Our BOI expert explained that the application is submitted to the Board of Investment only one time. Once you have been approved, we will file some more forms so you will get the BOI certificate, which we will translate for you and our job is done.
With the certificate, you can hire your foreign employees right away. However, you will have to spend at least Baht 1M (or whatever amount specified as your new investment in the BOI certificate) on machinery (if your business needs it), office equipment, furniture and other fixed assets mainly), which you have 2-3 years to complete. Within this period, you need to file a form a few times to tell the BOI that you still want to operate as a BOI company even though you have not completed the required investment.
Finally, once you have completed the required investment, then you will have to file a form to let them know you have fulfilled that condition. Then the BOI officials will come to check the assets at your company and issue a letter that you can open your BOI operation. From then on, as a BOI company you will need to file some forms with them every year, for example to report the result of operation.
Those forms can be done by your own staff, but hiring people like ThaiLawyers is better because your staff do not do this every day and may make mistakes. But we promise you BOI is well worth it. You will pay a lot more having to get others to sponsor your people’s work permit or to hire 4 fake Thai employees and increase 2 M capital for every work permit you sponsor yourselves. BOI is also the best way to have foreign majority ownership in a company in Thailand.
Find out if your business activities are eligible for BOI Thailand. Contact MSNA for BOI registration.