If you are a foreign investor or ex-pat in Thailand and planning to start your business in Thailand, then it is highly advisable that you must apply for the Board of Investment (BOI) Company Registration and Promotion. You can avail of loads of tax and non-tax incentives along with exemptions from various duties. All that is mandatory is that your business must fall on the list of eligible industries and activities of BOI Thailand.
Go through this FAQ guide for a brief session of informational interaction and facilitate your decision-making process.
What is the Board of Investment (BOI)?
The Board of Investment is a government agency in Thailand responsible for promoting and facilitating foreign investment in the country. The BOI offers various incentives and benefits to attract and support investment projects.
What are the benefits of BOI Thailand registration for foreign investors?
BOI-registered companies enjoy several benefits, including tax incentives, exemptions or reductions on import duties, permission to own land, streamlined work permit and visa processes for foreign employees, and access to BOI’s support services.
What types of businesses are eligible for BOI Thailand registration and promotion?
A wide range of business activities in various sectors are eligible for BOI promotion, including manufacturing, services, infrastructure development, research and development, and more. The eligibility criteria may vary based on the specific sector and investment size.
How do I apply for the BOI Thailand registration and promotion?
To apply for BOI Thailand promotion, you need to submit an application to the BOI, providing details about your investment project, proposed activities, financial projections, and other relevant information. It is advisable to seek assistance from a legal consulting firm specializing in BOI Thailand registrations.
What are the criteria for BOI approval?
The BOI evaluates applications based on several criteria, including economic benefits, technological capabilities, environmental impact, and compatibility with Thailand’s development policies. Each sector has specific criteria and conditions that must be met for approval.
What are the Tax Incentives offered by BOI?
BOI-registered companies can enjoy corporate income tax exemptions or reductions for a specified period, which varies depending on the promoted activities and location of the investment. The BOI also offers additional incentives, such as double deductions for transportation, training, and research expenses.
Can a foreigner own a BOI-promoted company?
Yes, foreigners can own BOI-promoted companies. The BOI allows full foreign ownership for certain sectors, while others may have restrictions on foreign equity participation. It is essential to review the specific rules and regulations for each sector.
Can I apply for BOI registration and promotion after starting operations?
In general, business owners must submit BOI promotion applications before commencing operations. However, there are cases where there are certain retroactive benefits to meeting certain conditions.
What are the reporting requirements for BOI-registered companies?
BOI-registered companies have reporting obligations to the BOI, including periodic financial and operational reports. Failure to comply with reporting requirements may result in penalties or revocation of BOI privileges.
Are there any regional or provincial investment incentives?
Yes, Thailand offers additional investment incentives in certain regions or provinces. These incentives intend to promote investments in specific areas and may include tax breaks, additional allowances, or other benefits.
Please note that the information provided here is general. It is our recommendation to consult with the Board of Investment Thailand professional advisors to obtain the most up-to-date and accurate information regarding BOI registration in Thailand. Simply email us at [email protected] to get professional guidance for BOI Thailand registration and promotion as a foreign investor.
