Thailand's business environment offers real opportunities, but it also has its own legal architecture, regulatory requirements, and market dynamics that differ substantially from Western or regional norms. Companies that apply a standard global due diligence template to a Thai transaction may miss what actually matters.
Foreign Business Act restrictions, BOI licensing conditions, property and land title structures, revenue department compliance practices, and the specifics of Thai corporate law all shape how a business operates and what liabilities it carries. Labor obligations, which are related-party transactions common in family-controlled businesses, and undisclosed contingencies in financial statements, add further complexity.
Our Thailand-based advisory teams have worked across these structures for decades. We know where the gaps tend to appear, what the regulators look for, and how to assess a target company's true position before making a commitment.
Understanding an organization’s historical financial performance, on- and off-balance-sheet assets and liabilities, and key assumptions underpinning projected performance is crucial to assessing the viability of a transaction, and will ultimately influence the price you are willing to pay.
Commercial due diligence services involves a thorough assessment of external factors and the target’s position in the current and projected market conditions. A key issue is developing a detailed understanding the wider market and competitive landscape in the target’s industry.
To ensure that the maximum benefit is achieved from a transaction, it is critical that the internal operations of both the target and the acquirer are leveraged to unlock value, seize opportunities for synergies and efficiencies, and maximize cash flows.
Understanding the company’s historical tax compliance and tax structure is crucial to assessing the viability of the transaction and the structure of the acquisition.
In the course of our legal services, we analyse the legal aspects of the company and its business. Typically we will cover the ownership structure of the target company and the ownership of its assets as well as compliance with company secretarial requirements in Thailand. Key issues to be considered include compliance with the Foreign Business Act, pending court cases and claims and Work Permit arrangements.
Our financial due diligence services involve understanding an organisation's historical financial performance, on- and off-balance-sheet assets and liabilities, and key assumptions underpinning projected performance. These are crucial to assessing the viability of a transaction, and will ultimately influence the price you are willing to pay.
Through Forvis Mazars’ commercial due diligence consulting services, you gain an understanding of whether the financial performance of a target company is sustainable. We will assess the underlying business model, its market position, customer base, competitive dynamics, and growth assumptions to determine whether the business can perform as projected after a transaction closes.
Operational due diligence ensures that the maximum benefit is achieved from a transaction. It is critical that the internal operations of both the target and the acquirer are leveraged to unlock value, identify synergies and efficiencies, and maximise cash flows.
We have provided due diligence advisory services across every major sector in Thailand, including consumer goods, logistics, manufacturing, hospitality, digital assets, financial services, real estate, engineering, energy, and insurance. Our transaction advisory team in Bangkok works alongside Forvis Mazars professionals in over 100 countries and territories, giving you access to coordinated international expertise without the fragmentation that comes from engaging separate advisors in each jurisdiction.
At Forvis Mazars, we have:
 | A tailored and flexible approach Our scope of work as a due diligence service provider in Thailand will be adapted to meet your exact needs. |
 | High levels of service Our transaction services teams have advised clients and institutions on a range of corporate and financial transactions, both in Thailand and internationally. Forvis Mazars' integrated international structure and our experienced expert teams in Thailand ensure that our clients are fully equipped with the advice they need to make their M&A transactions a success. |
 | Identifying and reporting issues With our business investigation services in Thailand, we can help address the key factors and risks associated with your deal and report on the issues that matter, providing you with the assurance you need to make the right investment decision. |
 | Consumer products Due diligence Our client produces and distributes consumer products, with a focus on core categories such as beverages and personal care, and manufactures products in Thailand. Forvis Mazars was appointed to provide financial due diligence services to the client within the scope of its investment in a vending machine company. |
 | Hospitality Vendor assistance Our client is a leading platform for luxury villa rentals across Southeast Asia. Forvis Mazars was appointed to assist with the preparation of the group’s proforma financials in the context of the sell-side documentation to be reviewed by the acquirer, a listed hospitality group based in Thailand. |
 | Manufacturing Due Diligence & Valuation Our client is a Hong Kong-based comprehensive supply chain service company. Forvis Mazars performs due diligence and valuation advisory services for a manufacturing company specialising in high-quality enamel-coated cast iron products based in Thailand. |
