incorporation
BOI Promoted Company
All aspects of your BOI Licence Application taken care of – saving you valuable time and resources.
What is a BOI Company in Thailand?
A BOI company in Thailand refers to a business entity that has received investment promotion from the Thailand Board of Investment (BOI). This government agency aims to attract foreign investment and boost economic growth by offering various incentives to qualifying companies. Understanding the concept, benefits, and requirements of a BOI company is crucial for entrepreneurs and investors looking to establish or expand their business presence in Thailand.
• Foreign ownership
Up to 100%.
• Tax Incentives
Corporate Income Tax exemption for some activities.
• Foreign Business License
Possibility to apply for Foreign Business Licenses to do other business activities regulated under the FBA.
• Minimum Capital Requirements
From one million THB paid-up capital (depending on the category and type of project).
• Business Restrictions
Restricted to the business activities for which the BOI Promotion has been obtained.
• Hiring of Foreign employees
No restrictions for foreign skilled employees.
Pricing
FROM
THB 180,000 *
+ 7% VAT
5 business days
(Average time from the moment
we receive complete information from you)
* + Government Fees: THB 8,500
Application handled by a corporate expert.Scope of work
- Preparing and filing documents with the Board of Investment to apply for the desired BOI licence. This includes assisting with the drafting of the required 3 year business plan and project plan.
- Answering questions in relation to the BOI Licence and application process.
- Preparing the client for all aspects of the process including the pitch to BOI Officers.
- Assisting with the international fund transfer, obtaining of the BOI License and Foreign Business Certificate.
- Advising you on the post BOI Licence obtention compliance requirements to ensure the smooth operation of your business.
Need more?
Additional services that you may need as well
What is the process for obtaining a BOI Licence in Thailand?
Be prepared for obtaining your BOI Licence with our comprehensive and free registration checklist.
Be prepared for obtaining your BOI Licence with our comprehensive and free registration checklist.
BOI Eligibility Assessment
Will your application for a BOI Licence be successful or not? Our experts will go through your business plans and let you know your chances of success.
TIMELINE
3 business days
Preparing and filing the BOI application
Our experts will take care of all aspects of the initial application including collecting and preparation of all of the required documents and filling out the application forms.
TIMELINE
1 to 2 weeks
Pitching your project to the BOI
Our experts will work closely with you and your team to make sure you are fully prepared for the pitch.
TIMELINE
1 to 2 weeks after the submission of the BOI application.
Post BOI approval and the next steps
Limited company registration in Thailand (or transferring the BOI approval to an existing company), open a bank account and transfer the required minimum capital from abroad, and application for the Foreign Business Certificate.
TIMELINE
3 weeks to Register a Limited Company, open the bank account and transfer the funds 2 weeks to obtain the Foreign Business Certificate
Frequently asked questions
What is a BOI company in Thailand?
The Thailand Board of Investment is a government supported organisation which hsa been designed to attract foreign investment in Thailand. A BOI support company can enjoy a range of benefits and incentives to help it succeed.
What is BOI approval in Thailand?
Approval from the BOI in Thailand allows qualifying companies to take advantage of many useful incentives. Such incentives include; 100% foreign ownership of a company, Tax incentives and exemptions and reduced requirements for obtaining Work Permits for foreign staff. These incentives are not available to traditional Thai company structures.
What is BOI in Thailand Visa?
Foreigners who wish to either work, conduct business or undertake investment activities in Thailand are required to apply for the relevant visa and work permit. BOI promoted companies can support visa and work permits for foreign staff and are subject to less requirements than traditional Thai companies.
What are the benefits of a BOI Licence?
