What Is A BOI Company
The Board of Investment or BOI is an agency of the government which belongs to the office of the Prime Minister in Thailand. Its main function is to encourage and promote beneficial investments for both local and foreign investors to the country thereby enhancing its competitiveness, overcoming the country’s slow growth when middle-income levels are reached, and achieving justifiable growth based on the philosophy of efficiency economy.
To invite more valued investors to the country, the BOI Company has developed incentive schemes to improve the skills of its local workers. Investors in businesses can also avail of tax incentives such as:
- exemption of corporate income tax
- exemption of import taxes on machinery
- exemption of import taxes on raw materials that are used in research and development
- exemption of import duties on raw materials used in the production of export products
Non-tax incentives allow investors 100% foreign ownership with some exceptions under Business Act 2542, to own land, and to bring skilled workers to work in the country
There are also services offered by the BOI Company to its investors, both local and foreign:
- Investment opportunities information.
- Advice and information on BOI rules and regulations for investment promotion.
- Opportunity for investors to connect with private sectors and government agencies to speed up the process of business registration and application of work permits.
- Support on business connections and obtaining local suppliers.
- Support on contacting potential investors.
- Support to identify foreign research experts on science and technology.
- Provide advice on foreign investment as well as training courses on foreign investments.
Activities of BOI Company offered to its investors;
- Medical industries
- Superior manufacturing industries
- Essential and supporting industries
- Quality services
- Creative and technology industries
The responsibility of the BOI Company of attracting more local and foreign investors in the country is a challenging role for the government to pursue. What is essential for investors to do is to choose the right location for putting up an investment.