Foreigners wishing to establish a business operation in Thailand should take full advantage of the government’s Board of Investment (BOI) services.
Availing of their services is a highly effective way to understand exactly what is permissible, how an application can be made, and how to take advantage of the many incentives offered by the board.
Before we explain the BOI application process we will outline some major benefits and services that a foreigner will be given access to:
Increasing competitiveness and investment opportunities:
The BOI can also play a crucial role in supporting business operations during their early days as well as onward expansion. Examples of this are:
BOI application procedure:
The BOI has streamlined its application procedure to ensure swift decisions are made. This effective procedure means that foreign companies can track applications and clearly identify timescales in which approval is given.
Once approval is given they can then begin to implement their project and be assured of BOI assistance where and when necessary.
The guidelines and requirements for the on-line completion of the BOI application form are clearly stated on the organisations website; www.boi.go.th
Amongst the comprehensive information available there is a very clear flow-chart showing the steps from start to finish of any application.
To indicate the effectiveness of decisions made, here are examples of timescales involved once an application has been submitted.
Meeting/presentation: The company submitting the application will contact BOI officials within 10 working days of submission to meet and present their proposals.
The proposal will then be reviewed by the BOI. Dependent upon the value of investment involved the following timescales will be adhered to in terms of making a decision of approval or non-approval:
Note: The amount of investment excludes land costs and working capital.
Confirmation of decision:
The approval or non-approval of the application will be given to the applying company within 7 days from the above timescales.
Once approval is given the company concerned will submit a Promotion Acceptance Form. This can be completed either online via the e-investment portal or in hard-copy format using form: F GA CT 07 within 1 month of approval and acceptance.
Upon receipt and approval of the Promoted Acceptance Form the BOI will issue the official certificate of promotion within 10 working days.
The company concerned will then submit a Company Establishment Form either online via the e-investment portal or in hard-copy format using form: F GA CT 08 within 6 months of promotion acceptance.
Foreign concerns that are serious in terms of beginning a business operation in the Kingdom of Thailand will benefit tremendously from using the BOI services.
Their expertise and local knowledge will ease what is seen as a complex process for any foreign individual or organisation wishing to set up business in another country.
The BOI offer a one-stop shop that gives clear advice and correct information on such important things as:
Don’t forget the ASEAN angle:
Thailand is extremely well-placed in terms of taking advantage of the ASEAN agreement and the BOI has not been slow in recognising this. They have developed the ASEAN Supporting Industry Database (ASID) on behalf of ASEAN as part of the organisations efforts aimed at increasing awareness of supporting industries, suppliers and companies in the member countries.
This free service is available at www.asidnet.org and is a comprehensive directory of companies from all ASEAN regions providing cost-effective products and services applicable to any specific business.
Such an example of assistance is yet another reason that the BOI application process should be considered by any foreign entity wishing to do business in the Kingdom.