The Board of Investment of Thailand is the agency that manages and underwrites
business investment and promotion. Foreign investors can enjoy extensive
benefits by leveraging the services of BOI. These benefits include:
- Finding data about the costs of starting and running a business.
- Registering a new company
- Opening a bank account
- Obtaining visas and work permits
- Applying for BOI service promotions
As Jinda, we can shepherd you through the administrative process of qualifying for BOI services and applying for them. Startup companies and small-to-medium-sized enterprises often lack the resources of larger companies and face challenges and difficulties dealing with the red tape that’s common when starting a business in any foreign jurisdiction.
The Board of Investment promotes Thailand business, and Thailand has more than 70 industrial estates totaling 256 million acres of supplies for industry and manufacturing. Other key advantages of doing business in Thailand include:
- Thailand's Industrial estate was named the 12th best economic zone in 2012.
- Thailand enjoys free-trade agreements with Japan, Australia, India, Chile, Peru and 10 other Association of Southeast Asian, or ASEAN, states.
- The recent expansion of railway service has improved transportation to and from Bangkok.
- Thailand ranks as one of the world’s largest exporters.
- Airport and roadway projects are continually expanding and improving transportation and shipping options.
BOI promotions have expanded to include the following investment incentives
- Exemption from Import Duties
Certain businesses enjoy exemption from import duties such as the raw materials imported to create exports and materials used for R&D activities.
- Income Tax Exemptions
Corporate income tax exemptions can apply for up to 13 years depending on the business.
- Deduction for Reinvestment
There is a 70 percent deduction for reinvesting net profits within the last 10 years and a 50 percent tax reduction
- Reduction in Income Tax
There is a maximum 50 percent reduction in the corporate income tax reduction under the Revised Investment Production Act for up to 5 years for investments in certain areas. There is a double deduction of public utility costs in those areas and a 25 percent deduction for costs incurred to build infrastructure.
The BOI also offers several non-financial incentives for companies that include issuing permits for taking out or remitting money in foreign currencies, entering Thailand to study investment opportunities, bringing in skilled workers and owning land.
You certainly want to take advantage of these opportunities in your business strategy, and we can help you plan your business to take advantage of BOI promotions. BOI incentives are regularly revised, so even if you don’t qualify immediately, we’ll keep you informed if new opportunities arise.