Under the activity no. 1.5.2, the BOI promotes manufacture of biochemical. The main conditions are as follow:-
1. Products must use raw materials from agricultural products, processed agricultural products, biomass or scrap or waste from agricultural processing industries at least 51% by weight.
2. The project must not only involve mixing or dilution processes, otherwise, it will not be promoted
3. Project must have certified qualified by ready biodegradability international standard, such as OECD Guidelines for the Testing of Chemical, Test no. 301: Ready Biodegradability. The certification or qualification must be completed before the full operation deadline.
Once promoted, the BOI may grant the following incentives:-
– 8 years exemption of corporate income tax on profits from the promoted project, limited to 100% of the project’s investment, as determined by the Board.
– 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
– non-tax incentives such as permit to own land, permit to sponsor work permits to foreign employees with less restriction, permit to take out or remit money abroad in foreign currency
Contact Thai Lawyers for setting up a BOI company and obtaining visa and work permits.