BOI APPLICATION LAWYERS THAILAND

Drive Business Success in Thailand With Expert BOI Lawyers

Unlock unparalleled opportunities in Thailand with BOI (Board of Investment) promotion—gain access to tax incentives, foreign ownership benefits, and strategic support that can propel your business to new heights. With expert legal guidance, you can fully capitalize on the BOI’s offerings and position your business for sustained growth and success.

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Experts in BOI Applications Since 2012

The Board of Investment (BOI) is a crucial government agency that facilitates and promotes foreign investment in Thailand. For businesses looking to capitalize on Thailand’s growing economy, navigating the BOI application process is essential.

FRANK Legal & Tax offers 10+ years of experience to guide you through every step of this process, ensuring you maximize the benefits available.

Our services include:

  • BOI application preparation
  • Tax incentive optimization
  • Compliance and regulatory support
  • Post-approval compliance

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Fabian Doppler

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Sireetorn Keeratiwetchakul

Partner
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What is the BOI?

The Board of Investment (BOI) is a key government agency dedicated to promoting and facilitating foreign investment in Thailand. By offering a range of incentives and support services, the BOI plays a crucial role in attracting global businesses to the country.

Here’s what the BOI does:

  • Incentives and Benefits: The BOI provides a variety of incentives, such as tax breaks, investment promotion certificates, and access to special economic development zones, all designed to make Thailand an attractive destination for foreign investors.
  • Business Support: The BOI offers comprehensive support for businesses, including guidance on project implementation, maximizing the use of promotion privileges, and navigating procedures for bringing in foreign experts.
  • Sector Promotion: The BOI actively promotes investment across various sectors, including manufacturing, services, and tourism, with targeted policies and incentives to drive economic growth.

Benefits of a BOI Promotion in Thailand

Investing in Thailand through the Board of Investment (BOI) offers a wide array of advantages that can significantly enhance the profitability and sustainability of your business. These benefits are designed to not only reduce operational costs but also provide strategic support to help your business thrive in a competitive market.

Tax Incentives and Investment Promotion

BOI promotion provides substantial tax benefits that are tailored to lower the overall cost of doing business in Thailand, making it an attractive option for foreign investors. These tax incentives include:

  • Corporate Income Tax Exemptions: BOI companies are excempted from corporate income tax for a specified number of years
  • Reduced Import Duties: BOI companies benefit from reduced or even zero import duties on machinery, raw materials, and essential goods, helping to lower production costs.
  • Tax Reductions on Dividends: BOI companies receive tax exemptions or reductions on dividends paid to shareholders

Non-Tax Benefits

In addition to tax incentives, the BOI offers a variety of non-tax benefits that are crucial for smooth business operations and long-term stability in Thailand:

  • Permission to Hire Foreign Experts: BOI companies face less hurdles when hiring foreign personell
  • Remittance Flexibility: BOI companies can remit profits abroad in foreign currency without facing restrictive barriers, ensuring ease of international financial management.
  • Tax Reductions on Dividends: BOI businesses obtain benefits related to foreign ownership of companies and land, including special permissions that allow for greater control and flexibility in your business operations.

BOI-Promoted Activities and Eligibility

The BOI promotes a variety of activities, particularly those in high-tech industries like software development, biotechnology, and advanced manufacturing. Additionally, sectors such as tourism and agriculture are also supported, making the BOI an essential partner for businesses in these fields.

The BOI promotes activities in technology and innovation development, including:

  • Manufacturing and production of high-tech products
  • Research and development of new technologies
  • Software development and IT services
  • Biotechnology and pharmaceuticals

The BOI also promotes activities in other sectors, including:

  • Transport equipment and electronic industry
  • Tourism and hospitality
  • Agriculture and food processing
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Setting Up a BOI Company in Thailand

Establishing a BOI-promoted company in Thailand offers significant advantages, including tax incentives and other benefits that can give your business a competitive edge. However, the process involves meeting specific financial and regulatory requirements, as well as navigating the BOI application process. Here’s what you need to know:

Registered Capital and Investment Requirements

To qualify for BOI promotion, your company must meet certain capital and investment thresholds.

  • Minimum Registered Capital: A minimum registered capital of 1 million THB is required to establish a BOI-promoted company
  • First Three Years: Your company must invest at least 10 million THB within the first three years of operation
  • First Five Years: A minimum investment of 20 million THB is required within the first five years
  • Compliance with Regulations: In addition to these financial requirements, your company must adhere to foreign equity restrictions and other regulatory standards set by the BOI.

The BOI Application Process

Applying for BOI promotion involves several steps, each of which is crucial to securing the benefits associated with BOI status:

Preparing and Submitting the Application

  • Document Preparation: Compile all necessary documents, including the application form and any required supporting materials.
  • Application Submission: Submit the complete application package to the BOI for review.
  • Project Presentation: Present your project to the BOI committee, outlining your business plan and how it aligns with BOI objectives.

Approval Process:

  • Committee Review: The BOI committee will assess your application and decide whether to grant approval.
  • Approval Outcome: You will receive an investment promotion certificate and other benefits if approved. The entire application process typically takes 3-6 months, depending on the project’s complexity.

Post-Approval Requirements

After your project is approved, there are ongoing requirements to maintain your BOI status and benefits:

  • Investment Promotion Certificate: The investment promotion certificate is valid for a specific period and must be renewed periodically.
  • Ongoing Compliance: You must adhere to post-approval requirements, including regular reporting to the BOI on project progress and compliance with all relevant laws.
  • Regulatory Compliance: Your BOI-promoted company must comply with various regulations, including:
  • Tax Laws: Ensure all tax obligations are met by Thai law. Our tax consultants can help.
  • Labor Laws: Adhere to employment regulations and standards. Our labor law department can help.
  • Environmental Laws: Comply with environmental protection requirements.
  • Regular Reporting: ou must regularly report on your company’s activities and progress to the BOI, demonstrating continued compliance with the terms of your BOI promotion.

Why You Need a BOI Applications Lawyer to Succeed

The BOI application process in Thailand is complex and requires a deep understanding of local laws, financial requirements, and regulatory procedures. At FRANK Legal & Tax, our expert lawyers specialize in guiding clients through this intricate process, ensuring that your application is thorough, accurate, and positioned for approval. With our experience in real estate and business law, we help you navigate the challenges and maximize the benefits of BOI promotion.

Schedule a Free 30-minute Discovery Call

Given the complexities of the BOI application process, expert legal guidance is essential. Contact FRANK Legal & Tax today for a consultation and let us help you successfully manage your BOI application.

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Our experienced team is committed to providing expert legal and tax solutions tailored to your needs. With years of excellence and a client-centered approach, we ensure your business thrives with comprehensive support.