Possible, if you are a manufacturer. You will then have a chance to set-up or even branch out your business in this country with the BOI promotion. Foreigners may think what if they do not get promoted by Thailand BOI? They can still carry out the business as the Foreign Business Law in Thailand doesn’t prohibit the foreigners from jewelry manufacturing.
However, registering your business under the Board of Investment will give you these benefits;
- Waiving corporate tax for 3 years;
- Tax exemption for raw materials for one (1) year (can be extended according to BOI rules & eligibility);
- Tax exemption for importation of machinery;
- Other non-tax incentives;
- Exemption on ownership of companies by foreigners
- Exempted from visa rules
- Permission to bring expert from foreign to work
- Permit to own a land
- Permit to remit foreign currency abroad
So, where should you set-up your gem and jewelry specialized business?
The country has many internationally acclaimed gem and jewelry districts, including Mae Sot Gem Market, Gemstone Market in Chanthaburi, and other trading areas in Silom Road, Silom, Yaowarat Road, Khao San Road, and Charoenkrung Road. Also, there are gem and jewelry trading centers in the duty-free zones like Chanthaburi Gem and Jewelry Center and Gempolis. To have a better look at the gems and jewelry and to understand the massiveness of the sector, you can consider visiting the gems and jewelry that takes place twice a year in Bangkok in February and September.
Considering the huge business this industry brings to Thailand, the government has been taking some major improvements. The measures aim at enhancing workers’ skills, determining appropriate wage rates for the jewelry casters, gem setters, jewelry finishers, and gem polishers in order to encourage craftsmen. It is expected that these measures will retain skilled personnel as well ease the shortage.
