If you wish to invest and establish the company in Thailand you should aware of the incentives offered by BOI Thailand (Board of Investment Thailand). BOI Thailand encourages foreigners to invest in specific activities and investment zones, and there are many Thailand BOI privileges for those who have investments in Thailand. The following are privileges granted to those who invest in Thailand:
- Permission for foreign investors to own land
- Permission to operate under 100% foreign ownership
- Exemption from work permit and visa rules
- Exemption of import duty on machinery
- Corporate income tax exemption for up to 8 years
- Deduction of Transportation, Electricity and Water Costs
- Deduction of Project's Infrastructure Installation
- Exemption of import duty on raw or essential materials used in the manufacturing of export
products for 5 years
- Permission for foreign technicians, experts and their spouse or dependents to work and stay in Thailand
The following are some promoted activities which BOI Thailand offers special privileges:
- Agriculture & Agricultural Products
- Projects with direct involvement in technological and human resource development
- Industrial zones for environmental preservation, Waste water treatment
- Mining, Ceramics & Basic Metals
- Light Industry
- Metal Products, Machinery & Transport Equipment
- Electronics Industry & Electrical Appliances
- Chemicals, Paper & Plastics
Thai BOI identifies those areas, which may hold a prospect or attraction to the foreign investor. The areas that are usually targeted by the BOI Thailand are usually lacking in attention from investing bodies, from within; and a need to promote a growth in national economy is usually aimed at. Sectors that are progressive but needing foreign investor roles will always be the emphasis of investment in any given country of the world.
The Thailand board of investment clearly marks the sectors of agriculture and industry, which are lacking financial funding from the inside, and wants the outsider to bring in funds, in order to promote growth and stability on a national level. Of course, with this, Thailand is also keen on giving investors the feel of security and reliability and worth of their money for investments they may put into this region of many splendors and raw natural beauty.
Particular areas, such as industry, have been incentives, which the Thai government is ready to give to the large investors, bringing in the country, a tremendous amount of support and boost for the economy. It is quite obvious that when business activity begins to flourish, with foreign investment coming in.
Then there is a greater boost in economic growth and national stability, even though there may be certain compromises, which must be made by the concerned country, which in this case is Thailand; by giving up land ownership or other rights which may otherwise seem undesirable or even unthinkable to grant to any foreign body.
Tila Legal will prepare an application form for the promotion certificate, then fill out and send to the Thailand BOI Office together with other documents required by Thailand BOI. This process will take approximately 4 days.
Within 10 days, you will have to make a presentation to the Thailand BOI in regards to your business plan. Our staff will accompany you to the meeting with the Thailand BOI.
Once the application has been approved, you will receive an investment promotion certificate within 60 days. The promoted company must follow the conditions laid out in the Certificate.
2nd step: Thailand Company Registration
When you get a notification of approval, we will then assist you to set up a Thai company. After registration is complete, TILA Legal will register the company's TAX ID card and VAT certificate, then submit them to the Central Filing Office of the Revenue Department.
If needed, we will prepare required documents to open a corporate bank account. The company directors will have to present themselves to the bank. This step will take approximately 1 week.
If any signatories for the bank account are foreigners, some bank will require each of the foreign signatories to submit a valid work permit prior to opening the account.
With our firm's BOI Thailand service, the application for BOI Thailand privileges is fast and easy. Your company can be free from Thai tax for up to 8 years.
Also you may need to use some of our additional services as follows;