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BOI application
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What is BOI?

BOI refers to the council for the promotion of Investment in Thailand (Board of Investment, referred to as "BOI), is the head of the Thai foreign Investment and provide consulting services in Thai enterprises with foreign Investment, Investment promotion commission (BOI) of Thailand has a privilege to meet the requirements of foreigners holding 100% of the Thailand co., LTD., and the rules with a legitimate business within the scope of project management.
 
BOI company, namely all foreign companies, want to register in Thailand company, apply to become BOI preferential company foreigners can hold 100% shares

 

 
Join BOI investment promotion
The approved investment projects shall enjoy corresponding preferential policies according to their grades



Exempt from calculating the income tax generated by dividends
Foreign currency can be remitted freely
Utilities are included in double non-tax breaks for corporate spending
Most water projects are wholly foreign-owned
Exemption/reduction of import duties on machinery, equipment and raw materials
Land ownership in the name of the company is permitted
Exemptions/exemptions shall include a minimum of three years and a maximum of eight years of corporate income tax
The visa and work permit for foreign technical personnel should be handled in one stop
{  Tax incentives  } {  other  }


To be clear, BOI category is more limited, after the approval of not every industry can reduce or exempt enterprise income tax. Specific investment promotion committee of Thailand can be consulted on preferential investment policies.
 
The BOI guidelines classify the projects into seven categories: agriculture and agro-processing, minerals, ceramics and basic metals, light industry, metal products, machinery and transport, electronics and electrical, chemicals, plastics and paper, services and utilities. BOI class AB policy according to whether the project is A high-tech and high value-added, competitive, and promote economic and social development, environmental protection and so on various factors considered preferential investment grade by the Lord to the time from A1, A4, B1 - B4, which class A has 3 to 8 years enterprise income tax has limitation and unlimited credits (in Thai industrial park + 1 years but not more than eight years), class B enterprise income tax reduction, and enjoy the same as the class A machine import tariffs, export products raw materials import tariffs, In addition, non-tax regulations allow the introduction of foreign technical experts and spouses, the free inward and outward remittance of foreign exchange, the ownership of permanent land property rights and the holding of 100% foreign shares.




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The application requirements


  The registered capital

Join BOI, need 10 million - 200 million baht, after opening an account, need check capital.

The examination and approval time

Wait at least 3 months or more before the review

Scope of business

BOI limited business scope, generally for large-scale manufacturing enterprises.



  BOI certificate application process

1. BOI policy consultation
2. Fill in the BOI application form
3. Application for BOI case
4. Make an appointment for an interview with BOI officials
5. Submit additional materials required by the interview
6. Obtain and fill in BOI for approval
7. Submit BOI within 10 working days
8. Company registration + tax registration + bank account opening + capital injection
9. Submit the full set of registration information to BOI, and get the BOI certificate 10 working days later


 
How to implement the operation after the application”
 
The first thing to understand is that applying for BOI does not mean applying for a company that can be operated directly. It is only a certificate of investment preference, the full name of which is the certificate of investment promotion license. Successful foreign investors also need to establish a corporate legal person in accordance with the civil and commercial law of Thailand. After that, the project shall be approved by the investment promotion commission before applying for the "foreign business license". However, the application for the "foreign business license" is simple and easy. Foreign companies can only officially start operations in Thailand if they obtain the permit.


Implement the whole operation process

From the application to the realization of business will take more than half a year

Type of production: project approval - submission of application - project explanation - project approval - establishment of enterprise - obtaining investment promotion license - application for foreign business license - import of machinery and equipment and raw materials - production
Types of services: project approval - submission of application - project explanation - project approval - establishment of enterprises - obtaining investment promotion permit - application for foreign business license - start-up service
 


The project progress shall be reported to the investment committee within 6 months, 1 year and 2 years from the date of obtaining the BOI certificate (investment promotion permit). Within 36 months from the date of obtaining the certificate, the project must be reported to the investment committee for project start-up, and the investment committee shall review the project process and approve the production.







Apply for BOI to answer questions
Thailand manufacturing, public service, trade center, regional headquarters investment preferential policy applications are often late and mistaken


     Does BOI need to register a company to apply?

A: no. In fact, as long as the investment intention is determined, BOI can apply in the name of an individual before the registration of the company in Thailand, and the approval notice is issued before the registration of the company. The BOI certificate is under the name of the company in Thailand. If it takes 3 months before and after the submission of documents and the issuance of certificates by the regular BOI, the interim registration buffer period is 1-2 months. After the approval notice is issued, the company shall provide a full set of registration documents, bank remittance proof (the minimum is 25% of the registered capital), technical post information and project planning time information to the BOI certification department for obtaining the investment preferential certificate within 10 working days.


