) each of the directors of the Company has acted in good faith with a view to the best interests of the
Company and has exercised the standard of care, diligence and skill that is required of him or her in approving the Incentive Plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) neither the directors nor the shareholders of the Company have taken any steps to appoint a restructuring
officer or liquidator of the Company, and no receiver has been appointed over any of the Company's property or assets;

Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the maximum number of Shares to be issued by the Company under the Incentive Plan (the **ESOP Shares**)
would not exceed the Company's authorised share capital then in place and the consideration payable for each ESOP Share shall be no less
than the par value of the ESOP Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) there is no provision of the law of any jurisdiction, other than the Cayman Islands, which would have
any implication in relation to the opinions expressed herein.

---

| | |
|:---|:---|
| 3 | Opinions |

---

On the basis of the examinations and assumptions referred to above and subject to the limitations and qualifications set forth in paragraph 4 below, we are of the opinion that:

**Corporate status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company has been duly incorporated as an exempted company with limited liability and is validly existing
and in good standing with the Registrar under the laws of the Cayman Islands.

**Authorised Share capital**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authorised share capital of the Company is USD180,000 divided into 64,000,000 Class A Ordinary Shares
of par value US$0.0025 each, 100,000,000 Class B Ordinary Shares of par value US$0.0001 each and 100,000,000 Preferred Shares of par value
US$0.0001 each.

**Valid Issuance of ESOP Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The issuance and allotment of the ESOP Shares under the Incentive Plan have been duly authorised by all
necessary corporate actions of the Company under the Memorandum and Articles and, upon the issuance and delivery of the ESOP Shares in
accordance with the Memorandum and Articles, the Board Resolutions and the terms of the Incentive Plan and once consideration of not less
than the par value per ESOP Share is fully paid in accordance with the Incentive Plan to the Company, the ESOP Shares will be validly
issued, fully paid and non-assessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Once the register of members of the Company has been updated to reflect the issuance of the ESOP Shares,
the shareholders recorded in the register of members of the Company will be deemed to have legal title to the shares of the Company set
out against their respective name.

4 Limitations and Qualifications

4.1 We offer no opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) as to any laws other than the laws of the Cayman Islands, and we have not, for the purposes of this opinion,
made any investigation of the laws of any other jurisdiction, and we express no opinion as to the meaning, validity, or effect of references
in the Incentive Plan to statutes, rules, regulations, codes or judicial authority of any jurisdiction other than the Cayman Islands;
or

Page 4 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except to the extent that this opinion expressly provides otherwise, as to the commercial terms of, or
the validity, enforceability or effect of the Form S-8, the accuracy of representations, the fulfillment of warranties or conditions,
the occurrence of events of default or terminating events or the existence of any conflicts or inconsistencies among the Form S-8 and
any other agreements into which the Company may have entered or any other documents.

4.2 Under the Companies Act (Revised) (**Companies Act**) of the Cayman Islands annual returns in respect
of the Company must be filed with the Registrar of Companies in the Cayman Islands, together with payment of annual filing fees. A failure
to file annual returns and pay annual filing fees may result in the Company being struck off the Register of Companies, following which
its assets will vest in the Financial Secretary of the Cayman Islands and will be subject to disposition or retention for the benefit
of the public of the Cayman Islands.

4.3 In **good standing** means only that as of the date of this opinion the Company is up-to-date with
the filing of its annual returns and payment of annual fees with the Registrar. We have made no enquiries into the Company's good standing
with respect to any filings or payment of fees, or both, that it may be required to make under the laws of the Cayman Islands other than
the Companies Act.

5 Governing law of this opinion

5.1 This opinion is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) governed by, and shall be construed in accordance with, the laws of the Cayman Islands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) limited to the matters expressly stated in it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) confined to, and given on the basis of, the laws and practice in the Cayman Islands at the date of this
opinion.

5.2 Unless otherwise indicated, a reference to any specific Cayman Islands legislation is a reference to that
legislation as amended to, and as in force at, the date of this opinion.

