Register as a Thailand Board of Investment company
A Board of Investment (BOI) visa is a type of visa that is issued by the government of a country to foreign investors who are interested in establishing a business in that country. The BOI visa is typically issued by the country’s investment promotion agency, which is responsible for attracting and promoting foreign investment in the country. To qualify for a BOI visa, an individual must generally meet certain criteria, such as having a specific amount of capital to invest in the country and a business plan that outlines the nature of the investment and how it will benefit the country. In some cases, the individual may also be required to demonstrate that they have relevant business experience or qualifications.
Once an individual has been granted a BOI visa, they are typically allowed to stay in the country for a specific period of time, during which they can establish and operate their business. In some cases, the BOI visa may also be accompanied by other benefits, such as tax incentives or access to certain services or facilities. Overall, the BOI visa is designed to encourage foreign investment and support the development of businesses in a country, while also providing foreign investors with the opportunity to live and work in the country while they establish their businesses.
These are the main roles that the BOI Thailand has:
Promotion of investment opportunities for Thailand and other countries
Technology innovation and development in Thailand
The economic growth of Thailand should be increased
The following steps will help you apply for BOI Thailand.
There is an important step before we can begin the BOI Thailand application process. We will assist you with the feasibility study. We will examine your BOI project and present it to the government officials. This will give us a good idea of your project and help us decide if it is feasible. This will allow us to identify any necessary changes to your BOI plan prior to you submitting the application.
After reviewing your BOI strategy and plan, and making the necessary changes, after speaking with various government officials, our lawyers will prepare your application form. We will attach all required documents based on your business plan. To monitor your progress and avoid disappointment, our lawyers will submit your application forms along with the relevant documents to the government officials. Our legal counsels will make sure that your BOI company is fully certified and operating in compliance with Thai law.
Approval of the Board
After your application has been submitted to the BOI they will notify you by writing if your application is accepted or rejected after seven working days. The BOI will inform the applicant about any benefits associated with the BOI project. It is also important to remember that the BOI promotion certificate will require a separate application. After the BOI Thailand has issued the approval receipt, the applicant must fill out the details and submit them within 30 days to the BOI. If an applicant is unable or unwilling to complete the details within 30 days, he/she will need to send a clarification letter to BOI Thailand. This may allow them to extend the deadline for submitting the application. Important to note is that this extension will not be granted more than three times. It is best to submit the application on time.
Register BOI Company
It is essential that you establish a Thai company within six months of your BOI Thailand approval if you want to be eligible for the BOI promotion certificate. The following documents must be submitted to the Office of the Board of Investment in Thailand during this period:
Application form to BOI Promotion Certification
Certificate of registration for company
Memorandum of Association
List of shareholders
Certification includes the registered capital, names of authorized directors and the registered address
Bank of Thailand Investment Certificate or Recipients of Transfer of Funds from Different Countries
Technology transfer agreement
This form includes all human resources requirements
The registration form must be 8-10 pages in length and include the following information.
The total amount of your company’s registered capital and how you plan to use or invest that money
Information about your business plan, the machinery and software you will use during the execution of the project
You will need to know how many people from Thailand or other countries you are going to hire, as well as their salaries.
These are the steps or strategies that you will use to train your Thai employees
The relevant information, such as the qualifications and skills of the management team at company, is available.
Your company’s estimated revenue for the first few year
Deadline to submit documents:
The applicant must submit all documents by the deadline. If the applicant fails to submit all the documents within the deadline, he/she must send an explanation letter to BOI Thailand. They will then extend the deadline for submission. Keep in mind that the extension for documents to BOI Thailand cannot be extended for more than four months and that it can only be granted once. After receiving all documents from the Office of Board of Investment Thailand, they will issue you the investment promotion certificate for your BOI company. It is imperative that you follow all conditions in the certification.
Application for BOI Visas and Work Permits
Once the BOI promotion certificate is issued, the company must register into the eexpert system to hire foreign workers. After foreign applicants have been approved by the e-expert, they can submit their applications for the work permit or visa to Thailand via the BOI one-stop center (OSOS).
Compliance and reporting to the BOI
After receiving the BOI promotion certificates, the BOI promoted company must comply with the following requirements. Make sure you report it to OBOI.
Accounting and Reporting Protocols
Each BOI-registered company in Thailand must strictly follow accounting and reporting procedures. BOI inspectors and revenue department officials will closely monitor the company to ensure that they are following the reporting requirements for Social Security Fund (SSF), Value Added Tax, (VAT), and yearly auditing.
There are certain eligibility requirements that must be met before your company can determine if it is eligible for a BOI Promotion. If your company meets the following criteria, you are eligible for BOI promotion.
Your company is one of eight categories eligible for business.
Your company is eligible to perform activities that are related to its category
Your company meets the minimum capital investment amount
Thai law has registered your company.
Your company is in compliance with all business requirements
To determine if your company is participating in the eligible activities, you need to first understand what these activities are. You must ensure that your business falls within the following business categories in order to receive a BOI Thailand promotion certification.
Agriculture and agricultural products
Public utility and services
Chemicals, plastics and paper
Innovation and technology development
Electric appliances and the electronic industry
Machines, metal products and transport equipment
Basic metals, mining, and ceramics
Check out the list of BOI-eligible activities
After you have verified that your company operates in one of the 8 business categories above, the next thing you should check is whether your company is participating in the BOI-approved activities. If your company operates in the technology or innovation development sector, the following are eligible activities for your BOI promotion certificate.
Advanced material technology development
Digital technology development
Your company can be closer to receiving a BOI promotion certification if it performs at least one of the eligible activities. You should remember that even though your company falls within one of the eight categories that are eligible, it will not be eligible for the BOI promotion certificate.
Limited companies in Thailand are subject to certain tax regulations and tax schemes. However, if you receive a BOI promotion certificate for your company, you can benefit from the following tax incentives and non-tax benefits.
Thailand BOI Tax Incentive
Here are some tax privileges that come with BOI Promotion Certificates in Thailand
For several years, exempt from corporate income tax
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