The Board of Investment is a government organization under the Prime Minister’s Office that promotes business in Thailand. In order to achieve this, they offer various incentives to international companies that are planning to expand or relocate to the country. These incentives include both tax and non-tax policies.
The process of obtaining a BOI promotion is straightforward and takes less than a week. It involves submitting the required forms to the Office of the Board of Investment. Once a company submits their application form, they should then schedule an interview with the relevant government body within 10 days to discuss the details of their project. This is typically done by a BOI officer who has charge over the company’s account.
There are many industries that qualify for a BOI promotion, and these range from technology and innovation to manufacturing and export. In addition, non-industrial businesses such as nursing homes for the elderly and movie productions are also promoted with certain incentives.
Generally, a BOI promotion will give the company access to a range of exemptions and benefits, including an import tax duty reduction, an exemption of corporate income tax for up to eight years and a decrease in taxes on dividends payable to shareholders. It may also provide deductions for transportation, electricity, water and the costs of installing a project’s infrastructure.
In order to obtain a BOI promotion, the first step is to register the company in Thailand. This requires a minimum of three shareholders, half of which must be Thai. The shareholders should be able to prove that they have the necessary capital to meet the company’s needs.
Once the registration has been completed, the company will be issued with a promotion certificate by the BOI. The certificate will detail the conditions that must be followed by the company during their operations in Thailand.
The certificate will also specify a process for bringing foreign workers to the company. This process, known as the ‘BOI Pre-Visa Approval’, is designed to allow companies to bring non-immigrants to Thailand with ease and without any hassle.
Before a BOI-certified company can hire foreign specialists, they will need to submit an application to the BOI for a special e-visa. This e-visa application will require an explanation of the reason for bringing the foreign employee to Thailand and how this will impact the company’s operation.
In addition, it must be proven that the foreign employee has specific expertise in the field. Similarly, it is important that the foreign employee has a good reputation with the local community and the industry they work in.
This can be demonstrated by providing a list of references. Additionally, it is recommended that the company sends a presentation to the Thai Consulate or Embassy in the country where they plan to hire the foreign employee.
Moreover, if the company is planning to send money abroad in foreign currency, it will need to get the permission of the government before doing so. The government will need to check whether the funds are being used for approved purposes and in accordance with Thai regulations. It will also need to ensure that the company follows all accounting and reporting requirements.