---

| | |
|:---|:---|
| 6 | Reliance |

---

We hereby consent to the filing of this opinion as an exhibit to the Form S-8.

This opinion may be used only in connection with the Form S-8 while the Incentive Plan is effective.

Yours faithfully

/s/ Ogier

**Ogier**

## Exhibit 23.1

**Exhibit 23.1**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of Baiya International Group Inc., its subsidiaries, the variable interest entity ("VIE"), and VIE's subsidiaries (collectively, the "Company") of our report dated May 13, 2025, relating to the consolidated financial statements as of December 31, 2024 and 2023 and for each of the three years in the period ended December 31, 2024, included in the Company's Annual Report on Form 20-F as of and for the year ended December 31, 2024.

We also consent to the reference to our firm under the caption "Experts" in such Registration statement.

/s/ **Kreit & Chiu CPA LLP**

Los Angeles, California<br> January 20, 2025

## Exhibit 99.1

**Exhibit 99.1**

**BAIYA INTERNATIONAL GROUP INC.**

**<br> 2026 SHARE INCENTIVE PLAN**

ARTICLE 1<br> PURPOSE

The Plan's purpose is to enhance the Company's ability to attract, retain and motivate persons who make (or are expected to make) important contributions to the Company by providing these individuals with equity ownership opportunities. Capitalized terms used in the Plan are defined in ARTICLE 11.

ARTICLE 2<br> ELIGIBILITY

Service Providers are eligible to be granted Awards under the Plan, subject to the limitations described herein.

ARTICLE 3<br> ADMINISTRATION AND DELEGATION

3.1 Administration. The Plan is administered by the Administrator. The Administrator has authority to determine which Service Providers receive Awards, grant Awards and set Award terms and conditions, subject to the conditions and limitations in the Plan. The Administrator also has the authority to take all actions and make all determinations under the Plan, to interpret the Plan and Award Agreements and to adopt, amend and repeal Plan administrative rules, guidelines and practices as it deems advisable. The Administrator may correct defects and ambiguities, supply omissions and reconcile inconsistencies in the Plan or any Award as it deems necessary or appropriate to administer the Plan and any Awards. The Administrator's determinations under the Plan are in its sole discretion and will be final and binding on all persons having or claiming any interest in the Plan or any Award. The Administrator may institute and determine the terms and conditions of an Exchange Program.

3.2 Appointment of Committees. To the extent Applicable Laws permit, the Board may delegate any or all of its powers under the Plan to one or more Committees or officers of the Company or any of its Subsidiaries. The Board may abolish any Committee or re-vest in itself any previously delegated authority at any time.

ARTICLE 4<br> STOCK AVAILABLE FOR AWARDS

4.1 Number of Shares. Subject to adjustment under Article 7 and the terms of this Article 4, Awards may be made under the Plan covering up to 360,000 Shares (the "Overall Share Limit") . Shares issued under the Plan may consist of authorized but unissued Shares, Shares purchased on the open market or treasury Shares.

4.2 Share Recycling. If all or any part of an Award expires, lapses or is terminated, exchanged for cash, surrendered to an Exchange Program, repurchased, canceled without having been fully exercised or forfeited, in any case, in a manner that results in the Company acquiring Shares at a price not greater than the price (as adjusted to reflect any Equity Restructuring) paid by the Participant for such Shares or not issuing any Shares covered by the Award, the unused Shares covered by the Award will, as applicable, become or again be available for Award grants under the Plan. Further, Shares delivered (either by actual delivery or attestation) to the Company by a Participant to satisfy the applicable exercise or purchase price of an Award and/or to satisfy any applicable tax withholding obligation (including Shares retained by the Company from the Award being exercised or purchased and/or creating the tax obligation) will, as applicable, become or again be available for Award grants under the Plan. The payment of Dividend Equivalents in cash in conjunction with any outstanding Awards shall not count against the Overall Share Limit.

