CCC 1129–1240 · PLCA · FBA · TCCT 2017 · SEC ToJor 12/54 · RC § 40(4)(g) · BoT · HCCH (in force for Thailand 28 February 2027)
**Notary Public + M&A lawyer + tax + antitrust counsel** for end-to-end notarisation of cross-border M&A documents — **Share Purchase Agreement (SPA)**, **Shareholders' Agreement (SHA)**, **Share Transfer Instrument (Bor.Or.Jor.5)**, **Disclosure Schedule + data-room hash anchor**, **Reps & Warranties + W&I Insurance**, **Escrow Agreement**, **Locked-Box vs Completion Accounts**, **Drag / Tag / ROFR / ROFO / Pre-emption**, **Put / Call Options + Earn-out**, **MAC + No-Shop + Break Fee**, **TCCT 2017 pre-merger filing**, **FBA / BOI / Amity Treaty**, **Tender Offer + Mandatory Bid (SEC ToJor 12/54)**, **DBD recording**, with the legalisation / Apostille route checked per destination — quoted per document set, never a % of deal value.
Service illustration; not evidence of certification of a particular document.
**Why M&A requires notarisation — four Thai regulators must clear the deal in parallel.** A cross-border M&A targeting a Thai company must clear (1) **DBD** (share-transfer registration under CCC § 1129 + Bor.Or.Jor.5 within 14 days); (2) **TCCT** (pre-merger filing if combined turnover ≥ THB 1,000M or acquirer + target ≥ THB 1,000M under the 2018 notification); (3) **BoT** (FX reporting Form ThorTor.3/4 + Form Tor.Tor.40 for foreign direct investment above USD 50K); (4) **Revenue Department** (15% WHT on capital gain of the foreign seller — RC § 40(4)(g) + § 50, or DTA exemption). Each regulator demands notarised + Apostilled signatures from both foreign buyer and seller. Unnotarised signatures = registration refused + closing failed + break fee 1–5% of deal value.
**SPA structure — 12 sections the notary reviews before wet signing.** Standard cross-border SPA (AIPN / ABA Model / Practical Law style) contains: (1) definitions + interpretation; (2) sale + purchase + consideration (locked-box vs completion accounts); (3) conditions precedent (regulatory, antitrust, FBA, MAC, third-party consent, funding); (4) pre-completion covenants (ordinary course + restricted actions); (5) completion mechanics (wet signing, wire confirmation, share transfer, resignation, closing certificates); (6) Reps & Warranties (title, capacity, compliance, financial, tax, employment, IP, IT, data protection, anti-bribery, sanctions, AML, ESG); (7) indemnities (specific vs general); (8) limitation of liability (de minimis / basket / cap / 12–36 month time bar); (9) tax covenant + tax deed; (10) restrictive covenants (non-compete 24–60 months + non-solicit); (11) boilerplate (governing law, jurisdiction, ICC / SIAC / HKIAC arbitration); (12) schedules (disclosure, permitted encumbrance, material contracts). Notarisation covers every page + every signature + every initial.
**SHA — the shareholders' agreement for JV / PE investments.** When the buyer takes less than 100% (PE / VC / JV) the SHA must cover: (1) board composition (director nomination right per shareholding + independent directors); (2) reserved matters (unanimous / super-majority — budget, M&A, capex, dividend, IPO, liquidation); (3) pre-emption (ROFR / ROFO before any transfer to third parties); (4) tag-along (minority follow majority); (5) drag-along (majority drag minority above X%); (6) put / call options (exit mechanic — fair value / formula / auction); (7) anti-dilution (full ratchet / weighted average); (8) liquidation preference (1x non-participating / participating); (9) information + audit rights; (10) deadlock resolution (Russian roulette / Texas shoot-out / mediation + arbitration); (11) IPO + listing covenant (drag-to-IPO); (12) restrictive covenant + ESG commitment. We notarise the SHA + POAs for nominee directors where present.
**Share transfer instrument (Bor.Or.Jor.5) — mandatory form under CCC § 1129.** Section 1129 reads: 'transfer of registered shares must be in writing, signed by transferor and transferee, with one witness attesting the signatures, and entered in the company's share register before it can be set up against the company or third parties.' DBD form = Bor.Or.Jor.5. A notary acts as the **statutory witness** + attests the wet signature + verifies authority (board resolution + specimen where signatory is corporate). Apostille for offshore use. If the transferor is a foreigner outside Thailand → execute a POA in their home country + Apostille → courier the original to Thailand (DHL / FedEx, 3–5 days). The Thai notary then attests the attorney-in-fact's signature and executes Bor.Or.Jor.5 on the transferor's behalf.
