To start with, in our opinion, one of the most common misunderstandings is the same concept of “BOI company” as BOI promotes business projects, not companies.
Thailand Board of Investment BOI publishes every year a list of activities that are entitled to be promoted with Tax and Non-Tax Incentives in the sectors of:
A) Agriculture and Agricultural Products B) Mining, ceramics and basic metals C) Metal products, machinery and transport equipment D) Electronic Industry and Electric appliances E) Chemicals, paper and plastics F) Service and public utilities G) Light Industry H) Technology and Innovation development.
One of the most common attractive aspects of receiving promotion under BOI is the 100% foreign ownership so there is no need to follow the quota of 51% Thai and 49% Foreigner that is the typical shareholding structure of a limited company.
In contrast, on the other hand, one of the negative aspects is that the registration must take a minimum of 3 months before the BOI certificate is issued.
Nevertheless H&P lawyers in Thailand always recommends to apply for BOI promotion if your business plan is feasible and eligible as doing business in Thailand under BOI promotion is a clear advantage in all the key aspects.
Many of these business projects are granted with Tax Incentives such as Corporate Income Tax exemptions and exemption of import duties on machinery, raw materials or essential materials. The promotion under BOI can be a decisive factor in the success of your business in Thailand so it is advisable to engage a professional law firm, such as H&P in Bangkok, to work with you in the application. On this regard the Thai law firm H&P can assist you on the following professional works:
-Studying the eligibility of the business plan under BOI
-Preparing the application and liaising with the BOI officer to amend the application if needed
-Submitting the application and presentation of the business plan to BOI
-Receiving the BOI certificate
-Assistance on Work Permit and Visa of Foreign employees
-Compliance and reporting to BOI after obtaining the certificate
To sum up, H&P proved experience and professional work directly with Thailand Board of Investment in different successful applications and projects in the last few years is a valuable asset for all our clients looking to start business enjoying these incentives.
If you need legal assistance to prepare a BOI application in Thailand, please contact our lawyers in Bangkok at [email protected]