Registering a company under the Thailand Board of Investment offers several benefits. These benefits include tax breaks and access to government services. However, the process can be complex and requires professional guidance.
To get started, you need to submit a project application to the BOI. This includes a detailed investment plan and expected benefits to the economy.
Costs
The cost of registering a company in Thailand can vary greatly depending on the type of business you’re setting up and your specific requirements. It’s important to seek legal counsel and expert support to ensure that you get accurate estimations for your costs.
Companies that register with the BOI can enjoy a range of benefits, including tax incentives and support services. In addition, foreign staff of BOI-promoted companies can obtain work permits and long-term visas through the BOI’s one-stop service center.
Companies that register with the BOI can also benefit from the government’s commitment to innovation and competitiveness. The BOI has a number of initiatives in place to make it easier for businesses to compete in the global economy, including a business law that eliminates foreign equity restrictions in manufacturing sectors and a streamlined process for obtaining long-term visas for foreign employees. These incentives are designed to help the country grow its economy, increase its competitiveness, and create more jobs for Thai citizens.
Requirements
The Thailand Board of Investment is working to make the country more competitive and encourage valuable investments. This includes bringing in new technology and ideas to improve the economy, while also taking care of the environment and people. There are various requirements for registration under the BOI, including VAT registration and compliance with the laws of the land. In order to ensure that you comply with the laws of Thailand, you should enlist the help of a business lawyer.
Foreign entrepreneurs can register a company under the BOI and get benefits such as corporate income tax (CIT) exemption for up to eight years, machinery and raw material import duty incentives, and non-tax privileges. In addition, BOI-promoted companies can hire foreign skilled workers and experts through the One-Stop Service Centre for Visas and Work Permits. These advantages will vary depending on the type of business and its location. The exact benefits can be determined by consulting with the BOI directly or a professional consultancy firm such as Tetra Consultants.
Timeframe
With a well-prepared application and professional guidance, the process for registering a company under BOI is relatively fast. For projects with a value of less than 200 million baht, the BOI office will evaluate the application within 40 days after submission. Investments with a value of over 200 million baht will require a subcommittee’s review and evaluation followed by the BOI committee.
After approval, the BOI will issue an investment promotion certificate. The company must then adhere to the stipulations outlined in the certificate. In addition, the company must register with the e-expert system before hiring foreign workers. The company also must follow strict accounting practices to avoid violating the BOI’s regulations.
Foreign investors can invest up to 49% of the share capital in a BOI-approved company. They can also benefit from 0% corporate tax rate and exemption of VAT for imported machinery. They can also receive a work permit and visa through a BOI-approved company.
Legal Counsel
Having the guidance of legal counsel is essential when registering your company under the BOI. This will ensure that you are able to meet all the required requirements and get your business up and running as quickly as possible. Moreover, it will help you avoid any mistakes that could lead to delays in the process.
A reputable lawyer can also assist you in preparing the necessary documents and submissions, and ensuring that your company is fully compliant with all regulations. This will enable you to start your business operations in Thailand with ease, while avoiding any complications that may arise in the future.
Companies that receive BOI promotion are eligible for several benefits, including tax breaks and reduced costs for construction and utilities. Additionally, BOI-promoted companies may face less restrictions when it comes to obtaining work permits for foreign employees. They can also benefit from special deductions and allowances. Additionally, BOI-promoted foreign-owned companies can own land.