Aside from manufacture of products using biotechnology and manufacture of products from bioplastic, the Board of Investment also promotes manufacture of biochemical.
To be eligible, the BOI has set the following conditions:
- 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
- Project with only mixing or dilution processes shall not be promoted
- Project must have certified or 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.
If promoted, the project can get a corporate income tax exemption for eight years, limited to 100% of the project’s investment, as determined by the Board.
Moreover, it 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
If you are looking to do business in Thailand, your business activities may be or may be not eligible for BOI promotion. Contact Thai Lawyers for initial consultation. We are experts in company registration, BOI application, Foreign Business License application, visa & work permits, and other business services.