BOI Thailand Privileges and Incentives

What does one need to make their business flourish? A few factors that can really help a business take off are a market and economy that is growing rapidly. An environment that is business friendly and conducive to business. And finally support from the local government to make sure that you get the best opportunities and incentives to drive your business forward. These are some of the many reasons why investors from all over the world are flocking to Thailand to set up businesses there. One of the many ways in which the government of Thailand supports and promotes businesses is through the BOI or Board of Investment. This department offers a host of incentives both tax and non-tax to investors who are looking to do business in Thailand.

The Thailand Board of Investment was established in 1966 as a government agency to assist foreign investors who want to do business in Thailand. There are lucrative benefits that companies that are BOI-certified can use to their advantage in Thailand.

BOI Business Categories

BOI has released a list of industries that can apply for certification with them. If you are looking to get certified with the BOI, then your business has to fall under these categories:

1- Agriculture

2- Basic metals, mining, ceramics

3- Transport Equipment, Metal Products and, Machinery

4- Electronic Industry

5- Plastics, Chemicals and, Paper

6- Public Utilities and Services

7- Innovation and Technology Development.

What are the incentives and privileges that you can get with BOI?

BOI provides several major incentives for being certified with them such as:

Tax privileges

1- You will be exempt from import duties or pay a reduced fee.

2- You will be exempt from income tax and dividends.

3- There will be double deduction from your electricity, water and transportation bills.

4- You will get an 8-year exemption on any sort of corporate income tax if your business falls in the eligible category.

5- You can get a 5-year Corporate Income Tax exemption if your business falls in the category of technology and helps the development of Thailand.

6- You can get a 3-year Corporate Income Tax exemption if your business deals with lower technology and contributes to the development of Thailand.

Non-tax privileges

1- You will be allowed to bring experts or skilled labor to Thailand to work on your project.

2- You will be allowed to own land.

3- You will be allowed to take money to other countries for business purposes.

4- You will be allowed to bring other investors into Thailand for business purposes.

In addition to these official privileges the office of BOI is very cooperative and makes sure to provide foreign investors with the best opportunities and help them in any way they can. BOI is a great initiative of the government of Thailand and getting certified from them makes sure that you get access to all the best opportunities and conditions that you are going to need to ensure that your business becomes a success.