The Thai Rak Thai was registered on July 15, 1998, by telecommunications entrepreneur Thaksin Shinawatra and 22 other founding members, including Somkid Jatusripitak, Thanong Bidaya, Sudarat Keyuraphan, Purachai Piumsombun, Thammarak Isaragura na Ayuthaya, and Prommin Lertsuridej.
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Most of the TRT executive leadership members were also abroad: Deputy Premier Surakiart Sathirathai was with Thaksin in New York, Finance Minister Thanong Bidaya was in Singapore attending the annual meeting of the World Bank/IMF, Commerce Minister Somkid Jatusripitak was attending the Thai-France Cultural Exhibition in Paris with Foreign Minister Kantathi Suphamongkhon and HRH Princess Sirindhorn.