Registering a company under the Thailand Board of Investment provides tax and non-tax incentives. These include exemptions from corporate taxes for up to eight years and reduced import duties on raw materials and research costs. The resulting reductions can save you significant amounts of money.
However, BOI-promoted companies must regularly report to the Department of Business Development and comply with the BOI’s inspections. In addition, they must show proof of funds and secure visas and work permits for their foreign employees and directors.
The Board of Investment is an organization that aims to promote direct foreign investments in Thailand. It devises investment policies and provides incentives to attract investors. The government also protects the business interests of BOI-promoted companies. This is done by ensuring that they follow the terms and conditions of the certification.
In addition, a company that is BOI-promoted can enjoy tax privileges. These include exemptions or reductions of import duties on raw materials and equipment. It can also benefit from a streamlined e-expert process for visas and work permits for foreign employees.
BOI-promoted companies must also observe the Thai laws in terms of accounting and reporting. They must report on their social security contributions, withholding taxes and value-added taxes, and conduct yearly auditing. Additionally, they must notify the Office of BOI within 10 working days when a change in operations occurs. They must also obtain permission from the BOI if they wish to mortgage or sell or transfer machinery that was imported at an exempted or reduced duty rate.
The Office of the Board of Investment is a government organization that promotes direct investment in Thailand by devising investment policies and offering tax-based and non-tax incentives. In order to be a BOI-promoted company, a business must meet certain requirements and adhere to Thai regulations in relation to accounting and reporting. This includes meeting reporting requirements for the Social Security Fund, Value Added Tax, and yearly auditing.
The BOI-promoted company is also required to follow strict rules on exports and imports. It must notify the BOI in case it wishes to mortgage, sell, or transfer machinery that has been imported at an exempted or reduced duty rate, and must not use it for non-approved purposes.
BOI-promoted companies can enjoy a wide range of privileges, including corporate income tax exemptions, tariff reductions or exemptions on machinery imports, and free tariff treatment for raw materials and inputs. They can also bring in foreign skilled workers and experts, and their visas and work permits are processed within a day through the BOI’s One-Stop Service Centre for Visas & Work Permits.
The management structure of a company is one of the most important aspects in determining its success. It should be well-organized and effective to ensure the smooth running of the business. It should also be able to handle changes in the market.
The Thailand Board of Investment (BOI) is a government agency that promotes investments in certain sectors deemed to be beneficial for the economy. It offers a range of tax and non-tax incentives to foreign and domestic investors.
BOI-promoted companies have many privileges, including corporate income tax exemption, tariff reductions or exemptions on imported machinery, and permission to own land. In addition, they are exempted from the juristic person’s tax on dividends and interest.
The Juslaws & Consult Thai law firm has a dedicated team of lawyers who offer a full range of support for clients opening a BOI-promoted company in Thailand. They can provide advice on how to obtain the necessary documents and help you prepare your application.
The Thai government provides tax and non-tax incentives for companies that invest in BOI promoted activities. These incentives help develop regional economic hubs and foster local skills. They also support Thailand's goal of becoming a leading trading and investment hub in the region.
The BOI also promotes Special Economic Zones in ten border provinces, where foreign businesses can receive a host of tax and non-tax benefits. These include streamlined visa applications and waivers on restrictions on foreign land ownership. The BOI also has a 15-member "superboard" that oversees reform of the country's 56 SOEs.
In addition to the BOI's investment incentives, the U.S. Embassy in Bangkok offers a certification letter that allows US citizens and businesses to claim national treatment under the U.S.-Thailand Treaty of Amity and Economic Relations. These investors can enjoy a variety of business advantages, including exemption from corporate income tax for some years and reduced or waived import duties on machinery, raw materials, and supplies.