Five easy ways to facilitate Board of Investment registration for a foreign business

Are you a foreigner doing business in Thailand but have not yet got a Thailand Board of Investment registration done? Then you should get it now to enjoy a host of incentives.

A Board of Investment (BOI), a division of the Thai government was established in 1997 with an aim to draw in the venture from both foreign and local entrepreneurs within the business areas that the BOI promotes and that are regarded attractive from the financial standpoint of Thailand.

Normally, the chances of a foreigner wanting to set up a competitive business in Thailand are low. This is because the Thai government is very protective of its people and thus puts a limit on the ability of foreigners to compete with Thais for local jobs. However, if expats set up ventures in the fields of technology, manufacturing and exporting, services and public utilities, etc; the Thailand Board of Investment provides significant advantages, such as:

BOI registration requirements:

For each type of investment, the BOI has laid general and specific requirements.

1. Apply to obtain Thai BOI registration and promotion privileges. Send your form along with filing fees and other required documents like:

• Personal details of the investor,
• Contact details and the Status of the company,
• Details about the nature of your venture
• List of the shareholders that will hold at least 10% in the BOI promoted company and their contact details
• Your market plans like Domestic and export sale percentage; etc.
• Projected productions costs and profits for the first three years of operation.

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.

3. You can apply for a promotion certificate if you have a registered capital of at least 10 million Baht or if you supervise associated enterprises in any of the foreign countries. (If approved, you will receive it within 60 days.)

4. Submit the promotion acceptance form, within one month of receiving the notification.

5. Submit company establishment documents within 6 months of approval.

Once you receive the BOI letter approving your venture, send a promotion acceptance form back to the BOI. Also, if you see any changes to be made, it should be requested at that time.

Please remember, in registering a business with the BOI, requirements also vary depending on the nature of your business (whether single proprietorship, partnership or corporation).

If there is any query or help required, contact a reliable Thai law firm who will guide you throughout the entire process to a successful conclusion.