**Disclosure schedule + data room — the seller's risk-reduction tool.** Reps & Warranties are absolute statements ('no litigation', 'no tax audit', 'no material contract breach'). The seller uses a **disclosure schedule** to carve out exceptions the buyer accepts → cuts indemnity exposure. Standard data rooms (Intralinks, Merrill, Datasite, Ansarada, iDeals) are organised into 8 tabs: (1) corporate; (2) financial + tax; (3) contracts; (4) IP + IT; (5) HR + employment; (6) real estate + permits; (7) litigation + compliance; (8) ESG + sustainability. We notarise (a) the **data-room index + hash anchor** (SHA-256 + RFC 3161 time-stamp) locking the contents at signing; (b) the **disclosure letter** signed by seller; (c) the **buyer's knowledge statement** (pro-sandbagging vs anti-sandbagging clause). The hash anchor is the evidentiary anchor for any post-closing dispute.
**W&I insurance — alongside or partly replacing escrow.** Premium, limit, retention and policy period depend on the insurer and each deal's due diligence — there is no single standard rate. Main structures: (a) **buy-side policy** (buyer insured — most common); (b) **sell-side policy**. Typical exclusions cover matters the buyer knew before closing and disclosed risks. A notary certifies only signatures / identity on documents such as the **disclosure letter**, **bring-down certificate** and POAs — not that a policy will pay a claim.
**Escrow + locked-box vs completion accounts — two price mechanics.** **Locked-box** (European style) = fixed price at the locked-box date (usually last audited B/S) with leakage protection (seller may not extract value between locked-box and closing); simple and fast but requires a strong QofE report. **Completion accounts** (US style) = adjustable price on closing working capital / net debt / cash with a 60–120-day true-up; more accurate but higher dispute risk (independent accountant determination). **Escrow** holds 10–20% of price for 12–24 months against indemnity claims. We notarise (a) the escrow agreement (tri-party: buyer + seller + escrow agent); (b) the release notice + joint instruction; (c) the completion statement + expert determination on dispute. Thai escrow agents: KBank / Bangkok Bank / SCB Trust + Citibank / HSBC for USD escrows.
**TCCT 2017 pre-merger filing — Thai antitrust gateway.** Trade Competition Act B.E. 2560 §§ 51–52 + TCCT Notification 1/2561 require pre-merger notification when (a) the deal creates **dominance** (post-deal market share ≥ 50% + turnover ≥ THB 1,000M); or (b) the deal is a **concentration** (combined turnover ≥ THB 1,000M). Procedure: (1) notification form + supporting documents (articles, financials, market analysis, industry code) — 7 days before closing for a concentration / 60 days before for dominance; (2) standstill — no closing before TCCT approval (concentration) or conditional approval (dominance); (3) fine 0.5% of deal value for non-notification (concentration) / max quote on request + 5 years' imprisonment for early closing (dominance). We notarise (i) the notification form; (ii) the information affidavit; (iii) the market share calculation statement + ICN expert report.
**FBA 1999 + BOI — foreign-shareholding restrictions.** Foreign Business Act B.E. 2542: (a) **List 1** (8 strictly prohibited businesses — newspaper / rice farming / salt / mining / land); (b) **List 2** (13 businesses requiring Cabinet + minister approval — defence, transport, domestic trade in agriculture); (c) **List 3** (21 businesses needing a DBD foreign business licence — service, construction, retail, wholesale). If the target operates in any list → foreign shareholding ≤ 49% or apply for **FBL** (3–6 months + THB 5,000–20,000) or use **BOI promotion** (FBA waiver + 100% foreign + 5–8-year tax holiday + land ownership). The **US-Thailand Treaty of Amity 1966** waives FBA entirely for US investors (except 6 sectors) — we notarise the Amity treaty application + citizenship affidavit. The notary verifies the target's business code before signing — getting this wrong = closing fails.