 | Digital asset exchange Financial and tax due diligence Forvis Mazars was selected to provide financial due diligence services on the leading digital asset exchange in Thailand. The target had a variety of digital currencies available for trading in the system and intended to gain a competitive advantage. Our client sought an acquisition opportunity of the Target and preferred Forvis Mazars' M&A financial due diligence services to advise on all financial matters. |
 | Logistics Vendor due diligence Our client is a Thai cross-border logistics company with operations in several Southeast Asian countries. Forvis Mazars provided financial due diligence services for two companies based in Thailand and Cambodia. |
 | Digital Property Marketplace Due diligence Our client is a technology venture capital firm based in Singapore with investments all across Southeast Asia. Thailand-based Forvis Mazars was appointed to perform financial and tax due diligence on a company operating an end-to-end platform and marketplace for buying and renting properties. |
 | Engineering Services Due diligence Our client is a French multidisciplinary engineering consultancy group. On behalf of the client, Forvis Mazars conducted financial and tax due diligence on an engineering consultancy firm based in Thailand, specialising in studies and designs for marine construction projects. |
 | Insurance Due diligence Our client is an international insurance services group listed on Euronext Paris that has become the leading wholesale broker in France and an international authority in the sector with 3,800 staff globally. Forvis Mazars provided M&A financial due diligence services within the scope of its acquisition of a majority stake in a company that provides medical assistance and claims handling to insurance & assistance companies. |
 | Energy Financial and tax due diligence Our client is a global, integrated energy producer and provider, and the world's fifth-ranked international oil and gas company. Forvis Mazars' teams in Thailand and Singapore have been involved in a bioplastics joint-venture project, providing business due diligence services. The project was publicly released on November 16, 2016. |
 | Financial, Insurance and Marketplace services Financial and tax due diligence Our client, registered in Dubai, is an international growth-market investment firm focused on consumer industries undergoing technology-enabled change. Forvis Mazars was appointed to provide financial and tax due diligence services to a group of companies specialising in financial, insurance, and marketplace services in Thailand. |
It is important that company and operational due diligence services are initiated before any detailed financial analysis is undertaken.
With this approach, financial analysis is conducted in the right context, and critical decisions are made with the most accurate information on hand.
Before you sign off on an acquisition, a merger, or a significant investment in Thailand, the quality of your due diligence is crucial. Forvis Mazars provides financial, commercial, tax, and M&A due diligence services to companies operating in and entering the Thai market. Our teams work directly with buyers, sellers, and investors to surface the risks that matter, validate the numbers, and structure deals that hold up.
Speak with our due diligence advisory team to discuss your deal and how we can support it. We work to your timeline. Whether a transaction requires a three-week fast-track or a phased approach over several months, our teams are structured to deliver without sacrificing quality. Contact us.
A: Financial due diligence services provide a thorough investigation of legal documents and aspects of a business transaction, such as an acquisition or merger, to identify potential risks and liabilities. Conducted by legal professionals, the goal is to inform decision-making and mitigate risks by examining contracts, litigation history, and regulatory compliance.
A: Business due diligence services are crucial for gaining a thorough understanding of the legal health of a business. It helps investors, acquirers, or partners make informed decisions, mitigate risks, and ensure compliance with laws and regulations. In Thailand, M&A due diligence services are particularly important in mergers, acquisitions, and investments to avoid legal issues that could affect the transaction’s financial value or success.
Financial due diligence services involve examining various legal documents and aspects of a business, including but not limited to the following: corporate documents and structure; contracts and agreements; employment and labor issues; intellectual property; litigation and legal disputes; compliance with laws and regulations; and property and assets.
A: The duration of our financial due diligence services can vary depending on the complexity of the business, the nature of the transaction, and the thoroughness of the examination. Typically, we allocate a timeframe of three weeks to conduct commercial due diligence consulting.
A: Forvis Mazars’ financial due diligence services are not limited to commercial businesses. It is a crucial process for assessing legal health, risks, and opportunities in various business transactions, including mergers, acquisitions, and investments, regardless of the size of the business or investment.
A: Due to the complexity and expertise required, we highly recommend engaging legal professionals to provide you with due diligence advisory services. However, having a basic understanding of the due diligence process in Thailand and what to look for can be beneficial for business owners and investors.
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