Thailand Board of Investment
Governments have established bodies to facilitate pouring of investments from abroad to their respective countries. These offices provides a range of services for those who are interested or are already taking the preliminary steps towards conducting business in another environment.
In Thailand, the Board of Investment was established in 1997 to act as a catalyst for investments in the Kingdom. The agency also acts as the promotional arm of the Thai government for potential investors on identified industries in the country. Moreover, the Thai BOI also provides support services and tax and non-tax privileges and incentives to interested investors both within the Kingdom and abroad.
The services of the BOI are done without charge and are constantly adjusted according to the specific needs of its clients.
What do investors get?
As stated earlier, the BOI does provide tax and non-tax privileges to companies engaging or are interested to engage on promoted activities:
- Corporate Tax Exemption
- Tariff Exemption or Reduction on machineries being imported.
- Tariff Exemption or Reduction on materials sourced out from abroad.
- Permission for the promoted company to own land even as a foreign entity.
- The said promoted company being allowed to bring in foreign experts.
- Exemption on foreign ownership of companies as well as on work permit and visa rules.
- Support services at all times i.e. the BOI would assist the company in searching for potential sources of needed materials.
Application for BOI promotion and the Thai lawyer
Indeed, the services and privileges guaranteed by the BOI to potential and current investors are enormous as these services greatly help them with their investment endeavors in the Kingdom.
Nonetheless, the application process for a possible promotion involves a highly complex procedure which may be very challenging for companies to comply with especially those incorporated and headquartered abroad.
To make the whole application manageable and to comply with the requirements adequately, it would be wise for the said companies to consult with reputable corporate lawyer in Thailand. Thai corporate lawyers are of great help since they know the application process, the required documents, and the relevant laws.