**Tender offer + mandatory bid (SEC ToJor 12/54) — for listed targets.** If the target is listed on SET / mai a **mandatory tender offer** is triggered at ≥ 25% / 50% / 75% holdings. Procedure: (1) Form 247-4 (tender offer) + offering documents — SEC + SET within 45 days of trigger; (2) offer period 25–45 business days; (3) tender price ≥ highest price in the last 90 days; (4) payment within 7 days of offer end; (5) squeeze-out if ≥ 90% (compulsory acquisition under CCC § 1240). A **voluntary tender offer** for delisting requires ≥ 75% + IFA opinion. We notarise (i) the Form 247-4 signatory authority; (ii) funding confirmation (bank comfort letter); (iii) the shareholder acceptance form (wet signature); (iv) squeeze-out notice + court approval.
**FX + BoT reporting + tax — capital gain of the foreign seller.** When a foreign seller sells Thai shares: (1) **BoT FX** — the foreign buyer wires USD into Thailand via an authorised bank + Form Tor.Tor.40 (FDI > USD 50K); (2) **capital gains** — RC § 40(4)(g) treats the gain as assessable income, **15% WHT** withheld by buyer at payment (filed within 7 days of next month, Form Por.Ngor.Dor.54); (3) **DTA exemption** — most Thai DTAs (54+) do **not** exempt share-based capital gains, except Singapore / Hong Kong / Mauritius / Netherlands (subject to holding period + substance); sellers use **DTA application + COR (R.O. 22)** from their home country to reduce / eliminate WHT; (4) **stamp duty** on share transfer — 0.1% of paid-up value (max quote on request) borne by buyer; (5) **public co** — SET on-exchange sales are CGT-exempt (RC Royal Decree 10); off-exchange sales attract 15%.
**ICC / SIAC / HKIAC arbitration + governing law.** Cross-border SPAs usually choose **English law** or **Singapore law** for legal certainty and case-law depth, with **arbitration** at SIAC (Singapore) / HKIAC (Hong Kong) / ICC (Paris) — not Thai courts (slow, language, limited disclosure). The New York Convention 1958 makes awards enforceable in 172 states including Thailand (Arbitration Act B.E. 2545). We notarise (a) arbitration notice + statement of claim; (b) director / officer affidavits; (c) expert-witness authority (banker, auditor, lawyer); (d) document authentication under the IBA Rules on Taking of Evidence in International Arbitration 2020. Our team works alongside M&A counsel in London / Singapore / Hong Kong / New York.
**Thailand's Apostille (in force 28 February 2027) and M&A.** Before that date, Thai documents for overseas use still need the legalisation route checked with the Department of Consular Affairs and the embassy. After it, HCCH contracting states accept an Apostille in place of legalisation for public documents within the Convention's scope (e.g. company affidavits or notarial signature certificates). Private contracts such as an SPA/SHA need notarial signature certification first, and recipients (banks, registries, courts) may still set translation and format rules; non-member states still need legalisation.
**Fees and turnaround.** Quoted after we see the document list, based on document count, signatories, languages and destination — never as a percentage of deal value. Government charges are separate, e.g. **share-transfer stamp duty** (Revenue Code stamp-duty schedule, instrument 2 — confirm with the Revenue Department) and tax on a foreign seller's capital gain (generally 15% withholding unless a tax treaty provides otherwise — confirm with a tax adviser).
**Retention + PDPA.** Records held **15 years** — combined coverage of (a) CCC § 193/30 (10-year general contract limitation); (b) RC § 87/3 (5-year tax assessment); (c) AMLA § 22 (5 years); (d) TCCT 2017 § 88 (5-year investigation window); (e) SEC Act § 312 (5-year insider-trading look-back); (f) DBD retention (10 years). PDPA § 26 purpose-limitation. ISO 27001 + AES-256 + Singapore off-site backup + HSM. Disclosure only to client + counter-party + bank + regulator (DBD / TCCT / SEC / BoT / RD / AMLO) + court / arbitration tribunal order. **Data-room hash anchors** are retained permanently (blockchain anchored to IPFS + Bitcoin OP_RETURN) — evidence for any post-closing dispute. Audit trail on every access — user / date / document / action.
Risk shields — work we refuse
Why does a Thai share transfer need a witness under CCC § 1129 — can a notary stand in?
CCC § 1129 reads: 'transfer of registered shares must be in writing, signed by transferor and transferee, with one witness attesting the signatures, and entered in the company's share register before it can be set up against the company or third parties.' A notary is a **high-grade witness** the DBD accepts as standard — the notarial attorney verifies identity + authority + wet signature + seal under the Notarial Attorney Act + Lawyers Council regulation. Foreign-side use + Apostille = valid across 127 HCCH states immediately. A lay witness (friend / relative) is accepted by DBD but not abroad — forcing a costly post-closing re-execution.
