Anyone thinking of doing business in Thailand will probably will have heard many things that are NOT possible. In fact, misinformation on the realities of doing business in Thailand are commonplace. Why? Because things have changed. Thailand’s Board of Investment (BOI) means that for foreign business owners in Thailand, things have never been better.
Imagine having a business in Thailand that can own land. The possibility of having your income tax waived for several years. Hiring a foreigner and obtaining a work permit in just 4 hours (that’s the ability to have that person working the very same day!). These are just some of the many benefits of owning a Thai company certified by the Thailand Board of Investment.
The Thailand Board of Investment is a government body aimed at encouraging foreign investment in Thailand. A Thai Company can enjoy a range of benefits from being certified by the BOI. Major advantages of setting up a BOI Company in Thailand include, but are not limited to: significant tax waivers, multiple work permits without the requirement of showing four Thai employees per permit, 4 hour processing times for work permits at out One Stop Service Center and even the ability to own land, even if the company is majority controlled by non-Thai nationals. Thanks to the BOI, for many, a successful business venture in Thailand is closer than ever. Don’t let hearsay hold you back. Get in touch with our expert team at Interactive and start enjoying the benefits of BOI certification today.
It is important to bare in mind that BOI certification is reserved for large investors seeking to conduct business in Thailand. The certification process is laborious, painstaking, and fraught with unforeseen complications. Care must me taken to ensure that all the requirements for certification are met. To avoid disappointment and wasted resources, expert assistance is essential. Private legal counsel will ensure your business is incorporated and certified in accordance with Thai law, offering peace of mind to the investor and ensuring your company gets the best possible start.
In an effort to guarantee quality service to all of our clients, Interactive only offers assistance to clients who can be fully accommodated. Depending upon the venture, the Thai BOI certification process can be extremely time consuming and if done improperly, could jeopardize a Thai Companies investments. Contact Interactive to find out if your company could start enjoy the benefits of BOI certification.
The Thai Board of Investment (BOI) was established in 1997 to attract investment from both foreign and local entrepreneurs within the industries that the BOI promotes.
The Board of Investment has put in place incentives to attract more investment, decentralize Thailand’s industrial base, and nurture local skill development in attractive industries.
The incentives offered can be divided into tax and non-tax incentives.
- Exemption or reduction of import duties
- Exemption of a juristic person’s income tax and dividends
- Double deductions from the costs of transportation, electricity and water supply
- Permits to bring in foreign skilled workers and experts
- Permit to own land
- Permit to remit money abroad in foreign currency
- Protection against nationalization of the business
The BOI will also announce a wide range of additional and often time sensitive incentives for companies already operating under a BOI license.
There are plenty of reasons to apply for a BOI license, but the procedure is time consuming and complicated. Interactive will help our clients through the application process and give recommendations on how to approach the BOI.
Contact us today to discuss your company formation and investment needs.