If you are investing overseas and
have never heard of the board of investment (BOI) Thailand and the work it
does, you could be making a very costly mistake. Did you know that Thailand is
part of a larger economy that has one of the top 10 GDP’s in the world? The
nation alone has 64 million people but as a member of the Association of
Southeast Asian Nations, foreign companies that set up in Thailand have access
to over 500 million potential customers. So how does the Thailand BOI fit into
all of this? They are a government sponsored agency that analyze foreign
businesses and reward those that meet certain criteria with lucrative
incentives.
Saving a Fortune
The Thai government has shown itself
to be one of the worlds most innovative. The creation of world class medical
centers and cosmetic surgery clinics generates billions of dollars a year.
However, they acknowledge that certain aspects of the economy are in need of
growth. They have given the BOI Thailand the power to grant tax breaks, waive
work permit requirements and much more to overseas companies that specialize in
industries that are currently lacking in Thailand. If your company deals with
light, electricity, ceramics, paper & plastics and software and machinery,
you can expect to be rewarded with tax incentives.
How does a 5 year exemption on the
import duty of raw and essential materials used in the manufacturing of export
products sound? How much would you save if you could avoid paying corporate
income tax for 8 years? It’s clear that the savings would be vast but gaining
these incentives is not an easy process unless of course you use the services
of a legal team with expertise in Thai law.
The Process
Although gaining favor with the board
of investment Thailand seems like a tricky task, it really is easy for a team
of lawyers because the whole system is already in place and is a well traveled
path. It begins with an application form and other documents and continues with
the overseas company presenting their business plan to the Thailand BOI. A
certificate is received which outlines the responsibilities of the overseas
company. Registration is then completed and a corporate bank account may be
opened. Depending on your industry, you may find that gaining work permits for
overseas employees is easy. The entire process usually takes approximately 2
months though a savvy legal team may be able to speed up the process.
Legal Help
You legal team should immediately be
able to tell you if your project is eligible for BOI Thailand assistance. They
should grant you a personal consultation and discuss the various steps they
will take on your behalf. A competent legal team will submit the application
forms and all necessary documents for you and constantly follow up on your
application. Fortunately, there are a number of Thai legal teams who specialize
in helping overseas companies gain incentives from the board of investment
Thailand. Thinking of investing in Thailand? Don’t overlook the possibility of
incentives which could be the difference between success and failure.
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