Setting Up a Company under the Thailand Board of Investment will provide foreign companies with benefits such as 13 years of tax exemption, 100% foreign ownership, and the ability to own land. The process can be complicated and time-consuming.
We can help you with the application process, securing the necessary visa and work permit. Our service includes representing your project and answering questions from the BOI officer.
Getting your business registered under BOI Thailand is a time-consuming process. It requires extensive accounting protocols and regular BOI inspections and revenue department visits. We can help you through this process. Our dedicated team of lawyers can ensure that your company meets all the requirements for a BOI promotion and enjoys its full benefits.
The BOI offers many tax incentives for local and foreign entrepreneurs who are willing to invest in its promoted activities. For example, BOI-promoted companies are exempted from corporate income tax for certain years and are eligible to receive a reduction or exemption of import taxes duties. They can also get double deductions on costs of electricity, transportation, water, and infrastructure installation.
If you are looking to set up a business in Thailand, consider applying for BOI promotion. It can save you a lot of time and money. It’s worth the effort.
BOI Tax Incentives
The Thailand Board of Investment offers tax incentives to encourage foreign and local investors. The incentives are designed to promote investments in targeted economic sectors. Foreign investors who invest in a promoted project can benefit from income tax exemptions, double deduction from infrastructure installation and construction costs, and 50 percent reduction of corporate income tax.
The BOI also offers premium incentives to support high technology and innovation. These include incentives to boost production in high-value-added industries that are critical for the country’s development and have few or no existing investments in Thailand, as well as incentives to attract high-technology companies to relocate to the Eastern Economic Corridor.
The BOI also offers additional incentives to support human resource development programs such as work-integrated learning and dual education. This helps improve the quality of the workforce and reduce the labor cost. The BOI has also increased the maximum number of years for corporate income tax (CIT) exemptions for a semiconductor fabrication project from 10 to 13 years.
BOI Legal Requirements
There are some legal requirements that must be followed before starting a company in Thailand. Those include submitting the correct forms and providing detailed information. Incorrect information can lead to delays and even rejection of the application. We can help with this process, so your company can get started quickly.
You must submit financial statements on a monthly basis to the government, including information about your revenue and expenses. You must also provide a copy of your financial statement to your shareholders.
In addition, it is important to follow all the guidelines set by the BOI. For example, you must ensure that you don’t exceed the maximum investment threshold of two million baht per foreign investor. In addition, you must ensure that all the required documents are submitted to the BOI on time. If you are unable to meet these deadlines, you can ask for an extension by sending a letter of explanation. The BOI will usually grant an extension for up to three times.
The steps for company registration in Thailand can vary depending on the type of business. However, it is essential that your application meets BOI requirements. This includes ensuring that your proposed activities will provide new technology and benefits to the country. You should also be prepared to invest a significant amount of money into your project.
Once you’ve submitted your application, you’ll need to address a notary to elaborate on the articles of association for your enterprise and deposit the minimum capital required by the law. You will also need to pay stamp duty and eventually register for VAT if your business is liable for this tax.
Besides this, you should also ensure that your company is following the investment incentives that were established by His Majesty King Bhumibol Adulyadej for foreign investors. This will allow you to enjoy numerous perks such as tax exemptions and access to a wide range of other privileges. These can be extremely beneficial for your business, especially if you want to compete in international markets.