Deputy Secretary-General, Mr. Narit Therdsteerasukdi, has recently signed a Memorandum of Understanding (MoU) on the account of human resource development in order to have required skills for the targeted industries in The Eastern Economic Corridor. This MoU was signed between parties including the Office of the Higher Education Commission, Thailand Board of Investment, the Office of Vocational Education Commission, and the Eastern Economic Corridor Office.
Since the Thai government is putting its efforts to improve human resources, investing in the same sector may prove to be beneficial for you. And in order to get promoted by Board of Investment (BOI) you must make sure that your business meets caters to the BOI business activity list as follows;
- Vocational Training Centers:
- Must include training technical courses in particular fields such as design training center, approved by the Board;
- Must have appropriate equipment, and vocational training lab;
- Projects in a BOI promoted science and Technology Park, which is approved by the Board will get an additional 50% corporate income tax (CIT) from net profits for 5 years after ending of the corporate income tax exemption;
However, to apply for BOI company promotion you must ensure you have these documents with you.
- 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
- Failing to submit all the documents within the stipulated time period will require submitting an explanatory letter to the OBOI.
Even if your company qualifies for BOI, not having the appropriate documents may lead to delay or cancelation.
