Bangkok, Thailand – On paper, it was registered as a nail salon.In reality, it was allegedly a front for an adult content business run by an Israeli woman through the subscription-based website OnlyFans.Recommended Stories list of 4 itemsend of listThe woman’s company in the southern province of Krabi was just one of nearly 500 businesses – ranging from beauty salons to cannabis farms – that Thai authorities say were registered by a single accounting firm.All of the companies were linked to foreigners who had falsely listed a Thai “nominee” as the majority owner to get around the law on foreign ownership, according to authorities.Under the Foreign Business Act, noncitizens are generally prohibited from holding more than a 49 percent stake in local businesses.To get around the rule, some foreign entrepreneurs pay locals to fill out paperwork stating that they own at least 51 percent of their company despite having little or no involvement in the business.After years of turning a blind eye to the dubious use of Thai nominees, authorities are now cracking down and demanding proof that citizens listed as local partners have real holdings in the firms they are registered to.After launching a wave of inspections across popular tourist areas and cross-checking official databases using artificial intelligence, the government has identified 50,000 foreign-linked companies for greater scrutiny.Legal firms say they are …
