What is BOI? Why would anyone want to do business in a BOI?

There are quite a few Thai and foreign investors who are more interested in doing business in Thailand than any other country. Because of Thailand, we have many advantages, whether it’s in terms of resources, resources Climate, topography, ideal location to be the center of ASEAN. Especially transportation and transportation by land, water, and air. There are a lot of skilled workers, skilled, quality craftsmen. There are agricultural raw materials that have the potential for both quantity and quality. There is a wide variety of agricultural products such as rice, rubber, sugarcane, fresh fruits and vegetables, all of which are enough to generate many profits and returns for investors who have already invested in Thailand.

So the government has set up an investment promotion program (BOI), so what is BOI? This would be a question that many of you doubt the BOI. It is meant to support and encourage investors who want to do business in Thailand and increase the attractiveness of foreign investors to invest even more.

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What is BOI??

BOI stands for Board of Investment, i.e. The Board of Investment.

It is the agency responsible for assisting and promoting investment in boi-based businesses in order to increase the potential and competitiveness of Thailand. By reducing investment risk, reducing the burden of initial investment costs and increasing return on investment. It provides advice and investment services to stimulate the economy and develop the country sustainably, as well as attract more foreign investors to invest in the country.

Study the criteria for investment promotion.here

BOI Core Services

1. Consulting advice Investment information and investment promotion application
2. Coordinate with public and private entities to facilitate investors.
3. Linking and supplying domestic parts manufacturers
4. Sourcing venture capitalists
5. Introducing and certifying science and technology experts by strategic talent center (STC)
6. Introducing Thai investment abroad and organizing training courses for Thais abroad.

Benefits when receiving investment promotion from BOI

Tax Benefits

1. Exemption from corporate income tax up to 13 years (depending on type of business and conditions)
2. 50% income tax deduction for another 5 years (investment promotion zone only)
3. Exemption from import duties on machinery
4. Exemption from import duties on raw materials produced for export.
5. Exemption of import duties on imported goods for use in research and development.

Non-tax-related benefits

1. Foreign nationals are allowed to hold 100% of their shares (except for businesses under one account at the end of the Alien Business Act or where other laws are specifically required)
2. Land ownership is allowed.
3. Allow artisans/experts to come to work.

8 types of businesses that BOI provides investment promotion

1. Agriculture and agricultural produce Such as economic logging, bio-fertilizer and chemical fertilizers, agricultural businesses.
2. Minerals, ceramics and basic metals e.g. mining ventures. Metal cutting and manufacturing, glass and ceramics manufacturing
3. Light Industry Such as textile business, bag or footwear manufacturing, toy manufacturing business.
4. Metal Products Machinery & Transportation Equipment e.g. auto parts and machinery manufacturing businesses.
5. Electrical & Electronics Industry e.g. software and electronic components manufacturing.
6. chemical product Plastic & Paper e.g. paper packaging manufacturing business, pharmaceutical business, polymer manufacturing business
7. Services & Utilities e.g. electricity generation or electricity and steam from waste or fuel from waste, estate and development businesses, cloud service businesses.
8. Technology development and innovation e.g. Biotechnology Development, Nanotechnology Development, Digital Technology Development

There are 8 steps to obtaining a BOI.

1. Study the data

BOI applicants study the information through a central www.boi.go.th or BOI. Regional Foreign Office

2. Apply for investment promotion (online only)

BOI applicants submit their applications through the e-Investment Promotion system via www.boi.go.th.

3. Clarify the project

The BOI applicant appoints the BOI officer in charge of the project to clarify the project within 10 working days from the date of submission of the application.

4. Project analysis

BOI officers conduct project analysis using the consideration period based on the size of the investment.

5. Notification of the result of the consideration

BoI officers will notify the results within 7 days from the date of certification of the minutes of the meeting.

6. Acceptance of investment promotion resolutions

BoI applicants can accept the investment promotion resolution within 1 month from receiving the notification of the resolution in 2 ways: through the e-Investment Promotion system or submit the BOI resolution acceptance form (Form F GA CT 07).

7. Request a promotion card

BoI recipients can apply for a \”Promotion Card\” with evidence for consideration within 6 months in 2 ways: fill out the form via e-Investment Promotion system via www.boi.go.th or fill out the application form for the promotion card (Form F GA CT 08) and submit the proof of issuance.

8. Issue a promotion card

BOI officers process the issuance of a \”promotion card\” within 10 working days from the date the office receives the promotion card application form and complete evidence.

For anyone interested in or wishing to become a BOI member, please read the details provided BOI Solotion Services or can be consulted through the channels. Line ID : plusitiveaccounting

Article by BOI

Compiled by Plusitive Accounting Team