If you are a foreigner or company looking to apply for the BOI promotion in Thailand, there are specific procedures that need to be followed. This article will outline the steps you need to take in order to make the application process as smooth as possible.
If you are a foreigner looking to start or expand your business in Thailand, then you may be interested in the Board of Investment (BOI) promotion program. This program provides a number of benefits and tax breaks to qualifying businesses. In order to receive these benefits, however, there are a number of procedures that you must follow.
BOI is the government agency responsible for attracting foreign investment into Thailand. If you are a foreigner looking to invest in Thailand, or a Thai company seeking to expand its operations, you would benefit much from getting a BOI promotion. Read on for a rundown of what you need to do in order to take advantage of the BOI promotion program.
Step 1 – Submission Of Application Form
The first step is to submit an application. BOI has made it easy for investors by providing an online form that can be filled out in minutes. The form can be found on the website and requires general information about the company, such as its name, address, and contact details. There are English speaking law firms in Thailand who can guide you through the entire process or even handle everything for you.
In addition to the online form, a number of documents must also be submitted alongside the application. These include copies of passports or ID cards for all directors and shareholders of the company, a copy of the company’s registration certificate (or business license), and of investment (e.g., proof of capital investment, bank letter confirming funds available for investment, etc.). The application package must be sent to the BOI office in Bangkok.
Step 2 – Project Evaluation
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Once the application has been submitted, it will be reviewed by BOI officials to determine whether or not they meet all of the requirements. The evaluation process may take up to six months depending on how quickly the needed information is provided and processed.
Step 3 – Application Approval & Documentation
If your project meets all of the required conditions, you will receive a letter approving your promotion, along with additional documents, within 40 – 90 days. The time period is determined by the amount of investment value such as:
- Less than 200 million THB: 40 days
- More than 200 million and up to 2 Billion THB: 60 days
- More than 200 Billion THB: 90 days
Step 4 – Registration Of Company
After receiving the letter of approval, a company must be registered with the Thai Ministry of Commerce within 60 days. This can easily be done online and is a straightforward process. The following documents must be submitted:
- A copy of the company’s Articles of Association (AOA), memorandum of association (MOA), and registration certificate
- The names, nationalities, and addresses of all directors and shareholders
- Proof that the company has no outstanding tax liabilities or penalties
- Evidence that the project is in line with Thailand’s industrial policy
- All human resource requirements
Step 5 – BOI Certificate
Within 10 working days after the submission of documents and company registration in Thailand, BOI will issue a BOI Certificate indicating compliance with promotion conditions.
Step 6 – Visa Issuance
Once the company has been registered and granted an initial three-year period of BOI Promotion, it can then apply for visas on behalf of its employees upon their arrival in Thailand. If your project employs foreign nationals, you will need to apply for work permits on their behalf. Applications can be made at any local immigration office in Thailand. It is important to note that all work permit applications must include copies of the employee’s passport, degree certificate, and employment contract.
Step 7 – BOI Progress Report & Compliance
Once your company is registered and the investment project has been implemented, you will need to submit a BOI Progress Report every 6 months, 1 year, and 2 years. This report documents actual results against projected targets and must include evidence of job creation, tax payments, and other compliance measures.
Step 8 – Renewal Of Promotion
At the end of the three-year promotion period, your company can apply for renewal. The process is similar to that of initial registration, but requires less documentation. As long as all conditions are met, your promotion will be renewed for an additional three years.
Now that you have a list of the procedures of applying for BOI promotion in Thailand, you can begin the process knowing what to expect. Remember that this is a straightforward process and there are many authorised service providers who can assist with various aspects of your investment project. For a smoother and faster process, you can hire a BOI company application law firm to help you.
If all goes as planned, by following these simple steps you will be well on your way to enjoying all the benefits that come with BOI promotion in Thailand!