Travel & Culture

BOI Company Requirements for Setting Up a Company in Thailand

To establish a business in Thailand, you need to follow certain business rules. For instance, it’s mandatory to get a Foreign Business License. This can be a tedious procedure. Additionally, your company will require a tax identification number within 60 days of incorporation. You must also register for VAT within 30 days of crossing a specific annual revenue threshold.

Benefits of BOI promotion cards BOI promotion card

Your business will be able to establish the legal basis for investment by obtaining a BOI promotion certification for Thailand. According to the Investment Promotion Act of 1977 the companies that are promoted are permitted to own land in Thailand and use it for production, offices and living areas for their employees. The land must be sold within a year after the end of the company. It must also satisfy certain requirements like the transfer of technology and paying minimum salaries. The requirements could change based on the needs of the Thai government.

If you are a foreign investor looking to invest in Thailand for investment, a BOI promotion certificate is required. These investment incentives offer a variety of advantages, including the possibility of tax exemptions for up eight years. Registered companies also benefit from lower corporate taxes. Foreign businesses can also avoid massive import duties on machinery and equipment. A BOI certificate can help your business cut down on production and export costs.

BOI company in Thailand of Investment (BOI) encourages certain types of companies by offering Corporate Income Tax Exemptions. These tax breaks only apply to the income generated by a business that is BOI-promoted. However, many BOI-registered businesses also generate income from sources that aren’t BOI-promoted.

In order to qualify for exemption an organization must meet certain requirements. It must have a sustainable and well-established business model. The second requirement is that it should have at least 80 percent of revenue.

Application process

You need to fill out an application form to open a BOI Thailand company. The forms can be found at the BOI headquarters, or via an e-investment platform. The forms typically comprise between eight and ten pages of questions. These questions concern the status of your company, shareholders and product development. They also address targeted clients. To avoid a sloppy error you must fill in every part of the form in full and accurately.

The next step in the application procedure is to submit your required documents on time. If you miss the deadline you can submit an explanation to the BOI Thailand and ask for an extension. However, you cannot ask for more than three extensions in a row.