4.3 Substitute Awards. In connection with an entity's merger or consolidation with the Company or the Company's acquisition of an entity's property or stock, the Administrator may grant Awards in substitution for any options or other stock or stock-based awards granted before such merger or consolidation by such entity or its affiliate in accordance with Applicable Laws. Substitute Awards may be granted on such terms as the Administrator deems appropriate, notwithstanding limitations on Awards in the Plan. Substitute Awards will not count against the Overall Share Limit (nor shall Shares subject to a Substitute Award be added to the Shares available for Awards under the Plan as provided above). Additionally, in the event that a company acquired by the Company or any Subsidiary or with which the Company or any Subsidiary combines has shares available under a pre-existing plan approved by shareholders and not adopted in contemplation of such acquisition or combination, the shares available for grant pursuant to the terms of such pre-existing plan (as adjusted, to the extent appropriate, using the exchange ratio or other adjustment or valuation ratio or formula used in such acquisition or combination to determine the consideration payable to the holders of common stock or shares of the entities party to such acquisition or combination) may be used for Awards under the Plan and shall not reduce the Shares authorized for grant under the Plan (and Shares subject to such Awards shall not be added to the Shares available for Awards under the Plan as provided above); provided that Awards using such available shares shall not be made after the date awards or grants could have been made under the terms of the pre-existing plan, absent the acquisition or combination, and shall only be made to individuals who were not Employees or Directors prior to such acquisition or combination.

4.4 Non-Employee Director Compensation. Notwithstanding any provision to the contrary in the Plan, the Administrator may establish compensation for non-employee Directors from time to time, subject to the limitations in the Plan. The Administrator will from time to time determine the terms, conditions and amounts of all such non-employee Director compensation in its discretion and pursuant to the exercise of its business judgment, taking into account such factors, circumstances and considerations as it shall deem relevant from time to time. The Administrator may make exceptions to these limits for individual non-employee Directors in extraordinary circumstances, as the Administrator may determine in its discretion, provided that the non-employee Director receiving such additional compensation may not participate in the decision to award such compensation or in other contemporaneous compensation decisions involving non-employee Directors.

ARTICLE 5<br> STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

5.1 General. The Administrator may grant Options or Stock Appreciation Rights to Service Providers subject to the limitations in the Plan. The Administrator will determine the number of Shares covered by each Option and Stock Appreciation Right, the exercise price of each Option and Stock Appreciation Right and the conditions and limitations applicable to the exercise of each Option and Stock Appreciation Right. A Stock Appreciation Right will entitle the Participant (or other person entitled to exercise the Stock Appreciation Right) to receive from the Company upon exercise of the exercisable portion of the Stock Appreciation Right an amount determined by multiplying the excess, if any, of the Fair Market Value of one Share on the date of exercise over the exercise price per Share of the Stock Appreciation Right by the number of Shares with respect to which the Stock Appreciation Right is exercised, subject to any limitations of the Plan or that the Administrator may impose and payable in cash, Shares valued at such Fair Market Value or a combination of the two as the Administrator may determine or provide in the Award Agreement.

5.2 Exercise Price. The Administrator will establish each Option's and Stock Appreciation Right's exercise price and specify the exercise price in the Award Agreement. Unless otherwise determined by the Administrator, the exercise price will not be less than 100% of the Fair Market Value on the grant date of the Option or Stock Appreciation Right.

5.3 Duration. Each Option or Stock Appreciation Right will be exercisable at such times and as specified in the Award Agreement, provided that, unless otherwise determined by the Administrator in accordance with Applicable Laws, the term of an Option or Stock Appreciation Right will not exceed ten years. Notwithstanding the foregoing, if the Participant, prior to the end of the term of an Option or Stock Appreciation Right, violates the non-competition, non-solicitation, confidentiality or other similar restrictive covenant provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company or any of its Subsidiaries, the right of the Participant and the Participant's transferees to exercise any Option or Stock Appreciation Right issued to the Participant shall terminate immediately upon such violation unless the Company otherwise determines.

