There are many advantages to starting a BOI business in Thailand regardless of whether you’re trying to establish a brand new company or even start a new one. The main benefit of an BOI company is the tax advantages it can offer. A BOI can’t be used to conduct all business activities.

Benefits of registering a BOI company in Thailand

A BOI company is an excellent way for you to set up a Thai-based business. A BOI company is able to recruit foreign workers and experts for research or project work. It takes less than a day to process your company’s visas or work permits. BOI One-Stop Service Centres for Visas and Work Permits can also manage the process for your business which will save you numerous trips to the Immigration Department and Ministry of Labour.

Another benefit of the registration of a BOI company is that you can get many incentives. These incentives can be extremely beneficial for new and existing projects. They include tax exemptions for up to 18 years, free ground, and the possibility for foreign experts to be hired without quotas. You can also enjoy benefits that are time-sensitive, such as a speedy Thailand visa process.

Tax incentives offered by a BOI business in Thailand

BOI companies in Thailand are eligible for various tax incentives. They can first enjoy tax exemptions on imported products and raw materials. These exemptions typically last for a specified period of time but they are able to be extended by Board of Investment. A second benefit is that companies may be eligible for double deductions on their utility and transportation costs. They may also be eligible for tax breaks for electricity and water.

Tax incentives offered by BOI companies in Thailand differ by industry. They are designed to increase investments in certain industries. Electrical projects are eligible for tax exemptions up to eight years. Additionally, projects within the industrial zones that are considered priority will receive tax breaks for up to eight years.

BOI companies in Thailand prohibit business activities

Before you establish a BOI company in Thailand It is essential to determine what type of business you want to run. Different types of businesses require different procedures and requirements. Before you decide on which BOI business structure is the right one for you it is recommended to speak with an attorney. You should also be familiar with the rules and regulations if planning to conduct business in Thailand.

One of the first things you should be aware of is the fact that opening an BOI company in Thailand requires a significant amount of investment capital. This capital is the sum of all money that the company owner and other shareholders have invested in the company. In order to establish a BOI company you need to have at the very least 1 million baht of investment capital. This amount could be in the form of physical assets, cash, or a combination of both. You are not able to make use of your land for investment capital. It is also not possible to use the value of your property as investment capital.

The timeframe for approving an BOI request

The applicant must be aware of the approval deadline when applying for an BOI. While there isn’t an exact time-frame for approval of an BOI application, it’s generally between four and twelve months. In case of an unexpected delay, the applicant should submit an explanation letter to the BOI Thailand. After the review of the letter and the letter of explanation, the BOI Thailand can extend the period of time for up to four months. However, BOI company Thailand will not be granted more than 3 times.

The process to apply for an BOI starts by filling in forms that correspond to the type of business you’re planning to establish. These forms are available at the BOI headquarters in Bangkok or via an e-investment platform. These forms typically consist of between eight and ten pages. They will ask questions regarding the company’s shareholders and investment strategy. It is important to carefully complete each section of the form.