Thailand Board of Investment (BoI)-promoted company in 2023
The Board of Investment (BoI) is the government agency responsible for attracting foreign investment to Thailand. Healy Consultants assists foreign investors setting up a company in Thailand to secure BoI promotion status for their business. A BoI-promoted company can access a range of government incentives and subsidies not available to locally-incorporated Thai companies.
Why set up a BoI company in Thailand?
- Unlike any other Thai corporate entity, a BoI-promoted company can be 100% foreign-owned;
- Depending on its activities, a BoI-promoted company is legally tax-exempt for between three and 10 years from registration. See here for the full list of tax incentives;
- A BoI-promoted company can own land in Thailand;
- A BoI-registered entity can obtain visas for skilled expatriate workers;
- Subsidised utilities are available to BoI companies;
- The company may be eligible for zero import duties on i) machinery ii) raw materials used in R&D and iii) raw materials used in production of exported goods;
- No restrictions on foreign currency remittances from Thailand;
- Thailand has a low-cost base which is attractive to foreign investors;
- Companies with BoI approval are either exempted from the requirement to obtain a foreign business licence, or benefit from fast track procedures;
- Dealing with the BoI simplifies procedures around i) company registration ii) opening corporate bank accounts iii) securing visas for foreign staff iv) applying for and obtaining licences;
Disadvantages of setting up a BoI company in Thailand
- Securing BoI approval can take up to 90 days, depending on the company’s activities and level of investment;
- While the minimum level of capital to secure BoI approval is theoretically set at US$30,000 (THB1 million), for most investment categories the BoI requires a minimum investment of US$200,000 (THB200 million);
- In most cases, to approve a project the BoI will need evidence that the foreign investment will lead to i) technology transfer to and ii) job creation in, Thailand. See this page for further details on BoI promotion status procedures.
Eligible activities for a BoI company
- Agriculture & agricultural products;
- Projects directly involved in technology and human resource development;
- Environmental projects;
- Wastewater treatment;
- Mining, ceramics & basic metals;
- Light industry;
- Metal products, machinery & transport equipment;
- Electronics industry & electrical appliances;
- Chemicals, paper & plastics;
Steps to obtain BoI Promotion Status
- Healy Consultants will work on our Clients’ behalf to secure an Investment Promotion Certificate from BoI;
- Our team will prepare a quality business plan which demonstrates i) how our Client’s investment will lead to the transfer of technology and knowledge to Thailand (for example through investment in cutting-edge technology or machinery) ii) healthy revenue streams and iii) how jobs will be created for Thai nationals;
- For projects with an investment value of less than 200 million baht (US$6 million), approval is usually granted in 15 to 40 working days;
- For projects with an investment value of 200 million to 2 billion Thai baht, BoI approval takes around 60 days;
- For projects with an investment value of more than 2 billion baht, approval takes 90 days.
- Once the Investment Promotion Certificate is issued, our team will register the Thai company with the BoI;
- Our banking team will open a corporate bank account for the new company;
- Our team will assist our Client in the recruitment of staff (local and expatriate) for the Thai business;
- Our team will assist our Client to find suitable premises/land in Thailand.