Registering a company under the Thailand Board of Investment means that you will be eligible for a wide range of business incentives. These incentives vary depending on the industry that you are in and may include tax exemptions or other benefits.
The BOI will focus on making businesses more competitive and innovative while also ensuring that the environment is protected. Specific rules regarding a company’s work will be established to ensure quality is retained and environmental impact is minimized.
Getting Started
The process of obtaining a BOI licence in Thailand can be lengthy and complex. Our team of legal and accounting professionals are ready to assist you with all aspects of this process. This includes preparing all documentation, submitting them to the DBD and pitching your investment proposal to BOI officers. We also ensure that your company complies with the requirements in relation to accounting, withholding tax, value added tax and yearly auditing.
Our team can also help you to choose a company name, obtain a commercial address and obtain a business license. Once your company has been approved by the BOI, we will then advise you on how to proceed with international fund transfers and obtaining a Foreign Business Certificate.
In addition to establishing a company, we will identify and verify key personnel including shareholders, officers and directors. This can provide important insights into the company’s financial backing and distribution of ownership. This is an essential part of determining if your company qualifies for the long list of BOI privileges and benefits.
Choosing a Company Name
A company name is one of the most important aspects of an incorporated business. It should be unique, reflect your brand identity and comply with the law. It is advisable to reserve a company name prior to starting the registration process. We can help you choose a suitable name and check if it is available.
Thailand has a good legal regime protecting intellectual property rights. Patents are granted within six to eight years from the filing date. Trademarks, traditional marks, and sound marks are protected by the law. DIP takes around 10 to 14 months to register a trademark.
Foreign and local entrepreneurs who are certified as BOI promoted companies can enjoy a host of tax incentives and non-tax benefits. For example, they can have the company’s assets transferred abroad in foreign currency and they can bring in foreign expertise. In addition, they can receive a corporate income tax exemption for 13 years. BOI also encourages the development of small and medium enterprises and regional development projects to boost their competitiveness.
Obtaining a Commercial Address
Once a company is BOI Thailand accredited, it will be able to take advantage of a long list of privileges. These privileges are aimed at encouraging sustainable foreign business models in Thailand and supporting the Thai economy. The benefits include 100% foreign ownership, a 5-year corporate income tax exemption, reduced import duties on raw materials and equipment, a fast visa and work permit process, and the ability to bring in skilled workers without having to meet the quota requirement of hiring four Thai employees for every one foreign employee.
However, the BOI registration process is very strict in that companies will only receive benefits if they are considered valuable to the Thai market. This is why companies should carefully prepare their proposals and feasibility studies before submitting their applications to the BOI. It is also important to be aware that not all applications will be approved. Companies must be prepared to face additional requests for information and requests for more details from the BOI.
Obtaining a Business License
Various BOI programs exist to suit the unique business needs of each venture. These include activity-based incentives, which align with the BOI’s master list of eligible industries; and performance-based incentives, granting extra tax benefits for investments in high-growth sectors.
Regardless of the chosen program, it’s vital to prepare and submit the correct documents. These are required to prove the company’s identity, ownership structure, capital investment, and the proposed business activities in Thailand.
Moreover, depending on the industry, special licenses or certifications might also be necessary. The path towards procuring these licenses demands a full comprehension of regulatory frameworks along with an unwavering commitment to thorough compliance practices; otherwise harmonic dissonance could ensue. Our team of specialists will help you draft the documents needed to obtain a BOI license in Thailand. They will also help you obtain the other licenses and permits required to start operations in the country. They will even advise you on post-BOI license obtention compliance requirements to ensure your company remains in good standing.