ARTICLE 6<br> RESTRICTED STOCK; RESTRICTED STOCK UNITS

6.1 General. The Administrator may grant Restricted Stock and Restricted Stock Units to Service Providers, subject to the limitations in the Plan. An Award of Restricted Stock involves the immediate transfer and issuance of Shares to the Participant, subject to forfeiture and transfer restrictions. An Award of Restricted Stock Units constitutes a promise to deliver Shares, cash, or a combination thereof in the future upon the satisfaction of specified conditions.

6.2 Terms and Conditions. The Administrator will determine the terms and conditions of each Award of Restricted Stock or Restricted Stock Units, including the vesting schedule, performance conditions (if any), and restrictions on transferability. Unless otherwise determined by the Administrator or provided in the Award Agreement, holders of Restricted Stock will have the rights of a shareholder, including voting and dividend rights. Holders of Restricted Stock Units will have no shareholder rights until Shares are actually delivered in settlement of the Award.

6.3 Settlement of Restricted Stock Units. Restricted Stock Units may be settled in Shares, cash, or a combination thereof, as determined by the Administrator and specified in the Award Agreement. Settlement will occur upon vesting or at a later date specified in the Award Agreement, subject to compliance with Applicable Laws.

ARTICLE 7<br> ADJUSTMENTS UPON CHANGES IN STOCK

7.1 Equity Restructuring. In the event of a stock dividend, stock split, reverse stock split, reorganization, share combination, recapitalization, or other similar equity restructuring affecting the Shares (an "Equity Restructuring"), the Administrator shall proportionately adjust (i) the number and class of Shares reserved for issuance under the Plan under Article 4, (ii) the number and class of Shares covered by each outstanding Award, and (iii) the exercise or strike price of each outstanding Option and Stock Appreciation Right, to prevent dilution or enlargement of benefits. Such adjustments shall be made in accordance with Applicable Laws and shall be final, binding, and conclusive.

7.2 Corporate Transactions. In the event of a Corporate Transaction (as defined in Article 11), unless otherwise provided in an Award Agreement or determined by the Administrator, the following shall apply:

(a) Continuation or Assumption of Awards. To the extent the surviving or acquiring corporation (or its parent) assumes or continues outstanding Awards or substitutes substantially equivalent awards, such Awards shall remain outstanding and be governed by their existing terms.

(b) Acceleration and Cash-Out. To the extent outstanding Awards are not assumed, continued, or substituted in connection with a Corporate Transaction, the Administrator may, in its discretion, provide for (i) the full or partial acceleration of vesting and exercisability of such Awards immediately prior to the consummation of the transaction, and/or (ii) the cancellation of such Awards for a cash payment equal to the value of the consideration payable per Share in the Corporate Transaction (less, in the case of Options and SARs, the applicable exercise or strike price). Any such cash payment may be subject to vesting conditions deemed appropriate by the Administrator.

7.3 General Authority. The Administrator is authorized to make equitable adjustments to the terms and conditions of Awards, in its sole discretion, to reflect any changes in corporate structure, capital structure, or Shares, or to prevent unintended dilution or enlargement of benefits. No adjustment shall be made that would cause an Incentive Stock Option to fail to comply with Section 422 of the Code without the Participant's consent.

ARTICLE 8<br> GENERAL PROVISIONS APPLICABLE TO AWARDS

8.1 Transferability. Awards are not transferable except by will or the laws of descent and distribution, unless otherwise determined by the Administrator and provided in the Award Agreement. During a Participant's lifetime, Options and Stock Appreciation Rights may be exercised only by the Participant or the Participant's guardian or legal representative.

8.2 Documentation. Each Award will be evidenced by an Award Agreement, which may be written or electronic, specifying the terms, conditions, and restrictions applicable to the Award, consistent with the Plan.

8.3 Discretionary Provisions.

(a) Termination of Service. The Administrator shall determine the effect on an Award of a Participant's Termination of Service, including whether and for how long an Option or SAR may be exercised following such termination. The Award Agreement shall set forth such terms.

(b) Clawback/Recovery. All Awards are subject to recoupment, clawback, or recovery under any applicable Company policy or any law, government regulation, or stock exchange listing requirement. By accepting an Award, the Participant agrees to comply with any such policy or requirement.

