What Do You Need to Know About BOI Thailand?

A plan for setting up a company in Thailand requires you to understand the concept of registering your company with BOI, Thailand, in detail. So, we are here with the essential information you must know during the registration process. 

About BOI Investment in Thailand

The Board of Investment was founded in 1977 and now operates under the heading of the office of the Prime Minister. BOI investment promotion is in the hands of the Government of Thailand, which devises successful investing policies for a company registered in a country. 

Objectives of BOI in Thailand

The key goals of the Board of Investment, Thailand are discussed below:- 

• BOI promotion opportunities in Thailand and foreign territories
• Advancement of technology in a country
• Increases the economic growth of Thailand

How Can You Apply for BOI in Thailand?

BOI application Thailand involves a set of procedures you must follow to register your company. They are:- 

Project study: At the initial stage, they will study your BOI project idea and present it to the government officers to give insightful reviews and inputs. If your project gets approval, you can proceed to the next step.  Board of investment Application: After reviewing your project, the lawyers will prepare an application form and attach the relevant documents according to your business plan. Then, the documents are to be submitted to the government officers. A country's legal counsel will ensure that your BOI business is certified and considers Thai law.   

Board approval: After submitting BOI application, you will get confirmation within seven days of what benefits you are getting concerning the BOI project. In addition, a separate application form is required to issue the BOI promotion certification. When you receive an approval receipt from BOI Thailand, you must fill in the details and submit it to the board office within 30 working days. 

Registration: Setting up a Thai company requires important documents submission with BOI. That includes:- 

• BOI investment promotion certification requires an application form
• Certificate of company registration
• MOA (memorandum of association)
• Names of shareholders
• Certification having registered capital, names and addresses of the authorized directors, and 
• the investment certificate issued by the Bank of Thai. 
• Technology transfer contract
• JV agreement
• A list that includes the human resource requirements

Submit the documents within the deadline to BOI, or you will be required to post an explanatory letter extending your submission deadline. 

Seek Work Permission

Once your company gets the board of Investment promotion certification, you shall be asked to register the company to the e-expert system before recruiting foreign employees. Once the foreign applicants receive approval from the e-expert system, they can send their application seeking permission for work and visa in Thailand via the BOI one-stop service center. 

Report to BOI

The BOI-promoted company is required to meet the following requirements and report them to the board office.  

• Within 30 days, you shall be required to import the machines and equipment to take advantage of reduced tax duties. 
• Get the company's construction work finished within two years and install all the machinery and equipment. 
• If you need extra time to complete the above steps, inform BOI Thailand in writing. 

Stick to Protocols

Every BOI-registered company in Thailand is required to stick with the accounting and reporting protocols. The officials of the revenue department and BOI inspector strictly monitor that the company is following every basic reporting of Social Security Fund (SSF), Withholding Tax (WHT), Value Added Tax (VAT), and yearly auditing.   

Benefits to BOI promoted company 

• For some years, your company will be free from Corporate Income Tax.
• Less expensive in terms of cost-cutting in electricity, transportation, water supply, and installation and construction facilities.
• Less or no import duties on raw materials, machinery, and essential goods. 

Final Thoughts

Investment in the board of investment in Thailand has a provision of huge investment incentives from the government. Because the aim is to decentralize the country's industrial platform to encourage local skills, thus, we can say that Thailand has more business opportunities and the social welfare of the people from rural and urban areas is set to improve.