We got a question from a foreigner whose business was approved Thailand BOI promotion.
Question: Hi Thai Lawyers, we applied for BOI for our business we plan to do in Thailand. We got a letter from the Board of Investment telling us they approved of our project, but we did not see any BOI certificate or document that says we can start our business yet. What should we do next?
Answer: Please be informed that when the BOI approves your project, it does not mean you can start your project right away. The next step is to file the acceptance form within 30 days from the date of their approval to officially let them know you agree to the conditions specified in their letter informing the approval of your project. However, in order to receive the BOI certificate, there is another form called Form Kor Kor Tor 05 to submit within 6 months from the date of submitting the acceptance form. Together with Form Kor Kor Tor 05, you will need to attach your company’s documents and the credit advice from your bank showing that you have transferred at least 25% of your registered capital (or the capital set by the BOI), so you have to open a bank account now if you have not done so.