Board of Investment (BOI) Establishment in Thailand

1. What is BOI?

The Thailand Board of Investment (BOI) is a government agency under the Office of the Prime Minister. Its goal is to promote foreign and domestic investment in targeted industries that contribute to Thailand’s economic development.

2. Benefits of BOI Promotion

Companies approved by the BOI enjoy several benefits, including:

• Tax Incentives:
  • Corporate income tax exemption for up to 13 years.
  • Exemption on import duties for machinery and raw materials.
  • Additional tax deductions for infrastructure development.
• Non-Tax Incentives:
  • 100% foreign ownership in certain sectors.
  • Permission to own land (for business purposes).
  • Simplified visa and work permit processes for foreign staff.
  • No restrictions on foreign currency remittance.
• Business Facilitation:
  • Streamlined application processes and support with permits and licenses.
  • Advisory services for navigating Thai laws and regulations.

     

3. Industries Eligible for BOI Promotion

BOI targets industries that align with Thailand’s development goals. These include:

• Technology and Innovation
• Smart Electronics
• Automotive and Electric Vehicles (EV)
• Food and Agriculture
• Medical and Health
• Digital Economy and Software Development
• Renewable Energy and Environment
• Tourism and Hospitality
• Logistics and Transportation

For a full list, consult the latest BOI announcements or policies.

4. Steps to Establish a BOI Company

1. Understand Eligibility:

   • Ensure your business falls under a BOI-promoted activity.
   • Check requirements for capital investment, employment, and project feasibility.

2. Prepare a BOI Application:

   • Develop a detailed business plan, including projected investment, technology use, and economic benefits to Thailand.
   • Submit the application via the BOI’s online platform (e-Submission).

3. BOI Approval Process:

   • Initial review: BOI officers assess your application.
   • BOI interview: You may be asked to present your business plan to the board.
   • Approval: Once approved, you will receive a BOI promotion certificate.

4. Incorporate the Company:

   • Register the company with the Department of Business Development (DBD).
   • Fulfill the BOI’s conditions, such as minimum investment requirements.

5. Apply for BOI Benefits:

   • Register for tax incentives with the Revenue Department.
   • Apply for work permits and visas for foreign staff via the BOI One-Stop Service Center.

      

5. BOI Requirements and Conditions

• Minimum Capital: Typically at least 1 million THB for foreign companies, though higher amounts may be required for specific industries.
• Employment: Certain projects may need to hire Thai nationals as part of their workforce.
• Technology Transfer: The BOI encourages knowledge and technology transfer to Thai employees.
• Reporting: BOI companies must submit periodic progress and compliance reports to the BOI.

6. Common Challenges and How SiamConsult Can Help

1. Complex Application Process:
   • Preparing a BOI application can be time-consuming and requires detailed documentation.
     
     
2. How We Help: SiamConsult assists in drafting your application, creating business plans, and ensuring compliance with BOI standards.
   
   
3. Compliance with Conditions:
   • Businesses must meet BOI requirements post-approval to retain benefits.
   • How We Help: We provide ongoing support to ensure you meet all obligations, including reporting and auditing.
     
     
     

Visa and Work Permits:

• Navigating immigration rules for foreign employees can be challenging.
• How We Help: We simplify the process through the BOI’s One-Stop Service Center.

7. Timeline for BOI Establishment 

• BOI application and approval: 3–6 months
• Company registration: 1–2 weeks
• Applying for BOI benefits (e.g., tax exemptions, work permits): 1–3 months
  
  
  

8. Why Choose BOI?

Setting up a BOI-promoted company is ideal for businesses looking to:

• Access tax breaks and financial incentives.
• Enjoy streamlined processes for visas, permits, and licensing.
• Gain a competitive edge by operating in Thailand’s priority industries.

9. How SiamConsult Can Assist

We provide end-to-end services for BOI establishment:

• Feasibility assessment and eligibility checks.
• Application preparation and submission.
• Support during the BOI approval process.
• Company registration and compliance management.
• Visa and work permit facilitation.
• Ongoing advisory services to maintain BOI privileges.
  
  

Contact SiamConsult today to find out how we can help you establish a BOI-promoted company and take advantage of Thailand’s investment opportunities!