     How much registered capital does BOI need?

A: BOI policy stipulates that the ratio of liabilities to registered capital shall not exceed 1:3, that is, the minimum 25% of the total project investment (including land and working capital) shall be used for registration, and the ratio of liabilities (borrowing) shall not exceed 75%. According to the experience of applying for BOI project in industrial park, it is best that the registered capital is 50%-70% of the total investment, which increases the feasibility of the project in the process of project review. If the pre-registration does not reach 25% of the total project investment, the audit officer will require the enterprise to increase the registered capital, that is, to complete the capital increase before obtaining the certificate.


     Can all industries of manufacturing apply for BOI?

Answer: the answer is no, BOI can apply for to control instructions in the first seven matches the categories of industry, secondly to meet what kind of application conditions, process again whether meet the requirements of the BOI approval process is too simple, for example: semi-finished products import to Thailand after cutting or assembly or packaging outbound, such technology because the process is simple with no technical content of BOI shall not be approved. Before applying for the project, taidu accountant suggests that the enterprise should first provide the technological process of the project plan of Thailand to the industrial park and consult BOI officials. After receiving the reply, the company can fill in the application form and other application documents.


     How can the BOI process be edited to meet the application requirements?

Answer: if the finished product has 1 kind or many kinds and the craft is similar that allows to provide a craft flow, if the product has many kinds and the craft is different need to prepare one by one. BOI process flow shall include abbreviation of each process link, equipment used, simple text description of the process, pictures, etc. to make A4 paper flow chart. If solid waste, waste gas or waste water are generated in a process, it is necessary to point out what kind of pollution is generated in the process, and add the treatment method and treatment process in the form of annex.


     Can you fill in the old equipment in the equipment list of the application project?

A: yes. Because BOI policy to encourage the use of new equipment, such as equipment less than 5 years, 5 years to 10 years need to offer the machine performance to prove (English/Thai version), less than 5 years equipment within the investment capital can be included in the amount of income exempted from enterprise income tax, more than 5 years equipment not included in the investment funds, at the same time less than 5 years, 5-10 years equipment shall not avoid import duties, more than 10 years equipment cannot be used in the project.


     Does the import or local purchase of raw materials in the application affect BOI approval?

A: not much. BOI encourages the application projects to use local raw materials to promote the economic development of Thailand. In the early stage (such as the first 1-2 years), due to the shortage of raw materials resources or the different characteristics of imports, the third year can be changed to local procurement or parallel import, or all can be converted to local procurement. If the raw material is a common raw material in the Thai market and the 3-year project plan is imported, the official will ask for an explanation.



     How to fill in the project plan for foreign and Thai employees? Can foreign workers be used?

Answer: proportion of foreign nationality and Thai nationality employee needs to be set in 1:4 limits according to labor law regulation, namely 1 foreign nationality employee corresponds to 4 Thai nationality employee. In order to maximize the increase of labor employment rate in Thailand, BOI project cannot use foreign workers. For example, if seasonal workers are scarce and it is possible to employ foreign workers, it is suggested to adopt a compromise approach, that is, directly generate a contractual relationship with labor intermediaries.

     

     How to calculate the depreciation rate of machinery, equipment and plant in the application form?

Answer: according to Thailand finance and tax law regulation, the depreciation of the building (namely workshop and other auxiliary production place) is 20 years, machine equipment depreciation 5 years, can use average depreciation rate form computation, or depreciation scale for the first time is large (if 40%), calculate average depreciation form every year after.


     Where does time of enterprise income tax calculate to go up from?

A: most BOI companies have questions about this. When is the start date for the reduction and exemption of BOI corporate income tax? The answer is in the BOI approval notice or certificate. Inside regulation enterprise begins to calculate enterprise income tax derate from producing business income the same day inside, and the enterprise that still loses money 1-3 years before also can eat dumb loss only, because do not need to pay enterprise tax below loss condition (net profit 20%), and manufacturing industry 1-3 years buffer period is normal.

      
In some questions are summarizes many years investment enterprises use to ask question or instructions, points, applied to doubt after settling in BOI enterprises still face more the size of the actual operation of dribs and drabs from BOI, and MDR Accounting Law Firm also will keep update all BOI projects doubt and problems need attention in operation, provides the omni-directional service for the enterprise, guide the investment enterprises out of understanding erroneous zone.

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