There are several steps to follow when applying for Board of Investment (BOI) approval in Thailand. These include a detailed presentation, preparing a business plan, and meeting with the BOI officials. You may also need to provide additional information. Generally, the BOI wants to meet with you in person before you can proceed.
Before you submit an application to the BOI, you need to research the requirements for your specific project. You can find information on these requirements on the BOI’s website or by visiting their offices around the world. You also need to prepare the necessary documentation. Then, within 10 days after your application is submitted, you should schedule an interview with the BOI to discuss your proposal in more detail and address any concerns.
Next, you must register your company with BOI Thailand and make sure that it has a minimum of three shareholders. You should also make sure that you are a shareholder and a director of your new company. You should then transfer money from overseas to your new company. The amount of money you must transfer must be equal to 25 percent of the company’s registered capital. When transferring money, ensure that you include your name as the sender and the name of your company. Once your application is approved, you can proceed with credit advice.
The Board of Investment in Thailand (BOI) offers various tax and non-tax incentives to promote investment projects in Thailand. Its aim is to develop Thailand’s industrial base, nurture local skills and promote business opportunities. Incentives offered by the BOI include lower import duties on raw materials, exemption from import duties on essential goods and utilities, and lower cost of business permits and licenses.
Foreign investors should register their business with the BOI to benefit from tax exemptions for up to eight years. They can also enjoy reduced corporate taxes. If they plan to import machinery and equipment, they should consider applying for BOI. This will reduce the costs of importation, which can be expensive. Furthermore, companies that are registered with the BOI will be exempt from the costs of exports and production.
BOI Tax Incentives
There are a number of tax incentives available to foreign and domestic investors who wish to invest in Thailand. Some of the benefits available to foreign investors depend on the type of business that they are planning to start. These incentives can include a reduction in import duties, exemption from import taxes, and a number of other incentives. There are also special conditions that must be met for an investment to qualify. For example, the company must invest a certain amount of money into the business in order to qualify for tax incentives.
In addition, foreign and local companies can also benefit from the BOI’s support. The Board of Investment can help foreign and local companies obtain the necessary permits and licenses to do business in Thailand. It also facilitates the fast processing of non-immigrant visas and work permits. It can also grant foreign companies freehold land in Thailand if the project involves industrial production.
Foreign Ownership Limitation
Foreign ownership limits are part of Thailand’s laws, which restrict foreign ownership in many specific industries. Under the Foreign Business Act (FBA), up to 50% of foreign ownership is restricted in some sectors. These sectors include banking, insurance, shipping, and telecommunications. Foreign investors should research the restrictions before starting a business in Thailand.
Foreign ownership limits are usually less than 50%. However, in some cases, foreign investors can hold more than 50% of a Thai company. Companies that have more than 50 percent foreign ownership may be considered joint ventures.