It might be surprising, but the concept of BOI is still alien to most people. Let’s expand our reach on BOI applications in an age where the internet provides you with a pool of information.
What is the Board of Investment (BOI)?
In 1977, the office of the BOI was established. The office operates under the Prime Minister’s office. In clear words, it is a government body that devises investment policies to help in promoting direct investments in Thailand.
Are there any benefits of getting promoted by BOI?
Yes, a BOI-promoted company can attract numerous benefits. Not just additional incentives but also legal exemptions and tax benefits. So, if you think BOI promotion can be avoided, maybe you need to think again.
Objectives of BOI
BOI has some key roles to play. Some of the objectives are-
- Development of technology in Thailand
- Focusing on increasing economic growth in Thailand
- Promoting investment opportunities in foreign countries and Thailand
BOI is solely focused on the betterment of Thailand. It aims to increase the country’s economic growth, encourage technological innovation, and attract more investment opportunities from foreign companies or businesses. To do so, the body goes through a detailed check of potential investors or business owners. People who are planning to invest in Thailand or expand their business in Thailand are entertained by BOI services once the previous formalities have been accomplished.
How Can You Apply for BOI in Thailand?
Starting with the BOI application to follow the whole routine until you get the BOI promotion approval, you need expert assistance. A business cannot be sure of all steps to follow for the FDA approval and BOI promotion. So, hiring a professional BOI services team can be a great help.
- Feasibility study
- BOI application
- Approval by the board
- Registration of BOI Thailand company
- Deadline for submission of documents
- Application for BOI work permits and visa appl
- Reporting and compliance to the BOI
- Accounting and reporting protocols
These seven steps sum up the whole process. Establishing a foreign representative office is more complicated than we think. Since the process is closely webbed and hard to take hold of independently, seeking professional help is recommended.
Moreover, you must first examine if your company is eligible for the BOI promotion. Some certain laws and regulations decide the eligibility of your company.
The Eligibility Criteria For BOI Promotion
- Your company must fall within one of the eight business categories of eligibility
- Your company must reach the minimum capital investment sum
- Your company must fill in all the business requirements
- Your company must be registered under the Thai law
- Your company must perform the eligible activities depending on their categories
There are certain legal constraints when it comes to BOI promotion approval. You need to ensure your company fulfills all the requirements to get the BOI approval.
Interloop Solutions and Consultancy Co. Ltd. is one of the leading companies to assist you in the BOI promotion approval process. We offer corporate solutions with years of experience and expertise. Contact us for detailed information.