8.4 Withholding. The Company has the authority and right to deduct or withhold, or require a Participant to remit, an amount sufficient to satisfy all applicable federal, state, and local taxes required by law to be withheld with respect to any Award. The Administrator may permit or require satisfaction of withholding obligations through cash payment, share withholding, a sell-to-cover arrangement, or other method permissible under Applicable Laws.

8.5 Amendment of Awards. The Administrator may amend, modify, or terminate any outstanding Award, including substituting another Award of the same or a different type, provided that no such action materially impairs the Participant's rights under such Award without the Participant's consent, except as necessary to comply with changes in Applicable Laws or to adjust for events described in Article 7.

8.6 Conditions on Delivery of Stock. The Company will not be obligated to issue or deliver any Shares under the Plan prior to (i) listing such Shares on any stock exchange on which they may then be listed, and (ii) completion of any registration, qualification, or other compliance requirement under any law or ruling of any governmental body that the Company determines to be advisable. The Company may place a legend on any Share certificate or book entry notation referencing restrictions on transferability.

8.7 No Right to Employment or Service. Nothing in the Plan or any Award Agreement confers upon any Participant any right to continue in the employ or service of the Company or any Subsidiary, or interferes with or restricts the right of the Company or Subsidiary to terminate such employment or service at any time for any reason.

ARTICLE 9<br> AMENDMENT, SUSPENSION, AND TERMINATION

9.1 Amendment, Suspension, and Termination. The Board or the Administrator may amend, alter, suspend, or terminate the Plan at any time for any reason. No such amendment, suspension, or termination shall materially impair the rights of a Participant under any outstanding Award without the Participant's consent, unless such action is necessary to comply with Applicable Laws or to adjust for events described in Article 7.

9.2 Shareholder Approval. To the extent required by Applicable Laws or the rules of any stock exchange on which the Shares are listed, any amendment to the Plan shall be subject to approval by the Company's shareholders. Shareholder approval is required for any amendment that (i) increases the number of Shares available under the Plan (except as permitted under Article 7), (ii) expands the types of awards available, (iii) materially expands the class of participants eligible to receive awards, (iv) materially extends the term of the Plan, or (v) otherwise requires shareholder approval under Applicable Laws.

ARTICLE 10<br> TERM OF PLAN

The Plan shall become effective on the date it is approved by the Company's shareholders (the "Effective Date"). Unless earlier terminated by the Board, the Plan will remain in effect until the tenth anniversary of the Effective Date, after which no new Awards may be granted. Awards outstanding at the time of Plan termination shall remain in effect according to their terms.

ARTICLE 11<br> DEFINITIONS

11.1 Definitions. For purposes of the Plan, the following terms shall have the meanings set forth below:

(a) "Administrator" means the Board or a Committee to which the Board has delegated its authority under the Plan.

(b) "Applicable Laws" means the legal and regulatory requirements relating to the administration of equity incentive plans, including securities, tax, and employment laws, and the rules of any stock exchange on which the Shares are listed.<br>

(c) "Award" means any award granted under the Plan, including Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, and Other Stock or Cash Based Awards.<br>

(d) "Award Agreement" means the written or electronic agreement between the Company and a Participant setting forth the terms and conditions of an Award.

(e) "Board" means the Board of Directors of the Company.

(f) "Code" means the U.S. Internal Revenue Code of 1986, as amended.

(g) "Committee" means one or more committees or subcommittees of the Board appointed to administer the Plan.

(h) "Company" means Baiya International Group Inc., a Cayman Islands exempted company, and its successors.

(i) "Corporate Transaction" means (i) a merger, consolidation, or similar transaction involving the Company, (ii) a sale or other disposition of all or substantially all of the assets of the Company, or (iii) the acquisition, directly or indirectly, by any person or group of the beneficial ownership of more than 50% of the outstanding voting stock of the Company.

(j) "Director" means a member of the Board.

