Amid global and regional economic challenges The Thai government aims to promote investment in order to drive the Thai economy to sustainable growth. One of the important mechanisms is “Office of the Board of Investment (BOI)” has updated the latest measures and benefits for 2024 to attract both domestic and foreign investors. This article delves into the important contents of BOI benefits in 2024 are divided into 4 main topics.
1. Investment promotion goals and directions
- Focuses on attracting investment in 5 target industries:
- BCG (Bio-Circular-Green Economy) Industry
- Digital industry
- Electric vehicle (EV) industry
- Integrated medical industry
- Qualitative tourism industry
- Promote investment in the EEC area and other areas throughout the country, develop the grassroots economy. and reduce inequality
- Promote investment in technology and innovation, develop personnel, and increase production efficiency. and create added value
- Attract investment from both domestic and foreign countries Stimulate employment, increase income, and improve the Thai economy.
- Focus on promoting investment in target industries with high potential. In line with the national strategy and the national economic and social development plan.
2. BOI benefits
- BOI benefits in terms of taxes
- Exemption from corporate income tax for up to 13 years, depending on the type of business and conditions.
- Reduce income tax by 50% for another 5 years (only in investment promotion zones)
- Exemption from import duty on machinery
- Exemption from import duties on raw materials
- Produced for export: except for all
- Produced for sale within the country: discounts according to conditions
- Exemption of import duties on items imported for use in research and development.
- BOI benefits that are not related to taxes
- Foreigners are allowed to hold 100% of the shares, except for businesses listed in List One of the Foreign Business Act.
- Allowed to own land
- Allow craftsmen/experts to come and work.
- Other benefits such as
- To develop competitive ability
- To spread prosperity to the region
3. Additional special measures
In addition, the Office of the Board of Investment has other promotional measures that are beneficial to many businesses, such as
- Measures to strengthen competitiveness
- Measures to preserve and expand the existing production base
- Measures to promote integrated business relocation
- Measures to stimulate investment to revive the economy
- Investment promotion measures to upgrade the automotive industry
- Measures to upgrade the industry (Smart and Sustainable Industry)
- Investment promotion measures for small and medium-sized enterprises (SMEs)
- Measures to promote investment in special development zones (EEC)
- Measures to promote investment in special economic corridors
- Promotional measures in border special economic development zones
- Measures to promote investment for industrial development in the southern border provinces
- Measures to promote science and technology areas
- Measures to promote investment in the medical innovation district
- Measures to promote investment for community and social development
- Measures to promote human resource development
4. Guidelines for requesting investment promotion
- Study information
Investors interested in applying for investment promotion should study basic details first, such as the types of businesses being promoted, benefits, criteria and conditions, application submission procedures.
- Prepare documents
Documents that must be prepared for submitting an investment promotion application are as follows:
- Investment promotion request form
- Copy of commercial registration
- Company letter articles
- Certificate of registration of legal entity
- Business plan
- Business license
- Document showing land ownership
- Other documents
- Submit a request
Can be done in many ways
- Submit in person at the BOI central, regional or foreign offices.
- Submit through the e-Investment online system.
- Use the services of a consulting company
- Project clarification
Present the project to the BOI committee for consideration.
- Waiting for the consideration
BOI will consider the request within 30 business days.
- Respond to resolutions/issue promotional certificates
If approved, BOI will issue investment promotion certificates to investors.
FDI Accounting & Advisory Being a business consultant with experts with a lot of experience and knowledge. More than 28 years of experience helping unlock your full potential and stay ahead in a highly competitive market. That will help you expand your business at low costs. As well as help apply for government benefits and programs that are most beneficial to your business. You can contact to request servicehere Also we give Complete service Covers from company registration. Requesting licenses to operate various businesses, including requesting BOI as well, providing tax advice. Accounting both monthly and yearly Support business growth and expansion Providing advice on human resource systems Including counseling and visa application services. and work permit
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