What Is An Approved BOI Company
Thailand is a country famous for its fantastic tourism industry that attracts more tourists every day. It has a wide network of hotels and infrastructure that serve a diverse variety of travellers. Thailand is known for its beautiful beaches and cultural heritage that tourists love. However, aside from its being a popular tourist destination, Thailand has also become a strategic place to open and start up a business. Its adaptation to the new age of information technology as well as its rapid growth of economy have enticed entrepreneurs to invest in the country.
There maybe information that starting up a BOI Company in Thailand is a complicated thing. However, there is no truth to this. The Thai government has mandated the BOI to facilitate the registration process of a BOI Company to attract more investors in the country. The Board of Investment is one agency that can assist you in the process of establishing a business in Thailand.
What are the benefits of opening an approved BOI Company in Thailand? The benefits widely vary depending on the type of activity and business that are presented to the BOI. There are some possibilities of full ownership by the foreign investor, the privilege to bring workers to the country, the amount of capital being registered is flexible, tax exemptions based on activities and company standing, and the exclusion of import taxes on machinery and raw materials that are utilized to produce goods for export. Aside from these benefits, the BOI also provides an office in Bangkok, the assistance of the issuance of the visa, and request for an extension to stay.
There are several paper works to be done during the application process. Documents are required to be submitted to the BOI with a description of the company being created, a 3-year business plan with cost and revenue estimates, information on the number of manpower to be hired, their skills, and salaries. It is essential that all documents are legit to avoid the consequences that go with the submission of fraudulent papers. Upon the approval of the application, a meeting is scheduled at the office of the BOI where the investor presents the project to the BOI team.
The overall process of the application can take time; however, it is not difficult and can be done even without the help of a consultant or a lawyer.