100% Information! Checklist to Start a BOI Company
By now you might have come across hundreds of articles stating why you should start a BOI Company. I don’t really want to write another article that would just speak about the same thing again. I am sure you don’t want another time waster. Let’s just quickly have a look at the things that you need to keep in mind and carry with yourself in order to set up a BOI company.
These are the Business Categories that are Entitled to BOI Approval
- Agriculture and its products
- Metal Products
- Chemicals, paper, and plastics
- Mining, ceramics and basic metals
- Electronics industry
- Transport equipment and machinery
- Services and public utilities
- Light industry
If you have interest in investing in any of these sectors, then what are you waiting for? Go ahead with the plan. Make all the necessary documents ready and hit the Thailand business market like a pro. And having a BOI promoted company will fetch you tax privileges, which include reduction on the import machinery, tariff exemption, and corporate income tax exception. In fact, non-tax privileges are also there like exemption on the ownership of companies, exemption from visa and work permit. You can also bring an expert from your country to work in Thailand. And this, my dear, not everyone can do.
But at first you must make sure that you have all these documents ready;
- Application form to obtain promotion certificate
- Certificate of investment issued by the Bank of Thailand
- The memorandum of association
- Licensing agreement, technology transfer contact, technical assistance contract and a joint venture contract
- Form of utility as well as manpower requirements
- Business registration certificate
- Document stating transfer of funds from the overseas
However, in case you fail to submit any of these documents within a certain time limit, you will need to submit an explanatory letter to the BOI. As for the procedure to start your Board of Investment company, it is same as any company registration. Like, you will have to register the name, which must be unique, select the Board of Directors in the statutory meeting, file the Memorandum of Association, and register the company alongside registering for tax.
Since you are new to this entire procedure and there are so many things in between that you need to know, you may consult our legal expert for assistance.
