What Is A BOI Registration In Thailand
Thailand is a fast developing and industrialized country in the Southeast Asia which has never been colonized by a European nation. For the last 40 years, Thailand has remarkably made a progress on its economic and social status. It has moved to a middle income nation from a lower income economy because of its great natural resources that are being fully utilized. Thailand is the number one exporter of rice in the world for a long time but lately being left behind by India and Vietnam. Thailand also ranks as the third major seafood exporter in the world.
Because of the fast economic growth in Thailand, many foreign entrepreneurs want to do business in the country. Today, processes have changed in registering your business in Thailand. Business registration has been made easy for foreigners to increase the country’s income. The complicated procedures of BOI registration in Thailand which was the dilemma of foreign investors in the past is now improved and made convenient to invite more business establishments in the country.
The BOI in Thailand offers a lot of privileges to entice investors to put up businesses in the country. Among them are the following:
- Foreigners are allowed to operate on 100% ownership
- Foreigners are allowed to own real estate properties
- No work documents and visas needed
- No import taxes on machinery
- Exemption of income tax for corporations for 8 years
- Transportation, water and electricity costs are deducted
- Installation of project infrastructure is deducted
- No import taxes on essential materials for export manufacturing of 5 years
- Foreign technicians’ spouses and children are allowed to work and live in the country
Process of BOI Registration in Thailand
Step One: Application for BOI promotion privileges – 2 days
Step Two: Company registration – 1 week
BOI Thailand also offers exceptional privileges on activities in Agriculture, technology and human resources, waste water treatment, mining, machinery, light industry, electronics industry, chemicals, and software.
Getting a BOI registration in Thailand shall be facilitated by a legal firm to accomplish all the documentation processes. The investor has to provide the legal firm with the necessary papers in processing the registration.