Apply for Board of Investment (BOI) Thailand Promotion

As a foreigner, if you are planning to start a business in Thailand, you must apply for Board of Investment (BOI) Thailand promotion. If you succeed in getting one, you will be eligible for availing tax and non-tax benefits for your business in Thailand. Apart from that, your business will hold a greater authority in the Thai business landscape than other non-promoted companies.

This article aims to clearly explain to you the easiest way to obtain a Board of Investment (BOI) promotion in Thailand. Let us simplify it further by breaking it into simple steps.

Step 1: Check your Eligibility for BOI Promotion

Investor Eligibility:

To be eligible for BOI Promotion, more than you, it is your business idea or the project that can help you achieve it successfully. If you are able to satisfy the basic criteria, that will be enough for you to be eligible for the promotion. Some of these basic criteria are:

1. A natural or juristic entity of Thailand or the country of nationality as stated.
2. Should not have any record of bankruptcy or financial defaulting.
3. Must not have any criminal records or civil suits of any kind either in Thailand or in the native country.
4. Have positive financing options to meet the minimum capital requirements to form a BOI Thailand company.

Business Idea or Project Eligibility:

According to the Investment Promotion Act of BOI Thailand, the eligibility of your business idea or project depends upon certain considerations. Some of the basic project eligibility criteria are as follows:

1. Your business idea or project must operate in the industry that the Royal Thai Government and BOI list to be suitable for. This suitability is in accordance with Thai national interests with a focus on the fact as to how it can bring growth in the national economy. 
2. Once you have identified that your project is falling into the segment of BOI-eligible activities, you must check the conditions and meet those. These conditions are generally related to the following:

• Project location
• Project Area (in rai)
• Trade-specific certifications
• Permission from relevant authorities
• Compliance of the project with International and Thai standards
• Category of output/products (if manufacturing/industrial business)

Once you have checked these lists of eligible activities and conditions, decide on the stage of your project. In case you find difficulty in ascertaining your eligibility on the basis of defined activities and conditions, consult a corporate law firm in Thailand that specializes in BOI Company Registration. 

Step 2: Apply for BOI Thailand Promotion (Investment Promotion)

Now that you know that your project is eligible for BOI Promotion, you can now apply for the same. Note that you have to provide all the necessary documentation during the process of application. To make your process easy, let us list the documents as follows:

1. Application form to obtain promotion certificate
2. Business Registration Certificate
3. The Memorandum of Association
4. The licensing agreement, technology transfer contact, technical assistance contract, and a joint venture contract
5.  Form of utility as well as manpower requirements
6.  Document stating the transfer of funds from the overseas
7.  Certificate of investment issued by the Bank of Thailand

Depending on your project, you may need more documents for which you will need Thai legal support. Remember that the papers must have a copy in Thai translation. Along with the translation, please ensure that they get notarized. For reliable translation and notary public solutions in Thailand, you may contact us.

Note that, you cannot apply for BOI investment promotion online if your application intends performance improvement, business transfer, or community and society development.

Step 3: Project Clarification and Analysis

Now is the time to interact with the Board of Investment (BOI) Thailand officials in person. After the successful submission of your application, you have to make an appointment with the BOI officials. You must schedule this appointment within 10 days from the date of application submission. During this interaction, you will have to clarify the details of the project for which you have applied for BOI Promotion.

After your clarification, the BOI officials will analyze your project. This analysis will be on the basis of meeting the eligibility criteria, fulfilling the specified conditions, and considering your clarification presented to the officials.

Depending upon the investment capital amount, the completion time of this step is determined in the following slab:

• 40 working days for investment capital within 200 million Baht
• 60 working days for investment capital within 2000 million Baht
• 90 working days for investment capital exceeding 2000 million Baht

Step 4: Receive BOI Thailand Notification & Accept Investment Promotion Resolution

BOI Thailand sends a notification to applicants within 7 working days from the approval of the Minutes of Meeting. This notification may be in your favor or may seek some more rectifications.

In case, you receive a positive notification, you have to receive the promotion within 1 month from the date of your receipt of the notification. You can do so through 2 channels which are as follows:

1. Filling up Online Form via the Promotion Certificate System of BOI Thailand.
2. Fill up Form F GA CT 07 and submit it for Acceptance (form provided below)

There is another channel that can help you throughout this stage. That is our assistance to receive BOI Promotion for your business in Thailand.

Step 5: Apply and Receive BOI Promotion Certificate

In this step, you will have to submit an application for BOI Promotion Certificate. You can accomplish this task in the following two ways:

1. Filling up Online Form via the Promotion Certificate System of BOI Thailand.
2. Fill up Form F GA CT 08 and submit it for Acceptance (form provided below)

Note that you have to do this within 6 months from the date of your acceptance of the Investment Promotion Resolution along with all the necessary supporting documents. Henceforth, after receiving this form and documents, BOI Thailand takes 10 days to issue the Investment Promotion Certificate from the date of receipt of the application.

The Bottomline

The process to apply for BOI Thailand promotion and obtain one for your investment here in Thailand is simple only if your project meets the BOI conditions. Apart from that, you must have a fair understanding of Thai law and regulations. We always recommend that if you are a foreign investor and want to register your company in Thailand and seek BOI Promotion, you must consult a local Thai corporate Lawyer. By doing so, you will be able to get the following benefits:

1. You don’t have to worry about legal, regulatory, or compliance issues.
2. There won’t be any linguistic barrier as there will be an interpreter by your side.
3. You will not have to worry about the translation or notarization of documents.
4. Expect quick support in the processes like opening corporate bank accounts and tax registrations.

There are a multitude of aspects that a local Thai corporate law and accounting firm can help you with and make the process prompt and easier. For the best solutions, reach out to us at [email protected].