As a part of biotechnology industry, the Board of Investment also promotes biotechnology development under activity number 1.6. The main conditions for this activity are as follows:-
- The 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 Board.
- There must be a technology transfer with an educational institution or research institute as approved by the Board, such as Technology Research Consortium.
Once promoted, the BOI can grant a 10 year corporate income tax exemption without any limit on the amount. Aside from this, the company can also be granted with these non-tax incentives:
- Exemption of import duties on machinery
- Exemption of import duties on raw materials used in R&D
- Exemption of import duties on raw materials used in production for export
- Permission to own land to be used in doing the promoted project
- Permission to hire expats with less restriction in getting work permit & visas
- Permission to bring skilled workers and experts into the Kingdom to work in the promoted projects
Contact Thai Lawyers for assistance on getting Thailand BOI promotion, setting up a company and applying for visas & work permits for your foreign employees.