Board of Investment (BOI) is a government unit established to attract both Thai and foreign investors to the country. They promote certain business by giving tax and non-tax privileges.
- Tax Privileges includes reduction of corporate income tax and exempt of custom.
- Non-Tax Privileges includes right to freely 100% owned by foreigner, owning land, benefit for visa and work permit.
As mentioned above, for foreign investors, they can take an advantage from the non-tax benefits to be 100% foreign owned company without applying for foreign business license (FBL). The FBL and BOI applications are actually similar (in terms of details for filing) but not the same! The FBL is a license which requires you to obtain as a foreign company while BOI is a promotion that comes with benefits.
Some Samples of Business Eligible for BOI
The business types that they promote is adjustable almost every year depending on the current government policy, here are some samples:
E-Commerce
Trade and Investment Support Office (TISO)
Energy Service Company
Data Center
Biotechnology
Digital Technology
Production of Films
Similar to FBL application, in order to apply for BOI, you have to submit your business details such as; business model, potential suppliers and clients, budget plan, employment plan, technology transfer, etc. This is for sure a load of details and paperwork. You will also be required to have a certain amount of the capital. The BOI application will be considered by the committee of the Bord of Investment and it usually takes not less than 3 months. You will have more advantage to have an expert to help you along the process. Contact us for your consulting!