Aside from specific tax incentives, the most benefits of a BOI promotion is the possibility for foreigners to hold up to 100% of the company’s shares, buy land and facilitation for visas and work permit:
| TAX INCENTIVES
Tax privileges granted by the BOI varies depending on the category and the location of the project |
|
| OTHER INCENTIVES
Other incentives are granted to all BOI project |
|
BOI Company vs. Thai Limited Company
A BOI Company gets to enjoy a number of attractive benefits over a traditional Thai Limited Company but this comes with additional scrutiny from official authorities. The key differences are highlighted below:
| BOI COMPANY | THAI LIMITED COMPANY | |
| Foreign ownership | Up to 100% | Limited to less than 50% in most activities |
| Thai to foreign employee ratio | No ratio for foreign skilled employees | 4:1 |
| Corporate income tax rate | Up to 9 years exemption depending on the nature and location of the project | 20% |
| Import of machinery | No tax. | No specific restriction if more than 50% of the capital is held by Thais shareholders |
| Reporting and audits | Regular updates and audit from the BOI Annual accounting audit | Annual accounting audit |
What business activities are promoted by the BOI?
- Agriculture and Agricultural Products
- Mining, Ceramics and Basic Metals
- Light Industry
- Metal Products, Machinery and Transport Equipment
- Electronic Industry and Electric Appliances
- Chemicals, Paper and Plastics
- Services and Public Utilities
- Technology and Innovation Development
For more information about the Promoted activities, please visit here
What is the BOI looking for when approving Licence applications?
- Promote investment that helps enhance national competitiveness by encouraging R&D, innovation, value creation in the agricultural, industrial and services sectors, SMEs, fair competition and inclusive growth
- Promote activities that are environment-friendly, save energy or use alternative energy to drive balanced and sustainable growth
- Promote clusters to create investment concentration in accordance with regional potential and strengthen value chains
- Promote investment in border provinces in Southern Thailand to help develop the local economy, which will support efforts to enhance security in the area
- Promote special economic development zones, especially in border areas, both inside and outside industrial estates, to create economic connectivity with neighboring countries and to prepare for entry into the ASEAN Economic Community (AEC)
- Promote Thai overseas investment to enhance the competitiveness of Thai businesses and Thailand’s role in the global economy
How can I get BOI in Thailand?
In order to be able to get a BOI promotion for your company in Thailand, you will need to complete the following process:
- Business feasibility study
- BOI application and interview
- Approval from the BOI and acceptance of proposed terms
- Registration of BOI company in Thailand
- Issue Work Permits and Visa
- Undertake the required reporting and compliance
- Complete the BOI accounting procedures.
Do I need a lawyer to obtain a BOI promotion?
There is no legal requirement to appoint a lawyer to obtain a BOI promotion but it is highly recommended to ensure a smooth process and increase your chances to obtain a BOI promotion. At Belaws, our expert lawyers take a pragmatic approach and will intervene only when it is strictly necessary for savvy clients. This is notably the case with young entrepreneurs applying for eCommerce or software promotion where the fees can start from THB 50,000 for limited assistance.
What is a BOI letter?
Once an application has been submitted to the BOI, they will inform the company in writing whether or not the application has been accepted. This letter is usually issued after seven working days. The approval letter will also include details about the benefits the company will be entitled to.
Can I work remotely from Thailand?
As mentioned above, anyone who wishes to work in Thailand is required to obtain the relevant visa and work permit. At the time of writing there is no visa that supports Remote Work from Thailand, it is also not possible to obtain a work permit for this purpose either.
Can a foreigner open a company in Thailand?
Yes it is possible for a foreigner to open a company in Thailand. There are also options available which allow 100% foreign owned companies as well.
Is it good to start a business in Thailand?
Thailand is an attractive option for those wishing to start a business. Thailand has a great infrastructure in place and scheme such as the BOI provide great incentives for companies to take advantage of.
How can a foreigner start a small business in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
Can I own a company in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
Explore other structures
Question Before You Begin? *
Question Before You Begin? *
Speak to our expert by scheduling a consultation on how to set up a BOI Company in Thailand with Belaws.
(*) This Conversation is intended to provide basic answers to questions you may have about the BOI Promotion. But it is not a Lawyer’s Consultation.
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