BOI Company in Thailand | Application for a BOI Promotion in Thailand

Thailand BOI Company

Unlocking Opportunities with BOI Promotion in Thailand

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.

At Siam Trade Development Company, we are committed to fostering economic growth and facilitating international business in Thailand. One avenue through which we empower businesses is by leveraging the benefits offered by the Board of Investment (BOI) promotion.

Understanding BOI Promotion

The Board of Investment in Thailand plays a pivotal role in incentivizing and promoting both local and foreign investment. Through strategic policies and initiatives, the BOI aims to propel Thailand’s economic development, and businesses can reap substantial advantages by participating in BOI-promoted activities.

Key Benefits of BOI Promotion

Tax Incentives: Companies registered under BOI promotion enjoy attractive tax privileges, including corporate income tax exemptions and reductions. This financial relief provides businesses with a competitive edge and encourages sustainable growth.

Work Permit Facilitation: BOI-promoted businesses often find the process of securing work permits streamlined, making it easier to attract and retain skilled international professionals.

Import Duty Exemptions: BOI promotes the importation of machinery and raw materials by providing exemptions on import duties. This facilitates cost-effective operations and enhances overall competitiveness.

Why Choose Siam Trade Development Company for BOI Promotion?

At Siam Trade Development Company, we understand the intricacies of BOI promotion and how it can catalyze business success. Here’s why partnering with us is your key to unlocking the full potential of BOI incentives:

Expertise: Our team comprises seasoned professionals with in-depth knowledge of BOI policies. We guide you through the entire process, ensuring seamless registration and compliance.

Tailored Solutions: We recognize that every business is unique. Our consultants work closely with you to develop personalized strategies that align with your goals and maximize the benefits offered by BOI promotion.

Timely Execution: Time is of the essence in business. With Siam Trade Development Company, you can expect efficient and timely execution of all BOI-related processes, minimizing disruptions to your operations.

Contact Siam Trade Development Company Today

Ready to propel your business forward with BOI promotion in Thailand? Contact Siam Trade Development Company today. Let us be your strategic partner in navigating the BOI landscape and unlocking a world of opportunities for your enterprise

Thailand BOI Company Promotion has an irrelevant cost compared to the benefices it may bring. Let’s see the details.

BOI Tax Incentives

Tax incentives for BOI Promoted Companies are: 1) exemption or reduction of import duties; 2) exemption of a juristic person’s income tax and dividends; 3) double deductions from the costs of transportation, electricity and water supply; 4) up to eight-year corporate income tax exemption depending on the merits of the project and the technology imported into the Country.

BOI Non-tax Benefits

BOI Promotion for Thai Companies includes also some non-tax incentives, that definitely makes the operation easier. 1) permits to bring in foreign skilled workers and experts without limitation of 4 thai workers per every foreigner; 2) permit to own land even in case of 100% foreign ownership; 3) permit to remit money abroad in foreign currency; 4) protection against nationalisation of the business; 5) further additional time-sensitive incentives for companies already operating under a BOI Promotion

100% Foreign Ownership

BOI certification has the attractive benefit of allowing foreign shareholding of the company, often accepting 100% foreign-ownership, even where the company’s business is included in List 2 and List 3 of the Foreign Business Act’s prohibited activities. In case the company’s scope are enlisted in List 1 of the Act, the BOI will require the company have a minimum of 51% Thai-ownership. The BOI may impose foreign shareholding limits if they consider it appropriate.

General Guidelines on BOI Company Promotion in Thailand

BOI Promotion Eligibile Sectors

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.

Contrary to what many sites write, BOI certification is NOT reserved to large investors willing to conduct business in Thailand. The minimum required investment is 1 million THB and even small projects with high added-value or special merits can be approved.

Nonetheless, certification process is laborious, painstaking, and full of unforeseen complications. A huge documentation will be requested by the Officers and they will investigate your project in deep. To avoid disappointment and wasted resources, expert assistance is essential.

Thai BOI certification process can be extremely time-consuming and if managed improperly, could overwhelm the company’s investments. Siam Trade Development can bring your project to the BOI Promotion in a time frame of three months, given that your project has eligibility criteria.

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.

BOI application

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.

BOI Interview

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.

Summary

Service Type

Thailand BOI Company pormotion

Provider Name

Siam Trade Development,

244/301 Ratchapruek Village, Moo 4, Tambon Phayom,Wang Noi,Phra Nakhon Si Ayutthaya-13170,
Telephone No.+66830314030

Area

Thailand

Description

Thailand BOI Company - We provide a complete BOI Company registration: business plan, BOI application, BOI working permits, and compliance.