Advantages Offered by the BOI in Thailand

Updated on Saturday 06th August 2016

Advantages Offered by the BOI in Thailand Image
The Board of Investment (BOI) of Thailand is an authority that activates under the Thai Prime Minister’s Office, being the main governmental agency for encouraging foreign investment  in the country. 
 

Benefits offered by the BOI in Thailand


In order to attract more foreign investments in the country, the BOI in Thailand set in place certain benefits. These can be tax, non-tax benefits, or both, as listed below:

Tax benefits offered by the BOI in Thailand:

•    Tax holidays;
•    Deduction or exemption of import tax duties on machinery as well as raw or essential materials;
•    Deduction of electricity, transportation and water prices;
•    Deduction of the project infrastructure installation.

Non-tax advantages offered by the BOI in Thailand:

•    Foreign majority ownership of the company;
•    Foreign freehold landownership, only for industrial projects;
•    Easier procedures for work permits and visas (the One Stop visa). Our lawyers in Thailand can offer more details on this type of visa.
 

Application procedure to become a BOI promoted company in Thailand


BOI certifications are reserved for large entrepreneurs who want to do business in Thailand. The procedure itself tends to be complex, laborious, and it necessitates legal counseling in order to ensure all the criteria are met. A law firm in Thailand can make sure that your company is set up and certified according to the local legislation, making sure that the business takes advantage of the most profitable benefits set in place by the BOI in Thailand

In order to begin the procedure to become a BOI promoted company in Thailand, an application form has to be filled in. Each industry presents various forms. The application form requires details about the work process, capital investment, employees, material requests as well as the expected time frame needed to complete the business project. After it is completed, this application form is given in to an official of the BOI who reviews is, makes suggestions and transmits it to a committee which offers the BOI “package” or benefit suggestion.

If you are a foreign investor interested to open a business here and you wish to know more about the advantages offered by the BOI in Thailand, our team of Thai lawyers can assist you with the legal advice and guidance necessary. Please contact us for professional assistance.