According to Section 17 of the Investment Promotion Act, the BOI promoted person shall be a company, a foundation or a cooperative established in accordance with the respective laws of Thailand. An Individual or partnership cannot get Thailand BOI promotion, but an individual can represent the company in dealing with the Board of Investment. Apart from that, representative office and branch office of a foreign company are neither allowed to get Thailand BOI because its company is registered overseas, not considered a Thai company as described in the Act. The most popular form of business seeking BOI promotion is Thai limited company. Since most of activities under the Board of Investment promotion can be 100% owned by foreigners, therefore the foreigners can register a new limited company here to apply for Thailand BOI promotion. However, it is not necessary to finish setting up the company before submitting the application. Both steps can be done simultaneously. For more information, please see https://thailawyers.com/is-it-necessary-to-set-up-a-company-before-applying-for-boi-promotion/
The money used to operate BOI projects may be from paid-up share capital, accumulated profits (retained earnings), domestic loans, foreign loans, credits from domestic suppliers and credits from foreign suppliers. However, if your new Thai company is going to be 100% foreign owned, you will have to transfer the capital payment from overseas.
Check out this post series: How to fill out BOI application.
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