BOI (Board of Investment) Law, is a promotional policy created in 1954 when the government announced its Industrial Promotion Act. The government started actively subsidizing and promoting incentives for foreign skilled workers with businesses willing to open and operate in the Kingdom of Thailand. Through the Thailand Board of Investment law, the government guarantees not to interfere or nationalize foreign entities or businesses. Thailand was the first country in this region to have such an investment law.
BOI Thailand helps foreign businesses to establish their operations in Thailand and make sure that their activities will also be beneficial to the kingdom. Furthermore, the BOI application process is quite strict in the essence that it must comply with the regulations and the requirements of the application are that it focuses on providing new technology and benefits to Thailand. The foreign workers / BOI applicant, and newly established BOI company needs to be a valuable investment for Thailand.
Under the Thai Investment Promotion Act, Section 16 defines the BOI promotion as: “The activities which are eligible for an investment promotion by the Board are those which are important and beneficial to the economic and social development, and security of the country, activities that involve production for export, activities which have a high content of capital, labor, or service or activities which utilize agricultural produce or natural resources as raw materials, provided that in the opinion of the Board, they are non-existent in the Kingdom, or existent but inadequate, or use out-of-date production processes.
The Board shall make an announcement designating the types and sizes of investment activity eligible for an investment promotion certificate and may stipulate there in the conditions under which promotion is to be granted and may amend or abolish those conditions at any time.
In the case where the Board is of the opinion that any activity announced to be eligible for promotion under paragraph two no longer requires to be promoted, it may announce a temporary or permanent cancellation of promotion for that activity.”
The Office of the Board of Investment is a government agency under the Office of the Prime Minister. Its main roles and responsibilities are to promote investment. Here are some of the Thailand Board of Investment promotion policies and main laws to protect a promoted person:
Since 1954, each new cabinet issued new policies to give more non-tax incentives and more support to foreign investors and foreign investment in Thailand. Encouraging investment is an integral part of the BOI. The most recent policy issued is the "Seven-Year Investment Promotion policy (2015 – 2021)". Here are some details:
Depending on the nature of your business, applying for a Thailand BOI company setup, the requirements and procedure may be different, but our team of lawyers will represent your project and explain it in detail to the BOI officer. All proposed projects must develop competitiveness in order to be approved by the BOI officer.
The general qualifications when applying for a BOI investment promotion certificate are as follows:
Required documents and information for applying BOI promotion certificate incentives:
Procedure to apply BOI which shows how we work and submit your application to the BOI office
The Juslaws & Consult Thai Law Firm with a team of lawyers provide a full range of support for clients opening and starting their business under BOI – Board of Investment - promotion in Thailand. The team of corporate lawyers is dedicated and always ready to deliver the best-tailored solutions for your business.
Our team consists of professional experts who work closely with BOI officers and have more than a decade's worth of experience working with BOI Thailand and they are completely aware of all the requirements and procedures needed for a successful application. Juslaws & Consult can provide you with all the details related to the benefits of the BOI Thailand promotion. Please do not hesitate to contact us for more information.