Register a Thailand Board of Investment company and enjoy the benefits!.
Thailand Board of Investment (BOI) has the mandate to support and facilitate the investments into specific promoted sectors of activity.
We all know, doing business in Thailand is profitable and easy, but restrictions for foreigners are heavy. With BOI approval, most of such restrictions are eased, thanks to the support of Thai Government. Thus, a Company can be 100% foreign-owned, working permit restrictions are levied, and tax exempions are given to Thailand BOI Company.
Process is easy if managed professionally and with the right knowledge. The full process may take up to 90 days, and all we need is a summary of your project that we’ll analyze together in video-conference.
Siam Trade Development services
Thailand BOI Company Promotion has an irrelevant cost compared to the benefices it may bring. Let’s see the details.
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General Guidelines on BOI Company Promotion in Thailand
BOI company activities and business categories that can be considered for BOI Company Promotion are grouped by sectors:
- Agriculture and agricultural products (PDF)
- Mining, ceramics and basic metals (PDF)
- Light industry (PDF)
- Metal products, machinery and transport equipment (PDF)
- Electronic industry and electronic appliances (PDF)
- Chemicals, paper and plastics (PDF)
- Services and public utilities (PDF)
- Technology and innovation development (PDF)
BOI company application process.
We follow the following step to give your Thai Company the statuts of BOI Promoted Company.
Project Feasibility study.
Before starting the BOI application we’ll perform a pre-check on your project together with BOI Officers.This will enable us to determine the category of your Project and the benefits you may aspire to; together, we’ll draw the project accordingly.
Siam Trade will prepare the dossier for your application, consisting in a quantity of documents, certificates and data that shall be screened by the qualified BOI Ofiicer. The screening will be repeated until all the dossier is complete according to BOI requirements. Then we’ll submit the Application and wait for the invitation to an interview that will take part within 10 days.
In this period of “New Normal”, considering that most investors can’t travel to Thailand, the interview can be held via video-conference with our personal physically present in BOI office.
The interview is one of the most relevant moment in the whole application. Is in this occasion that the project must acquire the trust of the Officer, that will be your Ambassador in the committee that will decide IF and HOW to approve your application.
At the beginning interview will give you the impression of being a police interrogation. Then, after the Officer will understand the good faith and reality of the project, will go into deep with technical questions. This is why we strongly recommend that the header of the project will attend in person this important step of the process. Interview shall be held in English language. After the interview some additional documents or minor amendments may be required to comlete the application.
BOI approval and acceptance
The BOI will inform in writing the applicant within fourty days of the approval and detailing the conditions, privileges and benefits which shall be granted.
They will include an application form for the BOI Promotion Certificate. After the approval has been received, the Company must accept in writing the BOI Promotion withn 30 days. The deadline may be extended for relevant reasons that must be proved.
Incorporation of Thailand BOI company
If your BOI Project ha been applied BEFORE the Company set up, after acceptance you have six month to incorporeate the Company according to the project.
BOI work permits and visa.
The approved Thailand BOI Company must then register in the e-expert system in order to apply for the issue of working permits and working visas to foreign experts needed for the start-up.
In the period of “New Normal” BOI Promotion is one the mandatory requisites to allow a foreigner to enter into Thailand. This shall be en force until Commercial Flights for tourists will be banned. For further information on how the get a Thai Visa, please SEE HERE
BOI Compliance and Accounting
After getting of the BOI certificate, the promoted company must report BOI of the state-of-the-art of the project and follow the BOI accounting protocol: in addition to the basic reporting of VAT, WHT and SSF, and the filing of half year and yearly auditing, a BOI Promoted company has to follow the specific requirements for each type of promotion category. Strict monitoring is carried out by both the revenue department officials and BOI inspectors.
The Thailand Board of Investment is a government body whose task is to encourage foreign investment in Thailand. It works under a seven-year Investment Promotion Strategy from 2015 to 2021. Under BOI Promotion, a Thai company can enjoy a range of benefits. Major benefits of becoming a BOI company in Thailand are: tax waivers, multiple work permits without the limitation of four Thai employees per foreigner, a fast track for work permits at One Stop Service Centre and even the authorization to own land, even in the case of 100% foreign ownership.
Eligible business are multiple, and the BOI Promotion is opened also to foreign SME: the minimum required investment is only one million THB. BOI application can be started BEFORE the company set up, and based on a mere project. Once approved, the Company shall be formed and the project must follow the Business plan; any amendment to the BOI Promoted Company must be authorized.