Yes, of course! In fact, you may be eligible to register your solar energy business in Thailand under the Board of Investment as it falls under Public Utilities and Basic Services. It is one of the BOI promoted activities. That you are thinking of investing in Thailand, you are expected to know about the incentives you may derive. If not then, let’s have a look at them first.
Tax Incentives
- Corporate income tax exception;
- Reduction of import duties on machinery and raw material;
- Tariff exemption;
- Double exemptions on the costs of water supply, electricity and transportation;
- 25% exemption on the cost of construction of facilities;
Non-Tax Incentives
- Exemption on ownership of companies by foreigners
- Exempted from Visa rules
- Permission to bring an expert from foreign to work
- Permit to own a land
- Permission of remittance of foreign currency abroad
Now that you know what you can derive from your BOI solar energy industry, scan through to know what you need to open one. Therefore, let us start with the document requirements –
- Application form to obtain promotion certificate;
- Business registration certificate;
- The memorandum of association;
- Licensing agreement, technology transfer contact, technical assistance contract and a joint venture contract;
- Form of utility as well as manpower requirements;
- Document stating the transfer of funds from the overseas;
- Certificate of investment issued by the Bank of Thailand;
Failing to submit all the documents within the stipulated time period will require submitting an explanatory letter to the OBOI.
Chances of approval/non-approval of your Business in Thailand?
That completely depends upon the value of your investment. However, projects that are investing 200 million gets information within 40 working days of document submission. Henceforth, after the notification receipt, you must submit a BOI promotion acceptance.
However, if you find these ways strenuous, you can always shoulder your responsibilities on a lawyer, who has good knowledge plus experience. Therefore, for greater chances of approval, write your requirement at [email protected].
