Registering your company under the Thailand Board of Investment unlocks a number of benefits and advantages. These include tax exemptions, privileges, and support services.
These incentives include corporate income tax exemption for a fixed period and reduced requirements for obtaining work permits. Non-tax benefits include a simplified process for acquiring land and a faster procedure for importing machinery.
Business Setup
In order to set up a company under the BOI, the investor must submit an application form and a presentation. The investor must also transfer funds to the company from overseas and register the company with the Department of Business Development.
This process can take about seven days for a private company and 30 days for a public company. Additionally, the company must open a corporate bank account and have a stamp (known as a chop) made by a specialist. It is possible to seek help from a professional Thailand company registration agency that can handle all aspects of the application and provide an all-inclusive service. Companies approved for a BOI promotion are eligible for several benefits, including tax exemptions and reduced requirements for work permits and visas.
Business Feasibility Study
The business feasibility study is a necessary step before the BOI can approve your company. It will assess the potential risks, challenges, and opportunities associated with your project or business idea.
The next step in the process is to prepare a business plan. This document will describe how your business will be structured, operated, and grown. It will also serve as a tool for securing financing.
Once your forms are submitted, you will be scheduled for an interview with a BOI officer. Depending on your business category, you may have to attend several interviews and provide additional documentation. If your company is approved, it will receive a variety of non-tax benefits. These include being able to import machinery and raw materials at reduced rates and avoiding income tax for a fixed period.
Application for Promotion
Once the company has been approved for promotion, it will receive a certificate from BOI within 10 working days. This document details a number of conditions that the business must observe. Foreign employees of BOI-promoted companies may also receive a shorter process for applying for work permits and visas.
Companies approved for BOI privileges are eligible for various tax benefits, including income tax exemptions for a specified period. They are also given preferential access to skilled labour, reduced requirements for supporting work permits for foreign workers and more.
Moreover, BOI-promoted companies are allowed to use local service providers instead of overseas ones, which saves time and money. Ultimately, the BOI scheme helps promote sustainable foreign investment in Thailand while enhancing the country’s economic competitiveness.
Registration with the Department of Business Development
Once the articles of association are finalized, you can proceed to register your company with the Department of Business Development. This process may take up to six months. The DBD will verify that your application forms are complete and that you meet the minimum capital requirement of 1M+ THB.
Following approval, the BOI will provide incentives. The incentives include tax breaks lasting up to thirteen years, exemption or reduction of import duties on raw materials and infrastructure installation costs, and more. Non-tax benefits include 100% foreign ownership and a simplified process for work permits and visas.
The BOI is a government agency dedicated to driving economic growth through foreign investment. It maintains offices around the world to promote Thailand as a manufacturing hub and encourage FDI in areas of strategic importance to the country.
Registration with the BOI
The BOI is a government organization under the Office of the Prime Minister that promotes foreign investment into Thailand and Thai overseas investments. The BOI is a vital tool in Thailand’s economic development, maintaining offices worldwide to attract foreign capital.
The office is particularly supportive of businesses that can boost the country’s manufacturing and exports, especially in fields like e-commerce platforms and electronic payments. Additionally, enterprises that have a high degree of foreign ownership are granted priority by the office.
Companies that register with the BOI are offered a long list of privileges and incentives, including corporate income tax exemptions and relaxed rules regarding work permits and visas. However, it is vital to seek guidance from legal and business professionals to ensure that your company qualifies for these benefits.