Yes, deep sea fishery is allowed, but that comes with certain terms and conditions. They are;
- The surrounding net boat must be minimum 500 gross tons;
- Boats must have a fish finder, an embedded tracking unit, and navigation device;
- Long line boats must be 150 gross tons;
If you want to invest in a fishery in Thailand and get your business promoted by the Board of Investment, then you must go through these criteria first;
- “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.
- The project feasibility study must be submitted by the projects, having an investment value of more than 750 million baht.”
Things that you need to apply for BOI promotion
- “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 transfer of funds from the overseas
- Certificate of investment issued by the Bank of Thailand“
However, if you fail to submit these documents within a time period as decided by the government body, then you will require submitting an explanatory letter. So, keep them ready before application.
