If you are looking for ways to get a piece of the Thailand pie, you might have heard of the Thailand Board of Investment. Basically, it is an agency within the Government of Thailand that encourages foreign investment in Thailand by providing incentives, services, and information. Here are a few of their services. Read on to learn more. We will discuss the non-tax privileges and activity-based incentives. And we’ll discuss the benefits of investment promotion zone status.
Non-tax privileges
If you’re a foreign investor considering investing in Thailand, you may want to take advantage of the BOI’s tax incentives and other business advantages. There are several benefits to establishing a business in Thailand, including exemption from corporate income tax for up to eight years, reduced import duties for raw materials, and tax reductions on dividends. Additionally, non-tax privileges can include tax deductions on transportation, water, electricity, and infrastructure installation costs. Furthermore, when forming a company in Thailand, you can apply for 100% foreign ownership and tax privileges.
There are numerous benefits to becoming a BOI-promoted company, including free legal fees, tax-exempt machinery, and a host of other benefits. The benefits of BOI membership can also extend to bringing in foreign staff and experts. This could boost the business potential of Thailand. The board of investment has also approved a number of industries that are eligible for non-tax privileges.
Activity-based incentives
The BOI offers tax and non-tax incentives to attract foreign investment for various types of activities in the creative sector. It encourages investments in a broad range of industries, such as design, media, film, music, and publishing. Listed below are the specific tax incentives offered by the BOI. In general, these incentives apply to projects located in special economic zones and industrial estates. They do not apply to existing investments.
BOI activities-based incentives include those that promote the economic development of the country. These incentives are available to foreign and local companies, and can be modified on an individual basis. Foreign companies may be eligible for both tax privileges and activity-based incentives. The minimum investment amount for these incentives is one million Thai baht ($30000). In addition, projects that invest more than ten million baht in Thailand are generally required to obtain international standard certifications.
Investment promotion zone status
The BOI promotes private sector investment in designated provinces to support economic growth. The investment promotion zone status requires the successful applicant to fulfill a set of requirements. These requirements include modern production processes, paid-up share capital, and adequate environmental protection systems. The deadline for application to obtain promotion zone status is the last working day of 2022. Applicants should consult professional advice for the most accurate application. However, the new investment promotion strategy may cause numerous alternations in the investors’ experience, but it should be considered as an appropriate adjustment in the overall positive development.
The BOI promotes investment in Thailand through general investment information, services to foreign companies, and promotion programs for foreign investors. The BOI has been operating in the investment field for many years and is active in its efforts. According to the Board of Investment’s annual report, 1,662 projects were promoted in 2014, of which 912 were foreign investments, generating USD 15 billion in investment. In 2015, the BOI introduced a new policy, which enables more foreign investors to apply for promotion status.
