There are numerous benefits for starting a BOI-based business in Thailand, whether you’re looking to start a new company or even start a new one. The main benefit of an BOI company is the tax incentives it could offer. But, it is important to remember that a BOI is not employed for all business operations.

Benefits of registering the BOI business in Thailand

A BOI company is an excellent method to set up a Thai business. A BOI company is able to bring in foreign workers and experts for research or projects. It takes less than one day to process your company’s work permits or visas. BOI One-Stop Service Centres for Work Permits and Visas can also handle the process for you, thereby saving you numerous trips back and forth between the Immigration Department and the Ministry of Labour.

Another benefit of being a registered BOI company is that you are able to receive many incentives. These advantages can be beneficial to both new and existing projects. They include tax exemptions up to 18 years old, free ground, and the capability for foreign experts to be hired without quota. Additionally, you’ll be able to enjoy the benefits of advantages that are time-sensitive, such as an expedited Thailand visa process.

Tax incentives offered by a BOI business in Thailand

BOI companies in Thailand can benefit from a variety of tax incentives. They are first able to enjoy tax exemptions on imported goods and raw materials. The exemptions are generally valid for a specified period and can be extended by the Board of Investment. Another advantage is that companies could be eligible to receive double deductions for their transportation and utility bills. They may also get tax breaks for water and electricity.

BOI approval thailand provided by BOI-owned companies in Thailand differ according to the industry. They are designed to increase investments in certain industries. Projects in the electrical sector are eligible for tax exemptions ranging from to eight years. Additionally, projects in the priority industrial zones will get tax breaks for up to 8 years.

Business activities not permitted by a BOI company in Thailand

It is important to decide what kind of business you want to run before you create a BOI company in Thailand. Different types of businesses have different requirements and procedures. It is best to consult with an attorney before deciding which BOI business setup is right for you. You must also be acquainted with the rules and regulations if planning to conduct business in Thailand.

You should be aware that opening an BOI business in Thailand requires a substantial amount of investment capital. This capital is the total amount the company owner and any other shareholders invest into the company. To start a BOI company, you must have at least one million baht invested in capital. This amount can be in the form of physical assets, cash, or any combination of both. Note that you cannot utilize your land as an investment capital neither can you utilize the value of your personal property as your investment capital.

Time period for the approval of BOI request. BOI request

When applying for an BOI an applicant must be aware of the deadline for approval. Although there is no time limit for approval of a BOI request generally, it’s between four and twelve months. In case of an unexpected delay, the applicant should submit a letter of explanation to the BOI Thailand. After review of the letter, BOI Thai may give a four-month extension. This extension cannot be granted more than one time.

The process for applying for a BOI begins by filling out forms that correspond to the kind of business you want to start. The forms are available at the BOI headquarters in Bangkok, or via an online investment platform. These forms typically consist of 8 to 10 pages. They will ask questions regarding the company’s shareholders and investment strategy. It is crucial to take your time when you fill out each part of the form.