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Thailand Board of Investment Incentives for International Events
23/04/2024
Thailand has become a first choice destination for international events. With its well developed infrastructure and great location, Thailand is well placed to achieve its goal. To further enhance its position as a global event hub, the Thailand Board of Investment (BOI) has recently unveiled a range of incentives for international event organisers. These incentives aim to attract more events to the country and boost its economy.
In this blog post, we will explore the various incentives offered by the BOI and how they can benefit event organisers.
Key points
- The Board of Investment (BOI) offers tax exemptions/reductions, financial support, and streamlined processes to attract more international events to Thailand
- Tax incentives include exemptions on corporate income tax, import duties on event equipment, and VAT on services for event participants
- Financial support is provided through grants, low-interest loans, and access to investment promotion funds to cover event organisers’ upfront costs
- BOI has a dedicated team to assist event organisers in obtaining necessary permits and licences, streamlining administrative processes
- To be eligible, event organisers must submit a proposal detailing the event concept, expected economic impact, and benefits for Thailand, which BOI evaluates
What is the BOI?
Thailand’s Board of Investment is a special government agency that focuses on promoting foreign investment within Thailand. A BOI promotion removes many barriers to doing business in Thailand, such as the restrictions of the Foreign Business Act.
More detailed information relating to the Foreign Business Act can be found here.
Furthermore, the BOI provides the following incentives for qualifying projects that could offer significant advantages to qualifying companies.
Incentives available include:
- 100% foreign ownership
- Reduced requirements for hiring foreign staff
- Permit to own land
- Streamlined visa and work permit processes
- Permit to remit money abroad in foreign currency
Tax Incentives are available for certain business activities and promotions as well. Examples include:
- Exemption or reduction of import duties
- Exemption of a juristic person’s income tax and dividends
- Double deductions from the costs of transportation, electricity, and water supply
- Up to Eight-year corporate income tax exemptions
For more information about the BOI, please check the following blog posts:
Why are International Events Important to the Thai Economy?
International events could play an important role in the development of Thailand’s economy. International events are an opportunity to attract visitors from around the world and contribute significantly to various sectors such as tourism, hospitality, and transportation.
International events also help showcase Thailand’s culture, attract foreign investment, and promote the country as a global business hub.
What are the Incentives Offered by the Thailand Board of Investment for International Events?
The BOI offers a range of incentives to international event organisers, including tax benefits, financial support, and streamlined administrative processes. These incentives aim to reduce the cost and complexity of organising events in Thailand, making it a more attractive destination for event organisers.
Tax Exemptions and Reductions
Event organisers registered with the BOI are eligible for tax exemptions and reductions on various activities related to event organisation.
This includes exemptions from:
- corporate income tax,
- import duties on event-related equipment,
- and value-added tax (VAT) on services provided to event participants.
These tax incentives can significantly reduce the overall cost of organising an event in Thailand.
Financial Support
The BOI also provides financial support to event organisers through various channels. This includes:
- grants,
- low-interest loans,
- and access to investment promotion funds.
The financial support is offered by the BOI as a way to assist event organisers in covering their upfront costs, such as venue rental, marketing expenses, and logistics. By offering financial support, the BOI aims to attract a wider range of events to Thailand and promote the growth of the event industry.
Streamlined Administrative Processes
Organising an international event involves dealing with various administrative procedures and permits. The BOI aims to streamline these processes by providing a dedicated team of experts who can assist event organisers in obtaining the necessary permits and licences.
Who is Eligible for this Promotion and what is the Criteria and Application Process?
To be eligible to receive the incentives offered by the BOI, event organisers need to meet certain eligibility criteria and follow a specific application process. The eligibility criteria may vary depending on the type and scale of the event. Event organisers are required to submit a detailed proposal outlining the following:
- the event concept,
- expected economic impact,
- and benefits for Thailand.
The BOI will evaluate each proposal based on its economic and social significance before granting the incentives.
How can Belaws help?
For more information about the BOI in Thailand, why not talk to one of our experts now?
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
Why should I consider organizing an international event in Thailand?
Thailand offers a combination of world-class infrastructure, stunning locations, and attractive incentives from the Board of Investment (BOI) to make it an ideal destination for international events. The BOI provides tax exemptions, financial support, and streamlined processes to make event organization smoother and more cost-effective.
What kind of incentives does the BOI offer for international events?
The BOI offers a range of incentives including tax exemptions on corporate income tax, import duties, and VAT, as well as financial support through grants and low-interest loans. Additionally, they provide assistance with administrative procedures to streamline the event organization process.
How can the BOI help with event organization?
The BOI offers dedicated support to event organizers, assisting with obtaining necessary permits and licenses, and providing guidance throughout the event planning process.
What are the eligibility criteria for BOI incentives?
To be eligible for BOI incentives, event organizers typically need to meet specific criteria related to the event’s scale, economic impact, and benefits for Thailand. A detailed proposal outlining the event concept and expected outcomes is usually required.
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