Is that even possible? Why not, provided you have a BOI-promoted company in Thailand? The Board of Investment, Thailand, offers many incentives to foreign investors; one of which is maximum 50% CIT reduction for up to 10 years. Even a foreign company in Thailand can also enjoy corporate income tax exemption for up to 13 years. So, how do you set up a BOI company in Thailand? Allow me to take you through the process. Let’s first look into the required documents;
- Application form to obtain a promotion certificate
- Business registration certificate
- The memorandum of association
- Licensing agreement, technology transfer contact, technical assistance contract, and a joint venture contract
- A form of utility as well as manpower requirements
- Document stating 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.
However, note that not all businesses can be BOI promoted. Here are some industries entitled for BOI approval;
- Light industry;
- Chemicals, paper, and plastics;
- Agriculture and its products;
- Metal products;
- Transport equipment and machinery;
- Mining, ceramics and basic metals;
- The electronics industry, and;
- Services and public utilities;
Now that you have a rough idea of whether you will be permitted to start a BOI promoted company or not, you should also know about your application procedure, explained below;
- Fill the application form and prepare the required documents for submission;
- Officials are contacted within ten days after the application has been submitted;
- Upon calling the interview session will be held and then your project will be evaluated;
- As for the approval or non-approval it depends upon the investment value.
- Submit a promotion acceptance form after receiving the receipt of notification.
- Soon after accepting the approval you must submit the documents with 6 months
Once you go through these procedures, the issuance of the promotion certificate will be done within 10 working days.
