As the number of foreign investors in Thailand grows, the government has devised strategies to aid them in establishing their operations in the country. There are numerous restrictions for foreign investors, and the road to establishing a business in Thailand is not straightforward. Therefore, the Board of Investment (BOI) of Thailand was founded to assist foreign investors in conducting business in Thailand.
Board of Investment (BOI) was founded by the Thai government to offer proper information and to attract foreign investment within Thailand. Additionally, this is in order to assist social and economic growth. Moreover, BOI not only encourages large investments but also encourages small firms. Plus, the agency has a large number of business catalogs from which you can benefit. Therefore, before you start anything, double-check that your company is eligible for a BOI. Let us help you with this!
Eligibility for BOI Promotions for Foreign Investors in Thailand
There is a great multitude of business avenues for foreign investors in Thailand. However, all of them are not eligible to get BOI Promotions. Therefore, the following list will help you identify whether your business idea is eligible for BOI Promotions or not.
| Industry | Eligibility | |
| Agricultural, Bio, and Medical Industries | Eligible For Investment Promotion Division 1 | Details |
| Advanced Manufacturing Industries | Eligible For Investment Promotion Division 2 | Details |
| Basic and Supporting Industries | Eligible For Investment Promotion Division 3 | Details |
| Digital, Creative & High-Value Services | Eligible For Investment Promotion Division 4 | Details |
| Research and Development | Eligible For Investment Promotion Division 5 | Details |
The above details are according to Announcement of the Board of Investment No. 2 /2557, last updated on February 28, 2022, whereby the Board declares that –
Due to significant changes in both the domestic and international economic and investment landscapes, the Board of Investment believes it is necessary to revise the investment promotion policies and criteria in order to respond to the current and future situation and to be in line with Thailand’s development direction as set forth in the National Economic and Social Development Plan and the country’s development policies for the agricultural, industrial, and services sectors in order to enhance the country’s competitiveness.
But you should note that this information alone will not be sufficient for you to proceed with a BOI Investment Privilege in Thailand. Therefore, as a foreign investor in Thailand, you will need local company registration lawyers. Our Corporate Lawyer can help you effectively gain BOI privilege.
BOI Privileges for Foreign Investors in Thailand
Now as you know that you can form your Limited Company after getting the BOI Promotion authorization, you should know what benefits you can avail of it. Therefore, please note the following details:
- Permission to own land by foreign investors.
- Permission to operate as a wholly-owned subsidiary or 100% ownership of a foreign company.
- Work permit and visa regulations are waived.
- Machines are exempt from import duties.
- Exemption from corporate income taxes for up to 8 years.
- Transportation, electricity, and water costs are all deducted.
- Installation of Infrastructure for the Project is deducted.
- Import duty exemption for raw or necessary materials used in the manufacture of export products for a period of five years.
- Permission to work and reside in Thailand for foreign technicians, experts, and their spouses or dependents.
The BOI Thailand made official announcements for unique privileges for some businesses that provide Thailand with new high-tech products. This includes the following:
- Agriculture & Agricultural Products
- Projects with direct involvement in technological and human resource development
- Industrial zones for environmental preservation, Wastewater treatment
- Mining, Ceramics & Basic Metals
- Light Industry
- Metal Products, Machinery & Transport Equipment
- Electronics Industry & Electrical Appliances
- Chemicals, Paper & Plastics
- Software
You can recheck your eligibility from the above sections of this article or reach us out for a guidance consultation session.
How We Help Foreign Investors in Thailand with BOI Application Process?
Step 1: Investor Account Registration
The BOI is currently transitioning to a paperless organization. By this, applicants have to submit application forms online. Additionally, this includes any and all presentations that are to be made to the board of directors. Therefore, we set up an account for a foreign investor in Thailand.
Step 2: Filling of Application Form & Prepare Presentations
Once we have an account, we must apply for the business category and complete the appropriate application form. Additionally, you have to attach other necessary documentation for the consideration of BOI, such as a business plan, marketing plan, investment plan, manpower plan, milestone checkpoint, and so on.
If the BOI is happy with your documents, they will send you an email to set up an appointment to present them to the board. If not, they’ll send you an email asking you to fix any flaws in the application and/or offer further information.
Step 3: Appear for Presentation to the Board
Once BOI has approved the application and accompanying presentations, the Investor must make his or her own presentation to BOI. Moreover, the board would want to interview the investor in person. This is to assess how serious you are about establishing your firm in Thailand. Therefore, the investor cannot send someone on his or her behalf during this procedure.
However, the investor and his team can accompany our lawyers. Note that, the board has the option to reject your project right after the interview. Nonetheless, they are unable to approve instantly since they must first obtain approval from a higher supervisor. Moreover, they can suggest changes to the application and/or supply additional materials. Additionally, they will provide a time period for the result after everything is set and okay.
Step 4: Notification of Approval or Rejection from BOI
Around 30 days following the presentation date, the BOI will issue an email indicating the approval or rejection of your application.
Therefore, you must submit the form of recognition of the privilege Within 30 days of receiving news of approval from the BOI.
Step 5: Company Registration in Thailand
When you receive approval, you must form a limited liability company with at least three individual shareholders (can be more than 3).
In addition, you have to open a corporate bank account in the name of your company. Please keep in mind that one of the directors and shareholders must be the investor who submitted the BOI Thailand application.
Step 6: Transfer Registered Capital to your Company’s Bank Account
The investor must wire money from his or her home country to the company’s bank account (must be from overseas).
The minimum amount that must be transferred is 25% of the registered capital. Please keep in mind that the money sender must be the investor’s name, and the money receiver must be the company’s name. The bank can then provide you with credit advice.
Step 7: Company Document Submission to BOI Thailand
We will send scan copies of all incorporation paperwork, as well as the credit advice to the BOI using the online system.
After that, you must wait 7-10 working days for the preparation of the BOI Certificate.
Step 8: Issue of BOI Thailand Certificate
The BOI will send you an email when the Certificate is ready, approximately 7-10 working days after you submit the incorporation documents. You are welcome to collect the certificate.
Please keep in mind that the BOI Application and the Formation of a Limited Company are two independent processes that are handled by two different government departments. The Board of Investment owns the BOI Application, while the Department of Business Development owns the Limited Company application process.
You have the option of submitting an application for BOI privilege and then registering your business once it has been authorized. Therefore, we suggest you go on with this choice because you can be assured that you will be granted privilege before proceeding. Alternatively, you can form a company and then apply for a BOI under the firm’s name.
Konrad Legal Company Limited will provide professional advice, preparation, and guidance during your BOI Thailand Privilege application. We commit to providing the best possible result for your company.
If you want to invest and start a business in Thailand, you need to be aware of the BOI Thailand incentives. BOI encourages foreign investors in Thailand to participate in specific activities and investment zones, and there are numerous Thailand BOI benefits available to those who invest in Thailand. To try out your venture, email us at [email protected].
