|➤ Allowing 100% foreign ownership|
|➤ The permission to own land in Thailand|
|➤ The right to employ foreigners without imitation|
|➤ The promoted activities can benefit from a permission to transfer funds in foreign currency|
The application procedure is divided into three steps. In the first step, the company must obtain a positive “Notification of Resolution” from the BOI. In the second step, the company must obtain the “Promotion Certificate” to apply for incentives. Finally, the Company will receive the “Certificate of Commencement of Operation”.
The company must submit an application via the e-Investment platform. The application form provides general information about the applicant(s) and their investment project. In addition, the applicant must make an appointment with the BOI to present their project. This allows applicants to clarify the specific details of the investment project and to convince the BOI to approve their project. Also, the applicant will need to provide all documents related to their project and company development. After the presentation stage, the BOI applicant will prepare a report on the project, which will be submitted to the panel for review. The length of the review period will depend on the amount invested in the project. After the deadline, the applicant will receive a “Notification of Resolution” accepting or rejecting the project.
After receiving the Notification of Resolution, the applicant will have a period of one month from the date of the notification to accept it and another one year to send all the required documents to obtain the “Promotion Certificate”. The BOI will issue the “Promotion Certificate” within ten working days.
Upon receipt of this notification, the company will be entitled to all the tax exemptions and benefits of the BOI.
If you would like more information on tax exemptions for your business in Thailand from the BOI, request a free consultation with an expert. We can advise you on everything from optimal business structure, capital investment, full foreign ownership, shareholder requirements and more.