BOI PRIVILEGE (Board of Investment).
As the number of foreign investors increase in Thailand the Government has established solutions to assist the investors in ratifying their businesses in the kingdom. There are a lot of restrictions for foreign investors, the path to building your company here in Thailand is not that easy especially for foreigners. That’s why the Board of Investment (BOI) in Thailand was established to support foreign investors to operate their business in Thailand. The government of Thailand established the agency to provide adequate information and to promote foreign investments inside Thailand to support social and economic growth. The agency does not only support big investments, but BOI also supports small businesses as well. The agency offers many catalogs of business that you may get privileges from.
You have a choice to submit the application for BOI privilege then register the company after you get approved or you can also set up the company, then submit the application for BOI under the company’s name.
Table of Contents:
Before you apply for your BOI Privilege, here are some things you need to know:1. The Board of Investment (BOI) privileges. 2. The Board of Investment (BOI) Thailand special privileges. 3. BOI Thailand registration process. 4. How can Siam Attorney help me with BOI?
1. The Board of Investment (BOI) privileges:
Board of Investment Thailand Benefits:
– Permission for foreign investors to own land
– Permission to operate under 100% foreign ownership
– Exemption from work permit and visa rules
– Exemption of import duty on machinery
– Corporate income tax exemption for up to 8 years
– Deduction of Transportation, Electricity and Water Costs
– Deduction of Project’s Infrastructure Installation
– Exemption of import duty on raw or essential materials used in the manufacturing of export products for 5 years
– Permission for foreign technicians, experts and their spouse or dependents to work and stay in Thailand.
2. The Board of Investment (BOI) Thailand special privileges:
– Agriculture & Agricultural Products
– Projects with direct involvement in technological and human resource development
– Industrial zones for environmental preservation, Waste water treatment
– Mining, Ceramics & Basic Metals
– Light Industry
– Metal Products, Machinery & Transport Equipment
– Electronics Industry & Electrical Appliances
– Chemicals, Paper & Plastics
3. BOI Thailand registration process:
Here is the step by step registration process for BOI Privilege,
- 1st step: Apply to obtain BOI Thailand promotion privileges and benefits
Siam Attorney will prepare an application form for the promotion certificate, then fill out and send to the Thailand BOI Office together with other documents required by Thailand BOI. This process will take approximately 4 days.
Within 10 days, you will have to make a presentation to the Thailand BOI in regards to your business plan. Our law firm staff will accompany you to the meeting with the Thailand BOI.
- 2nd step: Thailand Company Registration
When you get a notification of approval, we will then assist you to set up a Thai company. After registration is complete, Siam Attorney will register the company’s TAX ID card and VAT certificate, then submit them to the Central Filing Office of the Revenue Department.
If needed, we will prepare required documents to open a corporate bank account. The company directors will have to present themselves to the bank. This step will take approximately 1 week.
If any signatories for the bank account are foreigners, some bank will require each of the foreign signatories to submit a valid work permit prior to opening the account.
4. How can Siam Attorney help me with BOI privilege application process?
Siam Attorney will give you professional advice and guide you through out your BOI Privilege application, we are dedicated in giving the best outcome for your business. If you wish to invest and establish the company in Thailand you should aware of the incentives offered by BOI Thailand (Board of Investment Thailand). BOI Thailand encourages foreigners to invest in specific activities and investment zones, and there are many Thailand BOI privileges for those who have investments in Thailand. For more information and details about BOI privilege, please click on the link to visit the agency’s official website: Board of Investment (BOI)
Here at Siam Attorney we value a strong teamwork and efficient working practices as well as uniform approach that enables us to manage cross-border deals effectively, we don’t just offer comprehensive details and assistance with your BOI privilege application we also make sure that we provide you the correct guidelines so your application will be seamless and hassle-free.