There are many benefits of starting a BOI business in Thailand regardless of whether you’re looking to establish a new company or start a new one. Tax incentives are one of the many advantages a BOI company can offer. A BOI isn’t suitable for all kinds of business activities.
Benefits of registering a BOI company in Thailand
When setting up a business in Thailand by registering with a BOI company can be the best way to gain many benefits. A BOI company can bring in foreign experts and workers for research or projects. BOI thailand benefits takes less than one day to process your company’s visas or work permits. BOI One-Stop Service Centres for Work Permits and Visas can assist with the process for you, thereby saving you from numerous trips back and forth between the Immigration Department and the Ministry of Labour.
Another benefit of registering with a BOI company is the availability of many incentives. These incentives can be extremely beneficial for new and existing projects. They include tax exemptions of up to 18 years old, free ground, and the capability for foreign experts to be hired with no quota. You can also enjoy advantages that are time-sensitive such as a fast Thailand visa process.
BOI companies in Thailand provide tax incentives
BOI companies in Thailand are eligible for various tax incentives. They first can enjoy tax exemptions for imported goods and raw materials. These exemptions typically last for a specific period, however, they can be extended by the Board of Investment. In addition, companies could be eligible for double deductions for their transportation and utility costs. They could also be qualified for tax breaks on water or electricity.
BOI companies in Thailand offer tax incentives that vary according to the industry. They are designed to increase investment in certain industries. For instance, projects within the electrical industry can qualify for tax exemptions for up to 8 years. In addition, projects located in the industrial zones that are considered priority will receive tax breaks for up to 8 years.
BOI companies in Thailand prohibit business activities
Before you start establishing a BOI company in Thailand It is essential to know what kind of business you intend to run. Different types of businesses have different specifications and procedures. It is best to consult with an attorney prior to making a decision which BOI business setup is right for you. You must also be acquainted with the rules and regulations if you are planning to do business in Thailand.
You should be aware that opening an BOI business in Thailand requires substantial investment capital. This capital is the sum of all the money that the company owner and other shareholders have invested in the company. In order to establish an BOI company you must have at least one million baht in investment capital. This amount can be in the form of cash, physical assets, or a combination of both. You can’t use your land as investment capital. You also cannot use the value of your property as investment capital.
The timeframe for approving a BOI request
An applicant must be aware approval deadline when applying for a BOI. While there is no exact date for approval of an BOI application, it’s typically between four and 12 months. If there is an unexpected delay, the applicant must submit an explanation letter to the BOI Thailand. After reviewing the letter, the BOI Thai may extend the time by four months. However, this extension can not be granted more than three times.
The process to apply for a BOI starts by filling out forms for the type of business you’re planning to establish. They can be obtained from the BOI headquarters in Bangkok or from an online investment platform. These forms typically consist of 8 to 10 pages. They ask questions about the company’s shareholders as well as its investment strategy. It is important to carefully fill out each part of the form.