Registering a Company Under the Thailand Board of Investment offers foreign investors a number of tax and non-tax incentives. These benefits vary according to the business category.
Business owners can expect to know if their forms are approved in between forty and ninety working days. They will also be informed when they can start operating their businesses.
Company is a legal entity
A company is a legal entity, which means that it has rights and responsibilities that are separate from its owners. It can enter into agreements, purchase and own property, file lawsuits and be sued, open bank accounts, hire and fire employees and more. A legal entity is also subject to laws and regulations. It is important to hire a law firm in Thailand that can help you establish your company as a legal entity.
Once a business is registered with BOI, it can receive several tax and non-tax incentives. These include exemptions from import duty on manufacturing machines, research and development equipment and raw materials. In addition, it can own land and get visas and work permits for foreign directors and employees.
Once the Office of the Board of Investment Thailand receives all necessary forms, it will conduct an interview. This may take up to 10 working days. If the Office of the Board of Investment Thailand is satisfied, it will send an email to arranged an appointment for a presentation to the BOI board in real time.
It is a business entity
The Thailand Board of Investment (BOI) is a government agency that promotes foreign investment by offering tax benefits and business advantages. The BOI also promotes business activities that help to decentralise industrial production and encourage skill development in attractive industries. The agency offers both tax and non-tax incentives to companies that perform eligible activities and receive a BOI promotion certificate.
In order to qualify for a BOI promotion, your company must be performing one of the eight eligible business categories. The activities that can be promoted by the BOI include manufacturing, design, and development. The government will also waive foreign equity restrictions on certain types of manufacturing activities and service businesses. It will also waive restrictions on land ownership by foreign entities.
There are many advantages of a BOI-promoted company, including a corporate income tax exemption for up to 8 years and no tax on imports of machinery and equipment essential for project development. Other perks include fast visa and work permit procedures, conditional permission to own land, and freedom to bring in qualified experts and skilled workers with their families. However, the BOI will strictly monitor your company’s accounting and reporting protocols.
It is a corporation
If you’re looking to start a business in Thailand, you may want to consider registering your company with the Board of Investment. This will allow your company to enjoy many benefits, including tax holidays and one stop services. However, it’s important to note that there is a minimum requirement for the amount of money you need to invest and that there is an adjudicatory process before getting approved.
Once you’re approved, you can set up a company with at least three shareholders and open a bank account. Once you have done this, you can apply for a BOI Certificate. The BOI will prepare this certificate within seven to ten days. Once it’s ready, you’ll have to go to pick it up in person.
The BOI promotes companies that are beneficial to the country’s economy and society. The BOI also offers non-tax incentives and tax exemptions for foreign investors. These include 18 years of corporate income tax exemption, free import of machinery and equipment essential for the project, and fast visa and work permit processing.
It is a partnership
The Office of the Board of Investment is a government agency that helps foreign and Thai entrepreneurs establish their businesses. It offers investment incentives for both overseas and domestic investments, and provides useful contacts with potential suppliers, subcontractors, joint-venture partners, and others. It also offers protection against nationalization and allows business owners to send funds abroad in foreign currency.
Companies that get BOI promotion can enjoy a wide variety of benefits, including tax incentives, complete or majority foreign ownership, and permission to own land. However, obtaining the BOI certificate requires meeting certain conditions. For example, you must have a business plan and show proof of funds (at least one-fourth of the minimum capital requirement). You must also notify officials about your company’s activities on a regular basis.
The BOI’s priority areas for investment include digital technology; intelligent electronics; advanced agriculture and biotechnology; food processing; aviation and logistics; medical hub and total healthcare services; and coil centers. It is also working to upgrade Thailand’s technological capacity, focusing on boosting competitiveness and enhancing innovation.