Registering a company under the Thailand Board of Investment is an important step for foreign companies looking to invest in Thailand. A BOI promoted company is eligible for several tax and non-tax incentives, including complete foreign ownership and permission to own land.
Once a company is approved, it must follow the conditions set out in their promotion certificate. If they fail to do so, they must send a letter of clarification to the BOI within 30 days (extensions are limited to three times).
Requirements
BOI offers a range of fiscal and non-fiscal incentives for businesses that meet specific criteria, including 100% foreign ownership and the right to bring skilled workers. However, the requirements may change over time, so it’s important to keep up with the changes and ensure your company meets all of the requirements before applying.
In general, companies that register under the BOI must be a limited company with shares held by at least two shareholders. The total registered capital must be at least 50,000 baht. It’s also a good idea to register for VAT and submit tax prepayment.
In order to get a BOI promotion certificate, you’ll need to submit all of the required documents within 30 days. If you’re unable to do this, you can send the BOI a letter of clarification asking for an extension. They will usually grant extensions in 30-day increments but no more than three times. The letter of clarification must also explain why you need an extension and how you plan to meet the requirements in the future.
Taxes
When a company is registered under the BOI, it can enjoy many tax benefits. These include exemption from corporate taxes for about five years, reduced import duties on raw materials and machinery, and a more streamlined process to obtain work permits for foreign workers.
Moreover, BOI-promoted companies are eligible for special deductions on research and development expenses. They can also enjoy lower costs for utilities and construction. Other non-tax incentives may be available for companies whose projects are deemed strategically important to the economy of Thailand.
The registration process can take up to six months. Founders of the company must attend an interview at the BOI headquarters in Bangkok to present their business plan. Plizz’s lawyers will prepare the business owners for this interview, which can last up to one day. Once the company is approved, it must register for a Tax Identification Number and VAT within 60 days. Then, it must register employees for social security.
Permits
A company that gets BOI certification is able to enjoy tax and non-tax incentives. This makes it a desirable option for foreign companies looking to invest in Thailand. Our team of experts can help you get registered under the BOI and achieve compliance. Our services include everything from registering your firm to facilitating work permits for expats.
The process of registering under the BOI starts with setting up an investor account and submitting all required documents. It then involves preparing an application and presentations highlighting the company’s merits and alignment with BOI criteria. Once the business has been approved, it can begin the registration process. Once the Office of the Board of Investment has received all necessary documents, it will issue the investment promotion certificate to the company. The company must then comply with the conditions outlined in the certificate to maintain its privileges. It must also abide by relevant laws and regulations to protect its assets from expropriation without fair compensation.
Legal advice
The process of registering a company under the Thailand Board of Investment can be time-intensive, and it is critical for investors to seek legal counsel. A lawyer at Plizz can help ensure that all requirements are met, and that the process is completed smoothly and efficiently.
The BOI is a government agency that promotes foreign investment in certain industries in Thailand. It provides a variety of tax and non-tax incentives to attract foreign investments. It also helps companies navigate regulations and bureaucratic procedures.
In addition, the BOI encourages businesses to create jobs in Thailand and invest in high-value projects that will benefit the country’s economy. It also offers a one-stop service center to facilitate the registration and business setup process. In addition, BOI-promoted companies can enjoy reduced corporate taxes and simplified work permit procedures for foreign workers. They can also take advantage of Thailand’s Free Trade Agreements with other countries. This can significantly reduce their global operating costs and boost competitiveness.