Registering a Company Under the Thailand Board of Investment is a great way to kick start your business. Those companies who are BOI-promoted can take advantage of a wide range of fiscal and non-fiscal privileges including tax exemptions and reductions, permit to bring in skilled workers and experts, and the right to own land for industrial projects.
If your firm wishes to establish a BOI-promoted business, you will have to meet specific requirements and provide relevant documents. The exact nature of the documentation required might vary based on your company structure, investment amount, and location. It is best to consult with our legal professionals to ensure that you understand the entire process and that your firm’s documentation is comprehensive.
The Memorandum of Association is a document that provides information such as the company’s objectives, registered capital, number of shareholders, and the names of promoters (there should be at least two). It also specifies the rights and obligations of its shareholders and directors. Articles of Association outline the internal regulations and rules governing a company’s operations. They are typically drafted by a lawyer and include details such as the company’s objectives, registered address, and share capital. Our team can help you determine the best type of company to register. This will make the process faster and easier.
The procedure for registering your company under the Thailand Board of Investment is relatively simple. With a bit of guidance from professionals, it will be possible to secure a BOI license and benefit from a wide list of privileges.
The BOI offers several incentive programs for foreign and local entrepreneurs willing to invest in the country. The incentives differ depending on the activities performed and the specific categories of business.
Once the application is complete, the Department of Business Development will review and approve it. Upon completion, the department will issue a certificate indicating that the company has been registered.
Companies must carefully fill out the forms for their category of business to increase their chances of being approved. They should also follow Thai regulations in relation to accounting and reporting. Moreover, they must make sure that they follow regulations relating to the Social Security Fund, Value-Added Tax and yearly auditing. These requirements are designed to boost the economy and protect investors.
After the application is completed and all the necessary documents are gathered, the investor must visit BOI to present their project in person. They cannot assign someone to go on their behalf. During this interview, the BOI will evaluate your project to make sure it is valuable and beneficial to Thailand. They will also verify that your business follows strict accounting procedures.
A company that has been promoted by the BOI can enjoy a range of tax and non-tax incentives. The incentives are tailored to specific types of businesses. They can include tax benefits, such as 100% foreign ownership, and reduced requirements for work permits for key employees. Additionally, the BOI can assist with navigating regulations and bureaucratic processes. In addition, the BOI can offer financial assistance for infrastructure development and utilities. There are many reasons why investors should consider registering a BOI company in Thailand. However, the process can be time-consuming and requires a high degree of knowledge about Thai business regulations.
Once all the documents are in place, the company will be officially registered. The company will then be able to operate in Thailand. The company will also be entitled to a wide list of benefits that are offered by the Board of Investment.
The company will be informed of the status of their application within 40 to 90 days after submission of all the necessary documentation. The approval of the application will depend on how much money the company plans to invest and the impact it will have on Thailand’s economy.
Companies approved for BOI privilege will be able to benefit from tax incentives. These will vary depending on the industry sector that they operate in. They will also be able to reduce the number of foreign employees required, which can be helpful when trying to comply with the Foreign Worker Quota Act. Other benefits include income tax exemptions and reduced requirements for supporting work permits.