Comments Off on Seminar on BOI promotion with a full house of Bangkok business professionals
FRANK Legal & Tax hosted a seminar on BOI Promotion for Tech Startups, attended by a full house of businesspeople working in the tech and digital sectors in Bangkok.
The event provided an opportunity to explore BOI promotion related to the tech industry in Thailand and gave insights into the various BOI categories that are relevant to IT, software development and tech business.
The audience asked a number of questions based on their own experiences of planning or trying to pursue BOI promotion in Thailand.
The event was a success, drawing attention to the importance of the rule of law in doing business in Thailand, and raising awareness of the ways in which business people in Bangkok can take advantage of BOI promotion.
FRANK Legal & Tax looks forward to continuing events related to important legal issues and we welcome any questions you may have about doing business in Thailand by contacting us at [email protected]
Comments Off on Seminar on BOI Promotion for Tech Startups, Bangkok, 21 August 2019
Starting a Business in Thailand is much easier when the Board of Investment (BOI) promotes you. Our next event will provide an opportunity to explore the BOI promotions related to the tech industry in Thailand. Our experienced Lawyers will be starting with a big-picture view of foreign business licensing in Thailand, which will be followed by insights into the various BOI categories that are relevant to IT, software development and tech business. In addition, our Managing Partner, Fabian Doppler will briefly discuss the legal process for start-ups in Thailand.
Fabian Doppler is a founding partner of FRANK Legal & Tax, Bangkok. He focuses his practice on corporate and commercial law, as well as real estate law, advising clients on a number of regulatory, compliance and transactional matters. He has developed a specialty in providing advice in the areas of corporate legal structuring, licensing and contract negotiations for foreign direct investment in Thailand. He counsels discerning corporate clients at C-level, from the point of planning the market entry and support in the operational phase through to successful resolutions of legal disputes.
Rangsarit Suwanarat – Specialist Corporate law
Rangsarit Suwanarat is a Thai attorney with more than four years of litigation experience and more than three years of corporate experience. He has represented individuals and juristic person clients in civil cases and represented a foreign company in a rehabilitation case at Thai Bankruptcy Court. Mr. Suwanarat supports company registrations for Thai and foreign clients, trademark registrations, applies for foreign business licenses, juristic person life insurance, brokerage license as well as applies for Board of Investment Promotion. He has developed a specialty in contract drafting and providing advice on taxation
The meeting will be on August 21, 2019 at 6.30pm at the Novotel Bangkok Ploenchit Sukhumvit, 566 Phloen Chit Rd, Lumphini, Bangkok 10330 (see Google Maps: https://goo.gl/maps/UuPgNhKgBmN2)
FRANK Legal & Tax regularly hold public events, designed to support the business community in Bangkok.
Comments Off on Thailand’s Promotion of International Trading Centers
Under the Foreign Business Act (FBA), the business activities of foreigners in Thailand are restricted. Fortunately, there are various possibilities to obtain official permissions and programs to enhance international business in Thailand.
Thailand as a regional business hub and a leading center of commerce in Southeast Asia offers a wide range of incentives especially for International Trading Centers (ITC).
ITC’s are companies incorporated under the laws of Thailand with the objective of purchasing and selling goods, raw materials and parts or providing international trading services to other companies incorporated under foreign laws.
To boost its position as the largest economy in mainland SEA, Thailand offers the following programs for ITCs:
BOI Promotion for International Trading Center
The Board of Investment (BOI) was established pursuant to the Investment Promotion Act for purposes of promoting certain foreign and domestic investments in Thailand.
Incentives offered by BOI for ITC activities:
Permission to bring in skilled personnel and experts into the Kingdom
Permission to work in investment promoted activities
Permission to own land
Exemption of import duty on machinery
Exemption of import duty on raw materials and parts used in the production for export
Regarding the key requirements for application, an ITC shall have not less than 10 Million THB paid-up capital.
RD Promotion for International Trading Center
ITCs may also be eligible to apply for certain tax privileges offered by the Thai Revenue Department (RD). The definition of ITC is set forth in the Royal Decree No 587 issued under the Revenue Code B.E. 2558.
Incentives offered by RD for ITC activities:
Corporate tax exemption for 15 years on any income derived from ITC activities
Personal Income Tax reduction to 15% on gross income and benefits for expatriates working in an ITC
Final Tax Exemption for dividends paid by the ITC to a company incorporated under foreign laws with no business in Thailand
In addition to the key requirements for the BOI promotion application, the expenses for operating in Thailand must be at least THB 15 Million per year.
The ASEAN is a fast-growing region. The programs shall leverage Thailand’s economy and stimulate international business. Incentives for ITCs is an excellent tool for bringing international trading to Thailand.
Comments Off on BOI Announces Decision Over New Promotion Strategy
On 19 August 2014, the Thai Board of Investment (“BOI”) has announced a decision on the new strategy for investment promotion and a plan for the next 7 years. The new BOI policy aims at strengthening Thailand’s competitiveness, creating value for the industrial sector, and shifting the country to a high-income nation. It is expected to take effect at the beginning of January 2015. Since January 2013, detailed plans for such new strategy have been published and discussed widely, including new criteria for evaluating and measuring investment projects. The BOI plans to introduce merit-based incentives, and clusters – if the changes are realized, they will likely result in cutbacks in the overall volume of BOI incentives and they will certainly constitute a fundamental change of the BOI’s policy.
More details are expected to be announced by the BOI during road shows from October until December. We will keep you informed on this news blog.
Comments Off on Discussion about Reduction of BOI Promotion Continues
Following a controversial debate, the Thai Board of Investment (“BOI”) has decided to postpone the implementation of a new BOI policy which was scheduled to be announced in March and to come into effect in June this year.
The BOI earlier gave notice of its intention to change their foreign investment promotion policy following a Cabinet resolution dated 11 October 2011, and asked for comments and recommendations from the private sector. The proposals have been presented as a draft and are subject to further revision. However, foreign investors are alarmed – if the changes are realized, they will result in significant cutbacks in the overall volume of BOI incentives and a fundamental change of the BOI policy.