If you’re looking to set up or expand a business in Thailand, BOI certification is definitely something you’ll want to look into. Thailand’s Board of Investment (BOI) offers promotion certificates that can provide a wide range of benefits to businesses, including tax breaks, land and building incentives, and more.
In this article, we’ll discuss what BOI certification is and some of the benefits you can expect if your business is approved for BOI promotion.
What is BOI certification?
The BOI, also known as The Office of the Board of Investment, is a government agency that provides information, services, and incentives to foreign investors in Thailand. Its goal is to attract investment and promote the country’s economic development. BOI Thailand certification is one way that the BOI achieves these goals.
BOI certification is essentially a government-issued promotion certificate that provides businesses with various privileges and benefits that they would not otherwise be entitled to. BOI certification is granted on a case-by-case basis, and you must meet certain criteria in order to be eligible.
In particular, your business must fall under one of the BOI’s target industries and meet the minimum investment requirements. These industries include agriculture and food, alternative energy, automotive, biotechnology, electronics, medicine, mining, and professional services, among others. The BOI Thailand also assesses whether your business will have a positive impact on the country’s economy in terms of job creation, technology transfer, and/or development of new industries.
If your business is approved for BOI certification, you will be granted a BOI promotion certificate, which outlines the benefits and privileges you are entitled to. The certification can be valid for up to eight years, and you can apply for an extension if you continue to meet the eligibility criteria.
What are the benefits of BOI certification?
There are a number of benefits that businesses can enjoy if they are BOI certified. Perhaps the most significant benefit is that BOI-certified businesses are entitled to a number of tax exemptions and privileges. For example, you can be exempted from import duties on machinery and equipment, and you may also be eligible for a corporate income tax exemption of up to eight years.
In addition, BOI-certified businesses can enjoy land and building incentives, such as a waiver of the law prohibiting foreigners from owning land in Thailand. BOI-certified businesses may be eligible for deductions on operational costs, including but not limited to electricity, transportation, water, and facilities.
There are also other non-tax benefits that businesses can take advantage of with a BOI certificate. These include fast-track visa processing for foreign employees, exemption from work permit requirements for certain positions, and more.
Ultimately, BOI certification can provide your business with a number of significant advantages, making it easier and more cost-effective to set up or expand operations in the country.
If you think your business may be eligible, we encourage you to contact the BOI Thailand for more information or get in touch with experts who can guide you through the BOI certification process.
