Thailand Board of Investment

Thailand Board of Investment. When considering investment opportunities in Thailand, foreign investors often turn to the Board of Investment (BOI) for guidance and support. The BOI plays a pivotal role in promoting and facilitating foreign direct investment in the country. In this comprehensive guide, we’ll explore the functions of the BOI, its incentives for investors, and the process of obtaining BOI privileges.

Understanding the Board of Investment (BOI)

The Board of Investment is a government agency tasked with promoting investment and economic development in Thailand. Established in 1954, the BOI operates under the supervision of the Prime Minister’s Office and serves as a one-stop service center for investors seeking to establish or expand their presence in the country.

Functions of the BOI

The BOI offers a range of services to support foreign investors, including:

1. Investment promotion: The BOI provides incentives and support measures to attract foreign investment in priority sectors of the economy, such as manufacturing, technology, and services.
2. Facilitation of investment projects: The BOI assists investors throughout the investment process, from initial inquiries and project feasibility studies to project implementation and operation.
3. Licensing and registration: The BOI grants investment promotion privileges to qualified projects, including tax incentives, import duty exemptions, and permission for foreign ownership of land and businesses.
4. Aftercare services: The BOI continues to support investors after their projects are operational, offering assistance with permits, licenses, and resolving any issues that may arise.

BOI Privileges and Incentives

Foreign investors who qualify for BOI promotion are eligible to receive a range of incentives and privileges, including:

1. Tax incentives: BOI-promoted projects may be eligible for corporate income tax exemptions for a period of up to eight years, depending on the type of investment and location.
2. Import duty exemptions: BOI-promoted projects may import machinery, raw materials, and other necessary items duty-free.
3. Land ownership: BOI-promoted projects may be granted permission for foreign ownership of land for the purposes of investment.
4. Work permits and visas: Foreign employees of BOI-promoted projects may be eligible for expedited work permit and visa processing.

The BOI Application Process

The process of obtaining BOI privileges involves several steps:

1. Initial inquiry: Investors should contact the BOI to discuss their investment project and determine eligibility for BOI promotion.
2. Submission of application: Once eligibility is confirmed, investors submit a formal application to the BOI, including a detailed project proposal and supporting documents.
3. Evaluation: The BOI evaluates the application based on criteria such as the project’s economic benefit, technological innovation, and environmental impact.
4. Approval: If the application meets the BOI’s criteria, the project is granted investment promotion privileges, and the investor receives a BOI certificate.
5. Implementation: With BOI privileges in hand, investors proceed to implement their projects in accordance with the terms and conditions set forth by the BOI.

Conclusion

The Board of Investment plays a crucial role in Thailand’s efforts to attract foreign investment and promote economic development. By offering incentives, support services, and streamlined procedures, the BOI facilitates the establishment of investment projects that contribute to the country’s growth and prosperity. For foreign investors seeking opportunities in Thailand, the BOI serves as a valuable partner and resource throughout the investment process.