Wholesale on a fee or contract basis of fuels, ores and metals

Brokerage or agency business, except securities brokerage and agricultural futures trading, brokerage for the purchase and sale of goods or services necessary for production or services amongst affiliated enterprises, brokerage for international trading of domestically manufactured or imported goods, and other categories prescribed in ministerial regulations

The international-trading carve-out is subject to a minimum capital requirement, subject to capital thresholds, verify current figures.

Wholesale of goods of all kinds, where the minimum capital per store is below the level prescribed in the Act

Not a hard restriction — only applies while under-capitalised. A foreign-majority wholesaler is exempt from this List 3 item (no Foreign Business Licence needed) once minimum registered capital reaches the Act's threshold, typically THB 100 million per store. Verify current ministerial-regulation figures.