This article offers the foreign investor useful information about obtaining BOI approval in Thailand when setting up a business.
If you are planning on setting up a business in Thailand, there are many incentives to BOI promotion. The Thai Board of Investment is a government department that is dedicated to encouraging foreign investment within Thailand. If your new business is BOI approved, there are advantages.
Corporate Income Tax Exemption
This is a major incentive for foreign investors. When you obtain BOI promotion, you are exempt from corporate income tax; with the right legal assistance on BOI registration requirements, your application will lead to BOI approval.
Reduced Costs
There are certain incentives such as reduced costs with factory construction and utility costs, which are agreed per case. The company can be 100% owned, plus you can employ skilled foreign professionals and provide them with work permits, which is something your lawyer can facilitate.
Seek Out An Experienced BOI Lawyer
In order to enjoy a smooth BOI application, you need to enlist the services of an experienced English-speaking BOI lawyer. The legal expert can explain the many benefits of BOI promotion, plus he or she can list all the requirements that you need to prepare. As you would expect, there are many things that you need to prepare; an initial discussion with a BOI lawyer will put you in the picture.
Business Sectors
There are quite a few business categories that foreign businesses can enter, including:
- Alternative energy
- Aerospace industry
- Robotics & automation
- Bioeconomy
- Data sector
- Machinery
- Food
- Smart electronics
When you approach a BOI lawyer, the legal expert will look at your business to see whether or not you qualify.
Major Categories
There are 4 categories:
- A1 – projects located in the Eastern Seaboard.
- A2 – projects located in the North and Northeast of Thailand.
- A3 – projects that are exclusively using Thai employees and do not use foreign workers.
- A4 – projects that will be located in border provinces.
The category you are in determines the level of incentives that you can enjoy.
Seek Legal Expertise
In order to be sure that your BOI application is complete, you should enlist the services of an English-speaking BOI lawyer, as the legal professional is very well-versed with BOI application submission. The lawyer is always happy to have an informal Zoom chat with you to discuss the various options and should you be ready to go ahead, the lawyer can act on your behalf.
The average period for BOI approval is 90 days, which includes the BOI evaluation for your project. This is a complex procedure and without legal assistance, it would be very difficult for you to obtain BOI promotion. There are many documents that you need to produce and it will take some time to gather these, plus you have to open bank accounts and deposit specific sums of money, which the lawyer directs you to do.
If you are ready to set things in motion, search online for a BOI lawyer and see what is required for you to obtain BOI promotion when you set up your business in Thailand.