Thailand BOI Process
This page described the process of getting BOI promotion, which is actually pretty straight forward but maybe daunting for the people who do not do it all the time. For investors like yourselves, we recommend you seek professional assistance to guide you through the process of getting Thailand BOI so you can spend your energy to do other things that you need to do for your Thailand business venture. (Here is our BOI clients’ testimonials.) When you have learned that Thailand BOI promotion is for you and that you want to get it for your Thailand business, new or existing one, here is a brief process of getting Thailand BOI promotion that we will walk you through.
- Preparing Thailand BOI application: We will work with you closely in preparing the application forms and gathering all the supporting documents. We basically will ask you questions concerning your business and we will fill out the application forms for you. For the forecast and accounting related numbers, we will prepare them and have your approval before we use them in the application.
- Once we get the application ready, we will submit it to the BOI.
- Within the next few days, we will confirm with the BOI when we can do the presentation of the project for them. They may need us to submit more documents. Thailand BOI officials usually would like the owner of the company or a high rank employee of the company who understands the business very well to do the presentation in front of them.
- Within 40 days (40 days for projects of not more than 80 M Thai Baht, 60 days for 80 – 750 M and 90 days for more than 750 M) after all additional documents are received by the BOI, these will happen:
• The BOI will inform us in writing whether they approved the project within 7 working days from the decision date, detailing the conditions, privileges and benefits granted, if approved. The notification of approval will be sent to us with a form of promotion acceptance for us to fill out.
• Upon receipt of the BOI letter approving the project, we must reply by completing the form of promotion acceptance and sending it back to the BOI within one month. If we want to have any changes or special conditions or privileges, we have to request for it at the time.
• In order to receive the investment promotion certificate, we must register the new Thai limited company (in case it has not been set up yet) within six months of accepting the approval, and submit all of the following documents to the BOI (all of which we will arrange for you):
– Application form for promotion certificate
– The memorandum of association
– The certificate of business registration
– A certificate stating the registered capital, a list of directors indicating those empowered to bind the company, and the address of the head office
– A list of the shareholders and their nationalities
– A document showing the transfer of funds from overseas, or a certificate of investment from overseas issued by the Bank of Thailand for foreign investors
– A joint venture contract, licensing agreement, technical assistance contract and/or technology transfer contract (if any)
– Form of utility and manpower requirements.
• The BOI will issue the investment promotion certificate after receipt of all specified documents, and the promoted company must follow the conditions laid out in the Certificate.
Note: You can apply for BOI even if your company has already been set up in Thailand.
Read Thailand BOI page for the incentives and eligible activities.
Here is information about the process to register a Thai limited company.
For more information about doing business in Thailand, visit http://thailawyers.com/thailand-business/.