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If you want to start a new business in Thailand, you should look at registering it with the BOI. This is a great way to get started in the country, and it will come with a number of benefits. However, it is important to understand the process before starting so that you can avoid costly […]
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Before getting into the application process for BOI Thailand, there is an important step that we cannot miss at all. It is the feasibility study of your project, and we will help you in this regard. At this initial stage, we will be studying your BOI project idea, and presenting it in front of the government officers as it will allow us to get some relevant insight on your project, and whether or not it will be successful. Therefore, by doing this we will be able to identify any changes that need to be made with your BOI plan before you submit the application.
Once we have reviewed your BOI plan and strategy, and made the required changes on it after getting in contact with different government officers, our lawyers will be preparing your application form and attaching all the documents required based on your business plan. Our lawyers will then submit your application forms and the related documents to the government officers in order to monitor your progress properly as it will help us to ensure that all the requirements are met through every stage to avoid any disappointment in the future. Our legal counsels will ensure that your BOI business is completely certified and working in accordance with Thai law.
After the application gets submitted to the BOI, they will inform you in writing whether or not your application gets accepted after seven working days. They will also be informing the applicant about the benefits that are assigned in relation to the BOI project. Moreover, it is important to note that a separate application form will be required to be submitted for the issuance of the BOI promotion certification. Once the applicant receives the approval receipt from BOI Thailand, then he or she must complete the details and submit them to the BOI within 30 working days. However, in case any applicant is unable to do so and 30 days pass, then he or she will be required to send a letter of clarification to the BOI Thailand, which may get them an extension to submit the application and related documents. It is pertinent to note that such an extension will not be given more than 3 times, so it is better to submit it on time.
If you wish to receive the BOI investment promotion certification, then it is crucial for you to set up a Thai company six months after your application gets approved by the BOI Thailand. During this time, you must submit the following documents to the Office of the Board of Investment in Thailand:
The registration form is mostly 8-10 pages long and must include the following information:
It is crucial for the applicant to submit all these documents within the deadline. However, if the applicant is unable to submit all these documents to the Office of Board of Investment Thailand within the required time, then he or she must send an explanatory letter to the BOI Thailand, and they will extend your deadline to submit all these documents. You should keep in mind that this extension to submit the documents to BOI Thailand will not be for a period that lasts more than four months, and such an extension will not be made more than three times. Once the Office of Board of Investment Thailand has received all these documents, then they will be issuing you the investment promotion certification for your BOI Company, and it is mandatory for you to follow all the conditions mentioned in the certification related to your company.
Thailand BOI: Board of Investment
After the company gets the BOI promotion certificate, it must make sure to register the company into the e-expert system before hiring foreign employees. Once the foreign applicants get approved from the e-expert system, then they can make their application for the work permit and visa in Thailand through the BOI one-stop service center (OSOS).
The BOI promoted company must meet with the following requirements after receiving the BOI promotion certificate, and make sure to report it to the OBOI:
Import the machinery and equipment within thirty months to benefit from reduced tax duties
Construction of the company or factory must be completed within 36 months and all the machinery and equipment must be installed
In case you need more time to complete these steps then you must inform the OBOI about it in writing.
Every BOI registered company in Thailand must ensure to follow the accounting and reporting protocols strictly. The revenue department officials and BOI inspectors will be carrying out strict monitoring to make sure that the company is following all the basic reporting of Social Security Fund (SSF), Withholding Tax (WHT), Value Added Tax (VAT), and yearly auditing.