If you’re looking to invest in Thailand, applying for the Board of Investment (BOI) promotion is a great way to get started. The BOI offers a wide range of tax breaks and other incentives for businesses that set up shops in the country.
This article will show you the ropes of how to apply for BOI Thailand promotion, whether you’re a newbie or an old hand. Keep reading to get all the info you need on the application process.
1. Study the information
The first step is to familiarize yourself with the BOI and what they do. You can find plenty of information on their website, including an overview of how to do business with the agency.
Take some time to read through the BOI’s objectives, guidelines, and benefits before moving on to the application process. This will help ensure that you are eligible for promotion and that your project meets the BOI’s criteria.
2. Submit an application for investment promotion
Once you’ve gathered all the necessary information, you can begin filling out the application form. You can do this online via the e-Investment Promotion service page.
Take note, however, that the following business operators cannot submit their applications online:
- Investment promotion applicants for performance improvements
- Investment promotion applicants for business transfer
- Investment promotion applicants for Grassroots Economy
3. Project clarification
Within 10 working days from submitting your application, set an appointment with the BOI to discuss your project in more detail. This is an important step in the process, as it will give you an opportunity to ask questions and get feedback on your proposal.
4. Project analysis
BOI officials will then conduct an analysis of your project. This will involve a review of your business plan, financial projections, and other relevant documents. This can take anywhere from 40 to 90 days, depending on the amount of investment capital.
5. Notification of consideration results
Once the BOI officials finish their review of your application, they will notify you of the results. This will be done seven days after the date of the approval of the minutes of the meeting.
If your application is approved, you will be given a chance to apply for a promotion certificate. If it is not approved, the BOI will provide you with feedback on why it was not accepted.
6. Acceptance of investment promotion resolution
You have one month from the date you receive the written notification of resolution to accept the promotion. You can do this by either filling out the form via the e-Investment Promotion service page or submitting the Promotion Acceptance Form (F GA CT 07) to the BOI office.
7. Apply for a promotion certificate
After accepting the investment promotion resolution, you can apply for a promotion certificate. You will need to fill out the form via the e-Investment Promotion service page or submit the Accompanying Application for Promotion Certificate Form (F GA CT 08) and supporting documents to the BOI office within six months from your acceptance.
8. Promotion certificate issuance
BOI officials will then review your application and supporting documents. If everything is in order, they will issue a promotion certificate within 10 working days.
And that’s it! You’re now ready to start enjoying the benefits of BOI Thailand promotion. Just remember to keep all your documentation up to date and follow the BOI’s guidelines, and you’ll be well on your way to success in Thailand.