The World Bank has suggested Thai authorities allow people to access land registration information and scrap the minimum paid-up capital requirement of 25% of registered capital to create a more business-friendly environment that could lure much-needed private investment.
Access to property registration information will allow business operators who plan to buy land for investment to be able to obtain such information, Finance Minister Apisak Tantivorawong said after a meeting with World Bank officials.
The financial institution said some 140 countries disclose such information to the public.
The Land Department will consider the issue, said Mr Apisak. Authorities need to consider whether disclosing land registration information will affect privacy rights, he said.
Thai property registration information could be disclosed to the public, but there may be a screening system to determine who accesses such information, said Mr Apisak.
He pointed to the US as an example, where only people or companies involved in the property business are permitted to access such information.
In Thailand, commercial banks are allowed to access the property registration information of their customers.
World Bank officials also urged Thai authorities to use an electronic system for land registration as it is much more convenient and efficient, reducing unnecessary paperwork, said Mr Apisak.
An electronic system would also allow the Land Department to carry out a study on allowing cross-office land registration, he said.
The government is keen to address areas that need to be improved to make it easier to do business in Thailand, hoping the country can crack the top 30 for business-friendly destinations this year and attract investment.
Thailand's ranking in the World Bank's Ease of Doing Business report, which surveyed 190 countries, climbed to 46th from 49th last year. Thailand ranked ninth in Asia, lagging only Singapore and Malaysia in Asean.
In a related development, Mr Apisak said the Commerce Ministry will consider the World Bank's suggestion to abolish the minimum paid-up capital requirement of 25%.
Thailand believes the minimum paid-up capital requirement offers businesses security, but the World Bank believes it is inconvenient for entrepreneurs, he said.
The bank instead recommended the ministry charge a fee for business registration based on costs, not a capital requirement.
Moreover, the World Bank recommended Thailand shorten the 30-day period for occupation to begin after building construction is completed to only few days. It also wants to streamline the checklist process for buildings to three steps from six -- a check on the construction starting date, another when the building structure is finished and finally when the construction is completed, said Mr Apisak.
The World Bank will begin to assess ease of doing business for Thailand in May, and he hopes its ranking will improve.