(k) "Disability" means a permanent and total disability as defined in Section 22(e)(3) of the Code, or as otherwise determined by the Administrator in accordance with Applicable Laws.

(l) "Dividend Equivalents" means a right, granted in connection with an Award other than an Option or SAR, to receive a credit equal to the amount of cash dividends paid on a Share.

(m) "Employee" means any employee of the Company or any Subsidiary.

(n) "Exchange Program" means a program under which outstanding Awards are surrendered or cancelled in exchange for awards of the same type (which may have lower exercise prices and different terms), awards of a different type, and/or cash.

(o) "Fair Market Value" means, as of any date, the value of a Share determined as follows: (i) if the Shares are listed on any established stock exchange or national market system, the closing sales price on such exchange or system on the date of determination; (ii) if the Shares are quoted on an automated quotation system but not on an exchange, the closing bid price on the date of determination; or (iii) in the absence of an established market, as determined by the Administrator in good faith using a reasonable application of a reasonable valuation method, consistent with Section 409A of the Code.

(p) "Incentive Stock Option" means an Option intended to qualify as an incentive stock option within the meaning of Section 422 of the Code.

(q) "Non-Qualified Stock Option" means an Option not intended to qualify as an Incentive Stock Option.

(r) "Option" means an Incentive Stock Option or a Non-Qualified Stock Option to purchase Shares.

(s) "Other Stock or Cash Based Award" means an award not otherwise described in the Plan, payable in cash, Shares, or other property, as determined by the Administrator.

(t) "Overall Share Limit" means the total number of Shares reserved and available for issuance under the Plan as set forth in Section 4.1.

(u) "Participant" means a Service Provider who holds an outstanding Award.

(v) "Plan" means this Baiya International Group Inc. 2026 Share Incentive Plan, as amended from time to time.

(w) "Restricted Stock" means an Award of Shares that are subject to a risk of forfeiture and transfer restrictions.

(x) "Restricted Stock Unit" means an Award that represents the right to receive a Share (or cash payment equal to the Fair Market Value of a Share) in the future upon satisfaction of specified conditions.

(y) "Service Provider" means an Employee, Director, or consultant or advisor of the Company or any Subsidiary.

(z) "Share" means a Class A ordinary share of the Company, par value $0.0001 per share, or such other equity security as may become the subject of Awards pursuant to an adjustment under Article 7.

(aa) "Stock Appreciation Right" or "SAR" means a right to receive the appreciation in value of Shares.

(bb) "Subsidiary" means any entity (other than the Company) in an unbroken chain of entities beginning with the Company if each of the entities other than the last entity in the unbroken chain owns stock or equity possessing 50 percent or more of the total combined voting power of all classes of stock or equity in one of the other entities in the chain.

(cc) "Termination of Service" means the date the Participant ceases to be a Service Provider.

ARTICLE 12<br> GOVERNING LAW

The Plan and all Awards shall be governed by and construed in accordance with the laws of the Cayman Islands, without regard to its conflict of law principles.

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**Baiya International Group Inc.**

**Table 1: Newly Registered Securities**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| Equity | Class A Ordinary Shares, $0.0025 par value per share | (1) | Other | 360000 | $4.7980 | $1727280.00 | 0.0001381 | $238.54 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $1727280.00 |  | 238.54 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $238.54 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) This estimate is made pursuant to Rule 457(c) and Rule 457(h) of the Securities Act of 1933, as amended (the "Securities Act") solely for purposes of calculating the registration fee. The Proposed Maximum Offering Price Per Share is based on the average of the high price ($5.442) and low price ($4.154) for the Registrant's class A ordinary shares during consecutive trading days from January 12, 2026, through January 16, 2026, as reported on the Nasdaq Capital Market. Represents 360,000 class A ordinary shares issuable under our 2026 Share Incentive Plan, dated as of January 20, 2026 (the "2026 Plan"). Pursuant to Rule 416(a) of the Securities Act of 1933, as amended (the "Securities Act"), the number of class A ordinary shares registered hereunder will be adjusted in the event of stock splits, stock dividends or similar transactions.