Who is the Thailand Board of Investment best suited for?
Thailand’s Board of Investment offers a favourable promotion scheme that is an excellent opportunity for businesses to gain a foothold in Thailand with many incentives on offer. The process for applying is quite complex and some industries are not actually eligible. If it is something that you are considering for your business it is certainly wise do your research to see if it something that is appropriate. If you are unsure, it is wise to discuss your personal requirements with experts such as the Sutlet Group who can help answer all your queries.
The Board of Investment in Thailand targets larger businesses and industry. The industrial sectors that are covered are:
- Agriculture and Agricultural Products
- Mining, Ceramics and Basis Metals
- Light Industry
- Metal Products, Machinery and Transport Equipment
- Electronic Industry and Electrical Appliance
- Chemicals, Paper and Plastics
- Service and Public Utilities
If your business operates in or is intending to operate within one of the very broad sectors it is certainly worth considering going down the Thailand Board of Investment route, as discussed before, there are some very serious incentives and advantages available.
If your business is looking to bring over more than just a handful of foreigners to be employed in the business and therefore the company are requiring more work permits again the Thailand BOI process maybe appealing to you. As discussed in previous articles there are again are some fantastic incentives with regards to work permits if you are involved with the Thailand Board of Investment, not least the fact that the applications process is considerably easier and quicker.
There are a number of tax advantages for companies that are involved with the import and export to and from Thailand. One of the main concerns for a number of businesses is the amount of tax levied and the fact that this means that companies lose their competitive advantage. Those who are part of the Thailand Board of Investment scheme, so long as they meet certain criterion will escape these issues.
Companies with larger budgets and therefore larger investments (those over THB 80 million) will certainly benefit from the process. A feasibility study will need to be carried out to ensure that requirements are met, but assuming that they are, it would be unthinkable for the company not to take full advantage of the benefits on offer.
Some industries are of course not eligible in the first place. These would include companies involved in the real estate sector as well as travel agents. If you company operates within this sector, sadly you cannot make the most of the benefits.
The information provided is correct at the time of writing but is subject to change. It is always advisable to speak to an expert to get correct, up to date advice prior to commencing your business.