BOI THAILAND (ROADMAP FOR 2021)
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 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.
Before start anything, you should check that your business is eligible to obtain BOI first: Business that BOI can provide privilege.
“Our Corporate Lawyer can advise you on how to obtain BOI privilege properly”
Please be reminded that the BOI Application and Set up Company Limited are separate process and separate government unit to handle the application.
The BOI Application belongs to the Board of Investment, the company limited belongs to the Department of Business Development.
You have a choice to submit the application for BOI privilege then register the company after you get approved (we suggest to go on with this choice, because you can be assured that you will be granted privilege before proceeding).
Or you can also set up the company, then submit the application for BOI under the company’s name.
Before we discuss the details, please review the presentation below:
Table of Contents:
Before you apply for your BOI Privilege, here are some things you need to know:1. THE BOI THAILAND PRIVILEGES
1. The BOI THAILAND privileges:
Board of Investment Thailand is included:
- 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. BOI Thailand special privileges:
The BOI Thailand just launched special privileges for some business that provides new high technology to Thailand. That includes:
- 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 Application process
Here are the step by step registration process for BOI Privilege,
Step 1: Registration of the Investor Account
As of now, the BOI becomes a paperless organization. Any application form should be filled on the online system.
That also included any presentation that needs to be presented to the board.
So, we must register an account for the investor.
Step 2: Prepare Application Form with other presentation
Once we have an account already, we need to apply for the business category and fill in the application form for such activity.
We must also attach others material that needs to be presented to BOI for consideration such as Business Plan, Marketing Plan, Investment Plan, Man Power Plan, Milestone Check Point and more.
If BOI is satisfied with your documents as mentioned above, they will send an email to you for arranged appointment for presentation with the board.
If BOI isn’t satisfied, they will send email to you to adjust any lapses with the Application and/or provide additional presentation.
“If you have no idea on how to prepare the application and other materials, our Professional Corporate Lawyers team is here to assist you to make your BOI application in a hassle-free and smooth way”
Step 3: Presentation to the board
Once the Application and other Presentation is approved by BOI, the Investor must go to BOI for the presentation by themselves.
This process, the Investor cannot assign someone to go on his/her behalf because the board would like to interview the investor in person and they would like to see how serious you are about establishing your business in Thailand.
However, the investor can go with our lawyers and his team as well.
After the interview, the board can reject your project immediately.
But cannot approve immediately, because they need to get approved again from the higher supervisor.
Moreover, they can also advise to adjust the Application and/or provide more material.
Once everything is set and ok, they will provide the time frame for the result.
Step 4: Notification of Approval or Rejection
The BOI will send the notification whether the application is approved or rejected around 30 days after the presentation date via email.
Once the BOI send notification of approval, you must submit the form of acknowledgment of the privilege within 30 days from the date of notification.
Step 5: Thailand Company Registration
When you get a notification of approval, you must set up a company limited with at least 3 individual shareholders (can be more than 3).
And also open the bank account for the company. Please note that one of the directors and shareholder must be the investor who applied for the application of BOI Thailand.
You can see more details on how to set up company limited here: Set Up Company Limited
Step 6: The investor transfer registered capital (money) to the company’s bank account
The investor must transfer money from overseas to the company’s bank account (must be from oversea).
The minimum required transfer is 25 percent of the registered capital. Please highly note that the sender of the money must be the name of the investor and the receiver of money must be the company’s name.
After that, you can get credit advice from the bank.
Step 7: Submit company’s document to BOI
You must scan all incorporation documents with the credit advice and submit to the BOI via online system.
After that, you need to wait for their preparation of BOI Certificate around 7-10 working days.
Step 8: Pick up the BOI Certificate
After the submission of the incorporation documents around 7-10 working days, the BOI will notify you via email that the Certificate is ready.
You can go pick up the certificate.
“The process mentioned above is our advice overview, but it has other details that needs to be carefully prepared on time. Our Professional Corporate Lawyers team is here to assist you to make your BOI application a walk on the park.”
Conclusion: BOI Thailand
Siam Attorney will give you professional advice, preparation and guide you through out your BOI THAILAND Privilege application, we are dedicated in giving the best outcome for your business.
If you wish to invest and establish your company in Thailand you should be 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 International 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.
If you are looking for the best outcome for BOI Application, please feel free to contact us any day and anytime.