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Thailand new investment opportunities approved by BOI
23/11/2022
Thailand’s Board of Investment (BOI) has approved new investment opportunities to support new technologies and investment applications.
When considering opening a company in Thailand, entrepreneurs should always consider applying for a Board Of Investment (BOI) promotion. Thailand’s BOI is a special government agency that focuses on promoting foreign investment within Thailand.
A BOI promotion removes many of the barriers to doing business in Thailand, such as the restrictions of the Foreign Business Act. More information on the Foreign Business Act can be found here.
If you would like to learn more about how our experts can help with you set up your company in Thailand, please take a look at our incorporation services here.
Key points
- BOI has introduced new categories designed to support the use of new technologies such as the manufacture and repair of high-precision machinery, equipment, and parts.
- These new categories come with a set of attractive incentives for qualifying projects.
- The BOI has approved plans to relax the threshold for feasibility studies to be submitted along with BOI applications.
What is the BOI?
When considering opening a company in Thailand, entrepreneurs should always consider applying for a Board Of Investment (BOI) promotion. Thailand’s BOI is a special government agency that focuses on promoting foreign investment within Thailand.
A BOI promotion removes many of the barriers to doing business in Thailand, such as the restrictions of the Foreign Business Act. While BOI companies are eligible for a variety of different incentives, 100% foreign ownership of the business and reduced requirements for hiring foreign staff are significant bonuses for companies.
These incentives could be very beneficial for foreign companies looking to establish a presence in Thailand.
What are the new incentives for supporting high-tech industries?
The BOI has approved the addition of new BOI categories designed to support the use of new technologies. Examples of new technology includes things such as the manufacture and repair of high-precision machinery, equipment, and parts.
These new categories come with some attractive incentives including:
- 8-year CIT exemption,
- 5-year CIT exemption for additive manufacturing,
- 8-year CIT exemption for the production of electronic parts using microtechnology.
Relaxation of feasibility study requirements
As part of the BOI’s efforts to streamline the BOI application process, they have approved plans to relax the threshold for feasibility studies to be submitted along with BOI applications.
The relaxation of the requirements means that feasibility studies will now only be required for projects with an investment value of 2.0 billion baht or more (excluding the cost of land and working capital). Previously any project with an investment value of 750 million baht was required to complete a feasibility study.
How can Belaws help?
Belaws has a team of expert lawyers and accountants who specialize in working with BOI companies and are familiar with all the requirements and obligations. For more information about how our experts can help you with your BOI application, please click here.
Alternatively, why not talk with one of our experts right now?
If you would like to learn more about how our experts can help with you set up your company in Thailand, please take a look at our incorporation services here.
Please note that this article is for information purposes only and does not constitute legal advice.
Our consultations last for a period of up to 1 hour and are conducted by expert Lawyers who are fluent in English, French and Thai.
Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our legal experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.
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Frequently asked questions about work permits in Thailand
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.
How much does it cost to set up a company in Thailand?
The official fees for registering a company in Thailand are THB 7,500.
How do I start a limited company in Thailand?
- Step 1: Choose and register a company name.
- Step 2: Draft and file the Memorandum of Association.
- Step 3: Call and hold a Statutory Meeting of the shareholders
- Step 4: Register the Company with the Ministry of Commerce.
- Step 5: Register the company for Value-Added Tax (VAT) and Income Tax
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 much money do you need to start a business in Thailand?
Typically, it costs between THB 40,000 to THB 60,000 (excluding VAT and Government fees) to start a business in Thailand.The official fees for registering a company in Thailand are THB 7,500.
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.
What is the biggest problem in Thailand?
The biggest problem facing foreign owned companies is being able to undertake their desired business activity as a 100% foreign owned company. Many business activities are protected by the Foreign Business Act and in order for a company to operate in these protected industries, they will be required to be majority owned by Thai Shareholders (unless a BOI promotion has been obtained).
Why is it hard to do business in Thailand?
The Foreign Business Act limits to the business activities a 100% foreign owned company can undertake. This means Thai Shareholders will need to be sought or a BOI promotion obtained in order for a company to legally operate.
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.
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