A Thai BOI company could be defined as a Thai company that is registered in Thailand. These companies provide assistance and incentives to foreign investors who want to invest in Thailand. They also offer a variety of tax incentives and other benefits for Thai investors from abroad. The Office of the Board of Investment (BOI) is a government agency that was established in the year 1966, is part of the Prime Minister’s Office. It has been assisting business investment in Thailand for more than 50 years.
Benefits of setting up the Thai BOI company
Setting up an BOI business in Thailand offers many advantages. First, you won’t need to pay hefty legal fees. BOI promotes companies that are financially viable and have a minimum capital investment of one million baht. You don’t have to pay a high cost for rent or for staff or machinery purchase. BOI registration services are extremely competitive and offer excellent value for your money.
Second third, the Thai government provides tax breaks. The government gives you the right to establish an Thai BOI company that is 100% foreign-owned for a period of 13 years. This is not applicable to the whole business.
Different types of investment
Thai BOI announced the creation of new categories for business investment promotion. They include the development of professional IT services that meet international standards, the production and repair of high precision machinery as well as the manufacturing and repair of electronic components. BOI companies in Thailand will boost Thailand’s popularity as a business location.
These categories are determined by the type of business conducted. Some are eligible for tax incentives , and others aren’t. Others are based on merit, and go to projects that are competitive in Thailand or invest in low-income provinces. Thailand has designated special economic zones which offer tax-free and non-tax incentives to businesses engaged in certain kinds of activities.
BOI, or the Bureau of Investment in Thailand offers incentives to certain kinds of companies operating in Thailand. These include tax advantages in connection with machines, raw materials, and non-tax incentives for specific kinds of business. Thai BOI companies are able to enjoy an income tax holiday for corporations which ranges from three to eight years.
To become a BOI company it is necessary to set your own limited company with at least three shareholders. One shareholder must be an investor. You must then send funds to the company overseas with a minimum of twenty-five percent of the company’s registered capital. Send the money to the registered address of the company in Thailand. Include the names of the sender and receiver and the company’s name. If you have any doubts or concerns, you can seek the assistance of credit advisors.
Cost of registering an Thai BOI company
The fee to register a Thai BOI company is between 24,000 and 30,000 THB. This includes government fees. Promoters are also required to provide information about their auditor as well as their license number. It is crucial to show proof of foreign investment to the relevant authorities. The type of business and the capital needed will determine the fee for registration.
The Thai government encourages foreign ownership of limited companies in Thailand. Foreign investors can also own land in Thailand. Foreign investors have to submit a written plan for their venture when they register the Thai company. The plan must include information about the working processes as well as value creation equipment.