Thailand BOI registration: know these facts
In the past few years, Thailand has become a hotspot for business in the Southeast Asian region. This is because the government policies in the country support foreign investors. The Thai Board of Investment (BOI) has established special rules and incentives to attract and promote companies in specialized sectors. With a Thai BOI registration and approval, a foreigner can enjoy 100% ownership in their organization which is not possible otherwise. If you too are planning to start a business in Thailand and take a look at the various aspects of the BOI registration process:
1. For registering with the BOI, you need to submit an application which must contain information regarding the financial projection of your company, the estimated number of employees that you will be hiring. Also, you must furnish proper evidence and supportive documents along with your application.
2. Once your initial paperwork is over, and after you have submitted it at the BOI office, you need to appear for an interview at the BOI headquarters at Bangkok. The founder members of the company must be present in the meeting or interview where they will inquire you about your business plans, estimated turnover and other facts related to your business.
3. If your company is approved by the BOI then you can enjoy a minimum of 0% tax rate up to the first 8 years of your operations. This ratio, however, depends on the location and the category of your industry.
4. A BOI approved company easily gets work permits to bring in foreign workers. The number can be negotiated with the authorities. If your company is into exporting machinery, then you can also enjoy VAT exemption with the approval of the BOI. And if your company is supporting or funding a research in any developmental institution in Thailand, then you can enjoy additional 3 years of tax exemption.
5. You can only apply for privileges under the BOI if you have a registered capital of at least 10 million Baht or if you supervise associated enterprises in other foreign countries or it overseas branches to at least one country.
Are you interested in starting a business in Thailand? Do you want to learn more about the Thai BOI registration process? If yes, then our legal experts can guide you. Call us today at +66 26260277 or write to us at [email protected]
