Yes, provided you have all the documents in place. But then, there are some conditions attached. They are;
- Projects with an investment in research, product development, and design that is not less than 0.5% of the total project revenue of the initial 3 years;
- Projects with no investment in research, product development, and design or if the investment on the R&D is less than 0.5% of the total project revenue of the initial 3 years;
Cut to the documents; you will require these in order to make BOI promotion application for your furniture manufacturing business.
- 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
Additionally, you may need to submit an explanatory letter to the OBOI if in case you fail to show the above-mentioned documents.
However, getting BOI approval for your project may not be that easy as there is much legal nitty-gritty. And for that you need to match to the below-mentioned criteria;
- “The value added of the project should not be lesser than twenty percent of revenues, other than the projects related to agriculture, electronic products, and parts plus coil centers
- Production process must be modern
- New machinery must be put in use
- Projects with a minimum investment capital of 10 million baht must get ISO 9000 or ISO 14000 certification
- For concession on project and privatization of state enterprise project, the criteria shall be solely based on the decisions of the Cabinet dated May 25, 1998, as well as November 30, 2004.
- The Board is willing to grant special consideration to pollution treatment of a project, having a potential environmental impact.
- Projects that are required to submit environmental impact assessment report must comply with related Cabinet resolutions and environmental laws.
- Projects that are situated in Rayong must abide by the Office of the BOI Announcement No. Por 1/2554 dated May 2, 2011.
- The minimum capital investment requirement for every project is 1 million baht. This excludes land and working capital costs.
- The debt-to-equity ratio for new projects must not be more than 3:1.
- A project feasibility study must be submitted by the projects, having an investment value of more than 750 million baht.”
