Registering a Company Under the Thailand Board of Investment

Registering a Company Under the Thailand Board of Investment is a special program that provides tailored incentives for foreign and local entrepreneurs. Benefits include 100% foreign ownership, corporate income tax exemption for certain activities, and a simplified process for obtaining work permits.

This can be a worthwhile option for companies that want to operate in the country. But it’s important to seek professional advice before applying.

Company Registration

A company registered under the Thailand Board of Investment is granted a range of privileges, including tax exemptions and reduced requirements for work permits. This makes BOI companies ideal for foreign entrepreneurs who want to establish a business presence in Thailand.

However, there are a number of important considerations when setting up a BOI company. These include the types of activities eligible for BOI promotion, the application process, and the required documents. It is best to consult with an experienced business advisor or lawyer to ensure that your company meets the BOI's requirements.

Companies that receive BOI promotion are eligible for a number of tax and non-tax incentives, including an exemption of corporate income taxes, and reductions in import duties on machinery and equipment. In addition, BOI-promoted companies are allowed to hire foreign workers without the requirement of a quota. However, these advantages are subject to change, so it is always best to check with the BOI about the latest incentives before investing.

Business Registration

The Thailand Board of Investment (BOI) offers incentives like tax exemptions, reduced import duties on machinery and foreign ownership approval. However, companies must meet strict requirements in order to enjoy these privileges.

The BOI application process typically involves submitting forms that relate to the company’s specific business category and a project analysis. Afterward, a BOI officer will review the applications and may request complementary information to ensure that the numbers input make sense. This back and forth usually takes up to two rounds of interviews.

Once the application has been approved, the next step is registering the company with the Ministry of Commerce. This process typically takes a maximum of 40 working days for investments equal to or less than 200 million baht and 90 working days for investments exceeding 2 billion baht. The company should also register for value added tax and corporate income tax, as well as secure work permits for its foreign employees.

Tax Registration

The BOI officer will normally inform the company of its approval within 40 to 90 working days. The length of time varies depending on the project’s investment amount. If the company has already incorporated, it may be able to apply for BOI privilege and register itself under its own name.

Upon receiving its privilege, the BOI-promoted company must comply with all requirements. This includes submitting an annual report and reporting to the BOI on the business’ performance. It must also comply with all tax regulations.

BOI-promoted companies have access to a range of benefits, including 100% foreign ownership and tax exemptions. They are also able to hire a large number of foreign workers, without having to worry about the ratio of Thai to foreign employees.

It is advisable to have a business feasibility study done before applying for BOI privilege. It could save you a lot of trouble in the long run. Juslaws & Consult is fully equipped to assist you with undertaking this process.

Social Security Registration

BOI promotes foreign investors by providing tax and non-tax incentives for a specific list of activities. The benefits include complete or majority foreign ownership, up to 18 years of corporate income tax (CIT) exemption, duty exemption on machinery and equipment used in the project, free transfer of funds from abroad and conditional permission for foreign companies to own land.

The investment incentives are intended to boost competitiveness and provide an incentive for industrial development. Activities eligible for BOI promotion must be high-technology and add value to domestic resources. The projects must also develop a high level of automation and use modern production processes.

Getting the BOI certificate involves submitting completed application forms and documents through BOI’s e-service portal. Our team can assist with drafting the required documents and pitching your business to BOI officers. We will then take care of the international fund transfer and registration process, as well as advising on post-BOI licence compliance requirements.