We got an inquiry from a yacht builder who wants to establish a company in Thailand and apply for investment promotion with the Board of Investment.
This activity may be eligible for BOI promotion under activity no. 3.15 building or repair of ships. The condition is to produce boats (or yachts) measured in units. The type of boat to be produced depends on the company’s business but has to look at the weight whether it is more or less than 500 gross tons. If less than 500 gross tons, it should be only steel or fiber glass ships with installed engine and equipment.
For this project, you must obtain ISO 14000 within 2 years from full operation deadline.
If you get promoted, you can be granted with the following incentives.
- Exemption of corporate income tax for 8 years
- 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 benefits such as eligibility to own the land for the company to use when building yachts, work permit for expats
If you need assistance in BOI company registration, consult with Thai Lawyers: your partner in doing business in Thailand.