Thailand BOI for Biotechnology Industry
The BOI provides incentives and benefits for doing business in Thailand within the biotechnology industry. Some conditions must be met in order to capitalize from valuable benefits like 10-year exemption from corporate income taxes.
The BOI conditions and incentives are summarized below:
- Target technology development procedures shall be used as a base for the manufacturing process or service provision in the target industry as approved by the BOI.
- There must be a technology transfer with an educational institution or research institute as approved by the BOI e.g. Technology Research Consortium.
- Project located in a science and technology park promoted by the BOI or one that is approved by the Board will receive an additional 50 percent reduction in a corporate income tax for 5 years after the end of its corporate income tax exemption period.
- Project may apply for merit based incentive and be granted the corporate income tax exemption for not exceeding 13 years.
- Project shall be granted import duty exemption on goods.
If your project is promoted by the BOI, here are the benefits you will receive:
- Corporate income tax exemption for 10 years with no limit on the income tax exempted.
- Import duties on new machinery are exempt.
- Import duties on raw materials used in production for export are also exempt.
- Foreigner can own the business 100%.
- The company, with a foreign majority ownership, can own land enough for its business.
- The company can bring in skilled workers and experts to work in the country.
Consult with ThaiLawyers for your Biotechnology business in Thailand.