If you are looking to set up or expand your business in Thailand, you will want to take advantage of the many benefits offered by the BOI. The BOI has a variety of programs designed to help businesses operate more efficiently and profitably in Thailand.
What Is BOI & What Are The Benefits Of Being A BOI Company In Thailand
BOI is a government agency responsible for promoting investment in Thailand. BOI companies enjoy a number of benefits, including preferential treatment in terms of taxes and import duties, as well as other incentives such as the provision of infrastructure and the granting of permission to employ foreign workers. BOI companies also benefit from a streamlined application process for investment promotion privileges. As a result, the BOI plays an important role in attracting foreign direct investment to Thailand.
Types Of Business Activities Eligible For Promotion Under The BOI Scheme
BOI provides a range of promotional incentives for businesses engaging in eligible activities. These include investment promotion allowances, duty-free import of equipment and raw materials, income tax holidays, and preferential tariff rates. To be eligible for BOI promotion, businesses must engage in one of the following activities:
- Agriculture
- Manufacturing
- Processing Of Agricultural Products
- Animal Husbandry
- Fisheries
- Forestry
- Mining & Quarrying
- Energy Generation & Distribution
- Environmental Protection
- Tourism
In addition, businesses must make a minimum investment of 1 million Baht and create at least 10 new jobs.
Applying For BOI Status
BOI is the Thai government agency responsible for promoting investment in the country. BOI status can provide a number of benefits to companies, including preferential tax treatment and fast-track access to government services. To apply for BOI status, businesses must submit an application form along with a number of supporting documents, including a business plan, financial statements, and proof of registration. The application process can be complex, so it is advisable to seek professional assistance. However, the potential rewards of BOI status make it worth the effort for businesses that are looking to establish a presence in Thailand. The hassle-free way would be to consult with lawyers for BOI company registration Bangkok business owners have worked with.
The Process Of Obtaining A BOI Promotion
BOI is the government agency responsible for promoting investment in Thailand. To obtain a BOI promotion, investments must meet certain criteria and undergo due diligence by the BOI authorities. BOI promotions can take the form of tax holidays, exemptions from import duties, or other benefits. The amount of benefit depends on the size and type of investment, as well as the location of the project. Once an investment has been approved for promotion, the BOI will provide ongoing support and assistance to ensure that the project meets its commitments. This includes monitoring the progress of the project and ensuring compliance with conditions such as employment targets and local content requirements.
Restrictions On Activities That Are Not Eligible For BOI Promotion
BOI offers promotional benefits to encouraged activities in order to generate employment, earn foreign exchange, stimulate investment, and upgrade technology. These activities generally fall into the categories of manufacturing, agriculture, tourism, and services. However, there are certain restrictions on activities that are not eligible for BOI promotion. For example, activities that are engaged in domestic trade or retailing are not eligible for BOI promotion. In addition, BOI-promoted companies are not allowed to engage in gambling or betting activities. Finally, companies that produce tobacco products are also ineligible for BOI promotion.
While the restrictions on eligible activities may seem limiting, they are designed to ensure that BOI-promoted companies make a positive contribution to the Thai economy.
