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 mistakes.
The first step in registering your business is to get all the necessary documents together. It can be a time-consuming process, and it can also be tricky to complete without the assistance of legal professionals. Our team at Vize can help you navigate this complex process to ensure your company's success.
You need to fill out an application form that details your company's activities and other relevant information. It can be filled out online or a physical copy can be submitted to the BOI office in Bangkok. After that, you can expect your company to receive a promotion certificate within 10 days.
Once the certificate has been issued, you need to contact an official at the BOI and arrange an interview. This can take up to 10 working days and you need to make sure you have the correct documents in order for this to happen.
During the interview, you will be asked to present your business plan and other presentations that support your application. If the BOI is satisfied with your presentation, you will be able to move on to the next step in the registration process.
When it comes to your company's finances, you'll need to open a bank account in Thailand. This will require a separate banking license, which can be difficult to obtain. It is best to work with a Thai bank that can help you set up a digital business account instead, which will be much easier and quicker to manage.
It is a good idea to consult with a local accountant before opening your company in Thailand. This will allow you to better understand the tax and other financial requirements of operating in Thailand.
In addition, you need to make sure that your Thai company is in compliance with the law and is not breaking any laws. This is particularly important if you are operating a foreign-owned business.
The Thailand Board of Investment helps companies by granting them incentives that will help their businesses grow. These are referred to as "BOI promotions."
There are eight categories of business that qualify for BOI promotions. These categories include agriculture and agricultural products, agribusiness services, electronics and parts, coil centers, IT, manufacturing, and retail.
Each of these categories has a set of eligibility criteria that must be met in order to be considered for an investment promotion. These criteria vary slightly from industry to industry, but the overall concept remains the same.
Ultimately, the BOI is designed to bring foreign investors and Thai residents together and help them benefit from their investments. The incentives provided to BOI promoted companies are quite substantial and the government adds benefits on a regular basis. This makes it a great opportunity for both parties to grow and succeed.