Thailand Board of Investment (BOI)

 

Board of Investment (BOI) – Specter CNC & Partners

The Board of Investment (BOI) is a critical government body in Thailand, offering a range of incentives to both local and foreign businesses looking to invest in sectors that drive Thailand’s economic growth. Companies that qualify for BOI promotion can benefit from numerous advantages, such as tax incentives, land ownership, and expedited processing for work permits and visas. At Specter CNC & Partners Co., Ltd., we specialize in guiding clients through the application process for BOI promotion, ensuring that they leverage the full range of benefits available to them.

What is BOI Promotion?

BOI promotion is a set of government incentives designed to encourage investment in specific sectors that contribute to Thailand’s economic development. The BOI provides support to businesses that meet specific criteria, offering a range of financial and operational benefits. These incentives are available to both Thai and foreign companies, making it easier to establish and grow your business in Thailand.

Key Benefits of BOI Promotion

  1. Tax Incentives BOI-promoted companies enjoy a variety of tax benefits, including:
    • Corporate Income Tax Exemptions: Depending on the project, companies can receive up to eight years of corporate income tax exemptions.
    • Import Duty Exemptions: BOI promotion can grant exemption or reduction of import duties on machinery, raw materials, and other essential inputs.
    • Exemption from Dividends Tax: BOI-promoted companies may also benefit from tax exemptions on dividends distributed to foreign shareholders.
  2. Land Ownership
    One of the most significant benefits of BOI promotion is the ability for foreign companies to own land in Thailand, which is normally restricted. BOI-promoted companies can own land for business purposes, making it easier for foreign investors to establish a presence in Thailand.
  3. Streamlined Work Permits and Visas
    BOI-promoted companies benefit from an expedited process for securing work permits and visas for foreign employees and executives. The BOI has a streamlined “One-Stop Service Center,” which handles these applications more efficiently than the regular process.
  4. Investment Protections
    BOI-promoted companies are protected from government expropriation, guaranteeing that investments in Thailand are secure. This adds a level of protection for foreign investors concerned about legal and political stability.
  5. Increased Foreign Ownership<
    In some restricted sectors, foreign companies are allowed to hold 100% ownership under BOI promotion, bypassing the usual restrictions under the Foreign Business Act.

Sectors Eligible for BOI Promotion

BOI promotion is available for businesses that operate in sectors critical to Thailand’s economic development. These sectors include:

  • Manufacturing and Industrial Production: Includes high-tech industries, automotive manufacturing, electronics, and more.
  • Technology and Innovation: Software development, research and development (R&D), biotechnology, and advanced technology industries.
  • Healthcare and Medical Services: Medical device manufacturing, pharmaceutical production, and health tourism.
  • Agriculture and Agro-Processing: Projects related to agricultural technology, food processing, and biotechnology.
  • Tourism and Hospitality: Investments in eco-tourism, wellness resorts, and luxury tourism services.
  • Logistics and Transportation: Infrastructure development, warehousing, and logistics services.

Our BOI Promotion Services

At Specter CNC & Partners Co., Ltd., we provide full legal and advisory services to help businesses navigate the BOI promotion application process. We work closely with the BOI and relevant authorities to ensure that your application is successful, allowing you to unlock the many benefits of BOI promotion.

  1. Initial Assessment of Eligibility
    Our team conducts a detailed review of your business model and proposed activities to determine if you qualify for BOI promotion. We evaluate your industry, project size, and investment to ensure alignment with the BOI’s eligibility criteria.
  2. Preparation of BOI Application
    The BOI application process requires detailed project descriptions, financial projections, and supporting documentation. Our team assists with:
    • Drafting project proposals that highlight your business’s contribution to Thailand’s economic development.
    • Preparing financial models and investment plans that demonstrate the viability and long-term benefits of your project.
    • Submitting all required legal documents and liaising with relevant agencies.
  3. Liaising with the BOI
    Our firm handles all communications with the BOI throughout the application process. We ensure that all necessary documents are submitted, and we work closely with BOI officials to address any questions or concerns that may arise during the review process.
  4. Approval and Issuance of BOI Certificate
    Upon approval, your business will receive a BOI promotion certificate, which grants you access to the full range of incentives. We ensure that your business complies with any post-approval conditions set by the BOI, such as meeting minimum investment thresholds or employment quotas.
  5. Post-Approval Compliance and Reporting
    Once BOI promotion is granted, companies are required to submit regular reports to the BOI to maintain their promoted status. We provide ongoing support to ensure that your business remains compliant with BOI requirements, including:
    • Filing progress reports and financial statements.
    • Ensuring compliance with investment timelines and employment requirements.
    • Assisting with renewals or extensions of BOI privileges as needed.
  6. Work Permits and Visa Support
    As part of the BOI promotion process, we assist with applying for work permits and visas through the BOI’s One-Stop Service Center. This service offers a streamlined process for obtaining work permits and long-term visas for foreign executives and employees.

Why Choose Specter CNC & Partners Co., Ltd. for BOI Promotion?

  • In-Depth Knowledge of BOI Processes: Our firm has extensive experience navigating the complexities of the BOI application process. We understand the nuances of Thai investment laws and work closely with the BOI to ensure a smooth application process.
  • Comprehensive Legal and Business Support: From the initial eligibility assessment to post-approval compliance, we provide end-to-end legal and advisory services. We don’t just help you get BOI promotion; we ensure you maximize the benefits over the long term.
  • Tailored Solutions for Foreign Investors: Our team specializes in working with foreign investors looking to establish or expand operations in Thailand. We tailor our services to meet the specific needs of each client, ensuring that their investment is protected and optimized.
  • Strategic Business Insights: Beyond legal services, we offer strategic advice to help businesses grow in Thailand. We align your BOI promotion with your broader business goals, ensuring that your investment delivers maximum returns.

Get Started with Your BOI Promotion Today

If you are looking to take advantage of the many benefits offered by Thailand’s Board of Investment, contact Specter CNC & Partners Co., Ltd. today. Our experienced legal team will guide you through the application process, ensuring that your business is well-positioned to thrive in Thailand’s dynamic market. We provide expert support at every stage, from eligibility assessment to ongoing compliance, making it easy for you to focus on growing your business.