BOI is the Thailand Board of Investment. The Board implements the business policy of the Thai government and also offers guidance and assistance for Thai and foreign businessmen, interested in setting up business in the country.
The Thailand BOI offers some incentives to encourage businessmen to setup companies in economic activities that contribute to the growth of Thailand economy. Some of the incentives provided by BOI are
- Tax based incentives
A company promoted by Thailand BOI enjoys numerous tax advantages. The company enjoys reduced or exempted import duties and can also be exempted from the Juristic person’s tax and dividends. Such companies can also claim substantial deductions for regular maintenance expenses like electricity, water and infrastructure expansion. The board also offers corporate income tax exemption for eight years, for companies engaged in research and development, infrastructure development and companies focussed on developing advanced technologies that add value to the local economy. Companies which indulge in high tech activities necessary for Thailand’s growth and development receive a five year exemption from the corporate Income tax and companies with low tech activities, which aid in creating value to the local supply chain and domestic resources receive a three year exemption from the corporate income tax.
- Other incentives
Apart from the tax-based incentives, companies registered with Thailand BOI also enjoy other benefits. They can hire foreign workers and can apply for one-stop visa service to process the work permits and non-immigrant visas of the foreign workers. Some companies can also benefit from the freehold landownership provided by the BOI to industry related businesses. The BOI also offers protection to the businesses from being nationalised. There are othertime-based incentives declared by the BOI from time to time to benefit the new and already registered companies.
How to setup a BOI company in Thailand
Foreign national interested to set up Thailand BOI promoted companies should apply with the board. They should submit an application form to the BOI according to the type of industry, in which they are interested. The BOI gives priority to industries based in technology and innovation, manufacturing and exports as they contribute to the growth of the economy. The board also promotes nursing homes, movie productions etc.