What is BOI (Board of Investment) ?
The Office of the Board of Investment (BOI) was established in 1997, they are the official investment promotion agency in Thailand, providing both local and foreign investors the information and services they need to know about investing in the country.
The Office of the Board of Investment (BOI) is a government agency under the Office of the Prime Minister. Its core roles and responsibilities are to promote valuable investment, both investment into Thailand and Thai overseas investment.
Investors can rely on the BOI to help them reduce the risks that come with investing in Thailand as well as minimise the costs associated with their investment and know the options available to improve acquisition of their return on investment.
Benefits of Having a BOI Promotion in Thailand.
BOI Promotion Certificate, you will be granted tax incentives, such as:
✅ Corporate Income Tax Exemption ;
- For business activities related to infrastructure, technology, or research and development, corporate income tax exemption will last for eight years.
- For business activities involving innovative technology for Thailand’s development, corporate income tax exemption will last for five years.
- For business activities contributed to Thailand’s domestic resources, corporate income tax exemption will last for three years.
✅ Cost of Import Duties Reduction or Exemption.
✅ Reduced Dividends Payable to Shareholders Taxation.
BOI Promotion Certificate, you will be receive non-tax incentives , such as:
✅ 100% fully owned by a foreign entrepreneur.
✅ Visa and work permit without the need to meet the four (4) Thai employee per permit requirement.
✅ Permit to bring into the Kingdom skilled workers and experts to work in investment promoted activities.
✅ Permission to have complete ownership of land.
✅ Permit to take out or remit money abroad in foreign currency.
The business categories of activities eligible for promotion is assembled from the various announcements, details of which an investor is encouraged to thoroughly review before applying for BOI promotion as below;
1. Agricultural, Bio and Medical Industries is Agro & Food Industry, Medical Industry and Biotechnology Industry.
2. Advanced Manufacturing Industries is Machine Industry, Automotive Industry, Electronics and Electrical and Defense Industry.
3. Basic and Supporting Industries is Mining Metal & Material Industry, Chemical & Petrochemical, Paper Industry, Energy, Utilities & Environmental Industry and Industrial Area Development.
4. Digital, Creative Industries and High Value Services is Creative Industry, Digital Industry, Smart City Development, Logistics Industry, Professional Services and Tourism Industry.
Steps to BOI Promotion Application
Step 1: Have a feasibility study And Preparing the application to format BOI
During the initial stage of application, you will need to present your BOI idea to government officials. They will study your proposal and judge whether it will be successful or not. For the documents consists of two parts ;
Business plan – the business plan aspect concerns business projection regarding your future expenses, clients, sales, marketing, employees requirements and hiring, etc.
Project plan – this aspect is tied to the promoted industry of your business and requires information about your work processes, what value you are creating, details of the product/services to be developed, hardware, software, machinery to be used in the production, how the product is going to be used, etc.
Step 2: Submitting the application to BOI
Once the BOI plan has been reviewed and revised, we will send the necessary documents with the application form and submit it to government officials. After the submission of your application, the government officials will process the request.
- For investments less than 200 million THB, the BOI promotion consideration period will take up to 60 working days.
- For investments of more than 200 million THB, BOI plan approval will take up to 90 working days.
- For investments greater than 2,000 million THB, consideration and approval by the subcommittee and the BOI board will take up to 120 working days.
Step 3: Get board approval and company registration
The BOI offices will notify you through a written letter regarding the approval of your business plans and the BOI benefits to be granted. After receiving a positive resolution from the BOI, businesses have generally six (6) months to register with the DBD.
Step 4: Issuing the BOI certificate
After issuance of the BOI certificate is conditioned by the company completing its registration in Thailand and showing a proof of funds.
Step 5: Apply Visa and work permit
Once the BOI promotion certificate has been issued to you, you have to register your company through an e-expert system before bringing in foreign employees.
Step 6: Comply with Standards
After receiving the promotion certificate, you need to meet the following standards and report to the BOI:
✅ Importation of machinery and other equipment within 30 months to receive import duties tax reduction.
✅ Company construction and installation of equipment must be completed within 36 months.
Step 7: Submit Accounting Reports
Every BOI company registered in Thailand must comply with accounting standards and reporting protocols. BOI inspectors and revenue department officials will strictly monitor your transgressions to ensure that your company follows basic reporting of Value Added Tax (VAT), Withholding Tax (WHT), and Social Security Fund (SSF).