A successful BOI application can provide a significant amount of benefits for your business. The application process however is very complex and can be frustrating without the assistance of experienced lawyers.
What is BOI in Thailand?
The Board of investment (BOI) was established in Thailand in 1997 with the intention to attract valuable investments from both foreigners and local entrepreneurs who are interested in the agencies promoted activities. Under this policy, eligible businesses that fulfill the criteria by the Board of Investment may receive tax- or non-tax incentives.
BOI Company Benefits
BOI Certification provides a range of benefits for companies including:
Foreign Majority Share
Foreigners are allowed to have more than 49% percent of share ownership. Even 100% Ownership
Foreigners are permitted to own land
Corporate income tax exception, exceptions or reductions on import duties, double deductions on transportation, water and electricity costs. 25% deduction on the cost on construction of facilities.
More lenient visa and work permit regulations
Multiple work permits, without the need to hire 4 Thai employees per work permit, possible.
Permission to bring in skilled workers and experts to Thailand.
Thai Limited Company vs Board of Investment Company
Up to 100%
Effective Corporate Tax Rate
Thai To Foreign Employee Ratio
Import of Machinery or Raw Material
Duty Free or Reduction of import duty
Construction Cost of Facilities
No additional deductions
Additional 25 % Deduction on Construction Cost
BOI promoted Industries
In order to enjoy the benefits offered by the Board of Investment, local or Thai entrepreneurs must fall under the following categories:
Agriculture and Agricultural Products
Mining, Ceramics and Basic Metals
Metal Products, Machinery and Transport Equipment
Electronic Industry and Electric Appliances
Chemicals, Paper and Plastics
Services and Public Utilities
Technology and Innovation Development
BOI Company Application Process:
Step 1: Preparation of the BOI Application including feasibility study and research of your Project.
Step 2: Submission of the BOI Application and all required documents
Step 3: BOI Presentation and Evaluation
Step 4: Approval or Non Approval of BOI Application
Step 5: Registration of BOI company after successful Approval of Application
Step 6: Work permits and Visa
Step 7: BOI Report and Compliance
*Please note that the application process for BOI Certification can take a long time and is usually reserved for large investors. Unforeseen complication may arise, due to the complexity of the certification process. It is therefore vital that the application is conducted with the assistance of experienced lawyers.