Locked-box or completion accounts — which to pick?
**Locked-box** (European style) = fixed price at the locked-box date (typically last audited B/S) with leakage protection; **pros**: simple, fast, no post-closing dispute; **cons**: needs a strong QofE report + robust Reps + buyer assumes risk between locked-box and closing. **Completion accounts** (US style) = adjustable price on closing working capital / net debt / cash with 60–120-day true-up; **pros**: accurate; **cons**: dispute-heavy (independent accountant determination 30–90 days + USD 100K–500K cost). Recommendation: locked-box for steady revenue (SaaS, subscription, mature business); completion accounts when working capital swings hard (manufacturing, construction, cyclicals).
Is W&I insurance worth it — and when?
W&I is worth it when (a) PE exit (seller wants 100% cash at closing, no hold-back); (b) auction / bid process (W&I differentiates a bid); (c) cross-border (buyer distrusts an offshore seller); (d) deals above USD 50M (premium % drops with size). Premium 0.8–2.5% of limit (10–30% of EV), retention 0.5–1% of EV, period 24–84 months. Limitations: insurers exclude known issues / disclosed items / fraud / tax audits already in the data room — those need a specific indemnity. Active insurers in Thailand / Singapore: AIG, Liberty, Tokio Marine, Chubb, Mosaic, Vale, Berkshire. We notarise the reliance letter + knowledge statement + bring-down — 3–5 days end-to-end.
When does a Thai M&A trigger TCCT pre-merger filing?
Under the **Trade Competition Act B.E. 2560**: (a) a merger that may **substantially reduce competition** and meets the turnover threshold (currently combined sales of THB 1,000M or more under the TCCT notification) must be **reported within 7 days after the merger** (s.51 para 1); (b) a merger that may **create a monopoly or a dominant position** needs **prior approval** (s.51 para 2 and s.52). Always check the latest TCCT notifications for thresholds and review periods. A notary can certify signatures on POAs and supporting declarations; market-share analysis is for competition counsel.
FBA 1999 caps foreign shareholding at 49% — what are the workarounds?
**Options to check case by case**: (1) **BOI** — promoted companies can obtain a certificate under Foreign Business Act s.12 and may receive land / tax rights by activity; (2) **IEAT** — rights subject to industrial-estate conditions; (3) **US Treaty of Amity** — certified US companies, some businesses excluded; (4) a **Foreign Business Licence** (List 2/3) from the DBD. **Warning**: Thai nominee shareholding is illegal (s.36) — a notary will not certify documents designed to evade the law.
Mandatory tender offer at 25 / 50 / 75% — why three tiers?
Under SEC ToJor 12/2554: (a) **25%** = significant influence (mandatory bid for all shares); (b) **50%** = control (mandatory bid + tender price ≥ highest in last 90 days); (c) **75%** = super-majority (mandatory bid + automatic squeeze-out option if free float < 10%). A **whitewash waiver** lets shareholders dispense with a mandatory bid (used for rescue capital / strategic investors). A **voluntary tender offer** for delisting requires ≥ 75% + IFA opinion + 3/4 shareholder approval. A **partial tender offer** is limited to ≤ 25% (no trigger). We notarise the Form 247-4 signatory + funding confirmation + acceptance form + squeeze-out notice + court approval under CCC § 1240.
Does a foreign seller of Thai shares always pay 15% WHT?
Not always — it depends on DTA + holding structure + substance: (a) **no DTA** = 15% WHT in full (RC § 40(4)(g) + § 50 + Por.Ngor.Dor.54); (b) **Singapore-Thailand DTA Art. 13** = exempt if the Singapore co is tax resident + not real-estate rich (≤ 50% asset value in land / buildings) + held > 6 months; (c) **HK-Thailand DTA Art. 13** = exempt with substance + non-real-estate-rich; (d) **Mauritius-Thailand DTA Art. 14** = exempt unless substantial interest (< 25% holding); (e) **Netherlands-Thailand DTA Art. 14** = exempt unless real-estate rich. Anti-abuse: PPT (principal purpose test) + LOB (limitation on benefits) under BEPS Action 6 + MLI 2017 — a holding co without substance (office, employees, decision-making) = treaty shopping + 15% WHT applies. We notarise the COR (R.O. 22) + substance affidavit + beneficial owner declaration.
Why lock the disclosure schedule + data room with a hash?
