If you are looking into applying for Thailand BOI for Manufacturing or preservation of food, beverages, food additives or food ingredients, you may be successful if your manufacturing process uses modern technology. (However, if you produce drinking water, ice cream, candy, chocolate, gum, sugar, carbonated soft drinks, alcoholic beverages, caffeinated beverages and flour or starch made from plants, bakery products, instant noodles, essence of chicken and bird’s nest, you are not eligible for BOI promotion. The main condition of Thailand BOI for Manufacturing or preservation of food, beverages, food additives or food ingredients is that if your project has a fermentation process, it must use starter cultures that have supporting study or research.
The benefits you will get if you are granted the promotion by Thailand Board of Investment for
Manufacturing or preservation of food, beverages, food additives or food ingredients are:
- 5 year corporate income tax exemption, not more than 100% of investment (excluding cost of land and working capital);
- Exemption of import duty on machinery and raw or essential materials used in manufacturing export products for 1 year (extendable)
- Work Permits for foreign nationals for the purpose of studying investment opportunities and for foreign employees without the ratio of 4 Thai employees per expat);
- You can own land necessary for doing your manufacturing business; and
- You can remit money abroad in foreign currency.
Please note that if your production process involves only mixing or dilution, your company will not be promoted.
Contact Thai Lawyers for expert advice in getting BOI in Thailand.