BOI PROMOTION IN THAILAND
BOI or the Board of Investment is a government agency whose purpose is to provide investment incentives for both local and foreign investors in an effort to decentralize Thailand and promote widespread industrial growth. BOI achieve these goals by providing tax reductions, foreign freehold land ownership, easier work permit and visa process and reduced utilities cost. BOI have facilities and services to provide aide and assistance to establish new organizations here in Thailand and also help to make it one of the best investment locations in Asia.
BOI provides extra benefits if a new business falls into their promoted activities categories, the categories themselves are broad and cover from agriculture, mining, ceramics, metal production, public utilities, electronics to machinery and transport equipment. There are again additional benefits to be had in terms of reduced import duty, tax exemption and reduced utility fees; eligibility for these benefits is split into three zones starting from Bangkok and surrounding provinces moving outwards. Zone One provides the least benefits as it is centralized with Zone Two providing additional benefits for a longer duration while Zone 3 has further benefits after the initial exemption period has expired. These privileges are valuable to an up and coming business and can make a difference in the long term future.
With Thailand BOI promotions foreign companies can own land when previously only a Thai company could. This is a huge step forward as before foreign companies could only lease land for a period of time or set up a Thai company under nominee which can be risky when dealing with multi million baht industry. BOI also help simplify work permit and visa procedure enabling a swift and trouble free application or renewal for long term employees or experts flown in on a temporary basis, this service opens up a wealth of opportunities and advantages for your business. A big benefit or having a BOI promoted company is the ability to return profits to overseas efficiently enabling a branch manufacturing company in Thailand to return earnings to its parent company overseas.
When planning to invest in large scale business here in Thailand, whether it is in manufacturing or services look at your options and research every possibility as it will be beneficial to you in the long term. By utilizing benefits from agencies such as BOI you can give your investment the upper hand in a fast growing and dynamic world market. We provide services to help apply for BOI promotions and more importantly help clients to fully understand the options open to them in order to obtain maximum gains from their investments. If you have your own case or any questions regarding law in Thailand please feel free to write in to us and we will answer any questions or concern.