In order to further promote economic development and industrial upgrading, the Thai government has introduced a series of preferential investment policies, among which the most representative and attractive is the BOI (Board of Investment) policy.
The policy aims to effectively reduce the investment costs of enterprises by providing investors in specific industries with a series of preferential measures such as tax exemptions, land purchase rights, and relaxation of foreign shareholding ratios, thereby attracting more high-quality projects to land in Thailand, thereby driving local economic development, technology dissemination and employment growth.
However, applying for BOI approval is only the starting point of the investment journey. There are still a series of complex and critical processes and precautions that investors need to strictly follow to ensure that they can enjoy preferential policies and conduct business smoothly.
Next,PDAEXSEA will sort out the complete process and key points after applying for Thailand BOI certificate for you.
01
BOI approval letter receipt and confirmation
Receive the approval letter:
After receiving the BOI approval letter, you need to carefully read the conditions and requirements, including minimum investment requirements, authorized business activities, tax incentives, etc.
Confirm acceptance:
Reply to BOI within one month to confirm acceptance of the conditions and requirements in the approval letter.
02
Company registration and capital transfer
Company registration:
Register a Thai company within 6 months, you can use a newly established company or reorganize an existing company.
Registration requires the following conditions: at least 2 shareholders, one or more directors, registered capital, registered address in Thailand, etc.
Fund transfer:
Transfer the required capital investment from overseas within 4 months. The funds must be remitted in the name of the foreign investor, and the recipient is the company that obtained the BOI certificate.
If it cannot be completed on time, you need to apply to the BOI for an extension.
03
BOI certificate collection
Submit application:
Within 6 months after confirming the BOI resolution notification, adjust the registered capital and complete the capital injection in accordance with the requirements of the BOI, and after confirming that the BOI's requirements for registered capital, investment funds, etc. are met, submit the BOI certificate application form.
Prepare materials:
The materials that the company needs to submit to obtain the BOI certificate include: a completed application form for obtaining an investment promotion certificate (F GA CT 08); company organization outline; meeting minutes for increasing registered capital (if there is an increase in registered capital); company registration certificate, etc.
Certificate collection:
After submitting complete information, wait for BOI review, and receive the BOI certificate after the review is passed.
04
Application for preferential benefits
Purchase of land:
After obtaining the BOI certificate, submit an application for the purchase of land rights and other materials through the E-Land system, such as a brief map of the land location, a copy of the title deed, etc. The approval time is 15 working days.
Duty-free import of machinery and equipment:
Documents such as a list of machinery and equipment need to be prepared, and an application for imported equipment needs to be submitted through eMT online. The approval time is 60 working days, and the machinery import period is within 30 months after the issuance of the preferential certificate.
Application for duty-free import rights for raw materials and necessary materials:
Declare a list of raw materials and necessary materials, apply for duty-free import release, and declare production formulas through the RMTS system. The approval time for each stage is 30 working days, and the import items and quantities do not exceed the approved maximum inventory.
Application for corporate income tax preferential rights:
Submit an application for corporate income tax exemption through the e-Tax system, and provide a list of machinery and equipment, production and sales statistics, and other information. Enterprises that obtain preferential rights will receive a written notice.
05
Foreign business license application
Determine whether you need:
If the activities of the company are restricted by the Foreign Business Law, you need to obtain a foreign business certificate.
Application process:
Submit an application to the Ministry of Commerce, which usually takes about two weeks. After obtaining it, you can start issuing invoices for restricted activities.
06
Application for a foreign expert visa and work permit
Opening a position:
Open a position on the BOI single window platform for a new position that matches the applicant's qualifications, and upload the applicant's qualifications for BOI approval after approval.
Applying for a visa:
After obtaining approval for a new position, BOI will issue an invitation letter to submit to the Thai Embassy as part of the non-immigrant B visa application. You need to prepare an application form, DBD document, passport copy and other materials.
Work permit:
After entering Thailand, foreign employees submit an application for a work permit through the BOI single window system. After approval, they can collect the work permit and extension at the one-stop service center.
07
Reporting and Compliance
Regular reporting:
Submit project progress reports and annual reports to BOI regularly, and conduct a comprehensive audit after 3 years to verify compliance.
Accounting compliance:
Ensure that the accountant is familiar with BOI and its accounting requirements, correctly record fixed asset purchases and investment conditions, and ensure that invoice services are within the scope of BOI and foreign business certificates.
08
Precautions
Strictly abide by the time limits of various processes, such as company registration, fund transfer, certificate collection, etc., and apply for extension in time if necessary.
Document preparation:
During the application process, ensure that all submitted documents are complete and accurate to avoid approval delays due to document problems.
Compliance operation:
While enjoying preferential rights and interests, strictly abide by the various regulations and conditions of BOI to ensure that the company's operations meet the requirements of BOI to avoid risks and losses caused by violations.
Therefore, it is recommended that investors seek assistance from professional service agencies in applying for BOI certificates and subsequent processes.
These professionals can not only help you accurately understand the requirements of various policies and regulations, but also assist in preparing and reviewing application materials to ensure the smooth progress of the process, thereby greatly reducing the risks in the application process and increasing the success rate, allowing you to focus more on the planning and development of your core business.
PDAEXSEA, a one-stop cross-border enterprise service platform, tailors overseas solutions and supporting landing services for Chinese companies to help Chinese companies go overseas "less pitfalls".
