Doing business in Thailand as a foreigner can be complicated, and there are many rules that you must follow. Many people are reluctant to set up a business due to these complications and other factors, such as only being able to own 49% of the company, with the remaining 51% being Thai-owned.
However, you can get around this and enjoy other incentives if you set up a BOI (Board of Investment) business in Thailand. The process can take some time, and you will often need legal advice to help you do it successfully. Below are some of the steps you will need to take.
Who Can Apply For A BOI Company?
There are many incentives for companies to become BOI registered, and they must meet the criteria to qualify to set a BOI business up.
You must have a minimum of one million Baht capital investment available, and you also need to have a minimum of three registered shareholders. You must also register a business in Thailand, and it needs to be in one of the following eligible industries.
- Agriculture & Agricultural Products
- Technology & Innovation Development
- Services & Public Utilities
- Mining, Ceramics & Basic Metals
- Electronic Industry & Electric Appliances
- Light Industry
- Metal Products, Machinery & Transport Equipment
- Chemicals, Paper & Plastics
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Find Yourself An Experience Lawyer
It will make the application process much simpler when you use the services of a qualified and reputable lawyer. When your company is looking for BOI approval, there are BOI company registration lawyers who can assist you. Go for those who have experience with this.
The process for the application is as follows:
- Submit Your Application: You will need to fill out the application nd provide all supporting documents required, which your lawyer can do on your behalf.
- Project Evaluation: You will also need to arrange an interview to evaluate your project within ten days of submitting your application, which is something else your lawyer can do on your behalf.
- Approval/Rejection: Based on what you submit to the BOI, they will either approve or reject your application. If they do not approve it, your lawyer may need to work on aspects of your application to reapply, and if it is approved, you move on to the next stage of the process.
- Register Your Company: You can now register your company in Thailand, and your lawyer can ensure they take care of all the paperwork for you – there is lots of it. They must also ensure they submit all the documents required to the BOI.
- BOI Certificate: Once everything has been submitted and approved, the BOI will issue you a BOI certificate within ten days of submission.
- Visas & Work Permits: Once you have your BOI certificate, you can apply for the company owners’ and employees’ visas and work permits.
- Progress Report & BOI Compliance: Once everything is set up, you will need to report various factors to the BOI and ensure you comply with the regulations, which your lawyer can do on your behalf.
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As you can see from above, there is a lot to sort out when registering a BOI company in Thailand, which is why you will want to use the services of a reputable lawyer to help you.
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