Because post-closing disputes routinely turn on 'did the buyer know what was in the data room?' (pro-sandbagging vs anti-sandbagging clause). A **hash anchor** = SHA-256 of every file in the data room at signing + RFC 3161 time-stamp + blockchain anchor (Bitcoin OP_RETURN or Ethereum) → contents are permanently locked and cannot be altered retroactively. It serves as **evidence in court / arbitration** under IBA Rules on Taking of Evidence 2020 Art. 3.12 (electronic document authenticity). Tools: Intralinks Anchor, Datasite Mark, custom SHA-256 + OpenTimeStamps. We issue the hash certificate + data-room index within 24 h of signing — quote on request. It prevents the buyer from later asserting ignorance about disclosed matters.
Earn-outs + contingent consideration — what do we review first?
**Earn-out** = portion of the consideration paid post-closing on the target's performance (typically 12–36 months, 10–40% of total price). Key risks: (a) **manipulation** by buyer (re-allocating cost, deferring revenue, cutting investment); (b) **accounting dispute** (GAAP vs IFRS, EBITDA definition); (c) **control** (the seller carries the KPI without management rights); (d) **tax** (capital vs ordinary income — depends on structure). We notarise (i) the earn-out mechanic (formula + threshold + cap); (ii) protective covenants (ordinary course, no restructure, audit right); (iii) dispute resolution (expert determination by a Big-4); (iv) tax opinion (capital vs income, WHT timing); (v) anti-avoidance (no acceleration / deferral). Notarisation covers the SPA + earn-out schedule + Big-4 tax opinion + a bring-down at every earn-out year.
Should a cross-border deal pick Thai or English governing law?
**English law** (or Singapore law) wins on five points: (1) predictability — 400 years of case law + Westlaw / LexisNexis databases; (2) sophistication — concepts like locked-box, reverse termination fee, MAC, sandbagging matured in UK / US markets; (3) court quality — Commercial Court London / Singapore International Commercial Court (SICC) with specialist judges; (4) enforcement — NY Convention 1958 + Hague Convention on Choice of Court 2005 (Singapore in, Thailand still pending); (5) drafting — English-native. Exception: deals where the target is a Thai listed co subject to SEC / SET — Thai law must govern tender offer + squeeze-out (CCC § 1240). Arbitration preference: SIAC > HKIAC > ICC > LCIA. Thai TAI is available but takes 18–36 months vs SIAC's 9–15 months.
Is M&A notarisation charged as a % of deal value or a success fee?
**No.** Signature and identity certification is priced by document count and signatories, not by deal outcome, so we quote per document set before work starts — keeping the notary neutral to the transaction. Any separate M&A legal advisory fee is agreed in writing.
Why retain M&A files for 15 years?
Fifteen years is the union of multiple statutes: (a) CCC § 193/30 (10-year general statute of limitations for contract claims); (b) RC § 87/3 + § 19 (5 years for tax assessment + 10 for fraud); (c) AMLA § 22 (5 years post-transaction); (d) TCCT 2017 § 88 (5-year investigation window); (e) SEC Act § 312 + § 240 (5 years insider trading + 10 years market manipulation); (f) DBD retention (10 years on corporate records); (g) W&I claim periods (24–84 months) + limitation; (h) tax covenant periods (typically 7 years post-closing). PDPA § 26 purpose-limitation. ISO 27001 + AES-256 + Singapore off-site backup + HSM. **Data-room hash anchors** are kept permanently (blockchain) — evidence for any future dispute. Audit trail logs user / date / document / action on every access.
ลูกค้าจริง 60+ สัญชาติทั่วโลก ใช้บริการ Notary, แปลรับรอง, MFA และสถานทูตกับเรา
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"Very professional notary service. Document was certified, translated and ready for the UK embassy in two business days."
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Send the draft SPA, SHA, disclosure schedule or Bor.Or.Jor.5 by LINE — Notarial Attorney + M&A lawyer review TCCT, FBA, RC, BoT and ICC, then notarise + Apostille.
Document and legalization advisers with 15+ years of practice
Before we start, we read your actual documents and confirm the legalization route matches what the receiving authority asks for. During the work we report progress, and after delivery we still answer questions about how to submit the file.
We prepare documents to the requirements of the receiving authority. Any approval decision remains at that authority's discretion.
Send your documents on LINE for a preliminary review, a recommended legalization route and a written quote.
Closing the corporate deal + cross-border closing loop end-to-end
Statements on this page follow the authorities below. Confirm current requirements with the authority before filing. Last reviewed 2026-07-29.
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