The BOI Thailand stipulates the following criteria for foreign shareholding in projects that apply for investment promotion: For projects in activities under List One annexed to the Foreign Business Act, B.E. 2542, Thai nationals must hold shares totaling not less than 51% of the registered capital. For projects in activities under List Two and List Three annexed to the Foreign Business Act, B.E. 2542, there are no equity restrictions for foreign investors except as otherwise specified in other laws. The Board may set foreign shareholding limits for certain activities eligible for investment promotion as deemed appropriate.