The Thailand Board of Investment is a government agency that promotes foreign investment in Thailand. It provides incentives, services, and information to foreign investors looking to set up a business in Thailand. Read on to learn more about the benefits and requirements of setting up your business in Thailand. This is a great place to start a business for investors of all sizes. But before you do, make sure you are sure you can commit to investing in Thailand.
BOI Promotion Certificate
A promotion certificate for Board of Investment in Thailand (BOI) is necessary to establish a business in Thailand. The certificate will outline the conditions and requirements that you must meet in order to start a business. A BOI promotion certificate is required before you can hire foreign workers. In addition, you must apply for a work permit and visa through the BOI ‘One Step’ process. In case you’re in Thailand for a longer period than usual, you must notify the Office of Board of Investment in writing.
The application process for a BOI promotion in Thailand involves submitting your project plan and other documents via an online service portal. If your proposal is approved by the BOI, the office will schedule an interview with the relevant committee. Once the interview is over, the BOI office will inform you, along with an application form for the BOI certificate. Once your application is approved, you can then proceed with the next step, which is the actual launch of your new business in Thailand.
Non-tax Incentives
Incentives provided by the Board of Investment (BOI) are not exclusive to foreign investors; they are also available to domestic investors. Depending on the type of project, BOI can grant a number of tax incentives and other benefits. For example, it can ease the requirements for hiring foreign expatriates, provide a land grant, or waive import duties, if the investment is for an existing business. Some projects, however, are not eligible for these incentives. In these cases, foreign investors are encouraged to look at the country’s tax structure.
The Board of Investment in Thailand is an agency that works closely with foreign investors to create favorable conditions for investors. Incentives are available for a variety of industries. Many industries, including manufacturing, logistics, digital services, and auto parts, can take advantage of these incentives. With so many incentives available, there is no excuse for failing to invest in Thailand. A legal professional can help you navigate the process of registering your business in Thailand and take advantage of all available benefits.
BOI Application Process
The application process for the BOI consists of filling out the forms for each business category. These forms can be obtained from the BOI headquarters in Bangkok or through e-investment platforms. They contain questions relating to your company’s status, product development, shareholders, investment strategy, and target customers. It is important to carefully fill in each part of the forms. If you are unsure about completing the application process, you can visit their FAQ page to get answers to frequently asked questions.
The BOI promotes special economic zones (SEZs), especially in border regions, in order to increase economic connectivity with neighboring countries. By promoting special economic zones, Thailand is also preparing itself for the ASEAN Economic Community (AEC). This is one of the main reasons why more businesses are filing for BOI applications in Thailand. However, these zones come with strict conditions. The process can be complicated, so seek help from a qualified legal consultant.
Minimum Capital Investment Requirement
Foreign investors must set up a company with a minimum capital investment requirement of THB 2 million or THB 3 million before setting up a business in Thailand. Moreover, this capital requirement is necessary to start a foreign business in Thailand, particularly if you want to do business in a related-party service sector. The minimum capital required by the Board of Investment may also depend on the type of business and the country in which you will be operating.
Before starting a business in Thailand, you must first meet with BOI officials. They will assess your business plan and forms based on the amount of investment you’ve set. If your investment is below 80 million baht, you must file your application in a subcommittee, while companies that invest between 80 and 750 million Baht must apply to the Board of Investment in Thailand (BOI).