The Thai government has continuously emphasized its focus for foreign investment in the country. This helped to position Thailand as a country that welcomes and promotes foreign investment through various incentives and schemes. Some of the foreign investment incentives are provided through the Board of Investment (the “BOI”) and must follow a specific process. You can also find the full list of eligible investments on our previous article.
The BOI is the government agency responsible for providing tax and non-tax incentives to businesses with the core goal of promoting the development of targeted industries. Business operators who wish to receive the BOI incentive promotion shall submit the application for the approval to the BOI.
How to apply for the investment promotion schemes in Thailand?
The BOI promotion application process generally takes 3 to 4 months for the Board of Investment to process and consider the application. The application documents vary depending on the industry, investment capital, and incentives granted.
On the application form, applicants are required to disclose the project information and relevant details in the investment plan. The BOI application process is free of charge and there are no penalty fees related to receiving or not the grant or incentives.
Details and steps of the Thai BOI Promotion application process
The Thai investment promotion application process as detailed by the BOI is as follows:
1. Reviewing and analyzing investment promotion conditions and criteria
The investor who wishes to apply for BOI promotion shall review the terms and conditions and eligibility criteria for the investment promotion through the website of the BOI or at BOI Headquarter, Regional Offices, or Overseas Offices. This primary step is important to apply for the right grants and incentives.
2. Submit investment promotion application form and the related documents via e-Investment Promotion
The investor for standard investment promotion application shall submit the complete application forms and supporting documents via e-Investment Promotion on the BOI website.
3. Presentation meeting with the investor and BOI case officer
The BOI promotion applicant shall schedule a meeting with the BOI case officer to present and answer questions related to the project within 10 business days after the BOI case officer accepts the application.
4. Project Evaluation by BOI officers
The BOI officers will evaluate the project within a timeframe related to the investment value, provided that all the documentations are completed as follows:
- Investment value not exceeding 200 million Baht: The BOI officers will evaluate the project within 40 days of the application acceptance.
- Investment value exceeds 200 million Baht but not exceeding 2,000 million Baht: The sub-committee of BOI will evaluate the project within 60 days of the application acceptance.
- Investment value exceeds 2,000 million Baht: The sub-committee of BOI followed by the BOI committee will evaluate the project within 60 days of the application acceptance.
5. Approval/ Non-approval result
The BOI officer will issue the notification letter for the results within 7 business days after the approval/non-approval resolution is certified.
6. Acceptance of the Thai Investment Promotion
The applicant who receives the approval letter from the BOI shall fill in the investment promotion acceptance form via e-Investment Promotion service on the website of the BOI or, submit the investment promotion acceptance form to BOI bureau, within one month after the reception of the notification letter.
7. Application for the Investment Promotion Certificate
The promoted investor shall submit the application for Investment Promotion Certificate and supporting documents of the approval result. The filling of the application form can be done via e-Investment Promotion service on the website of the BOI or, submitting the application form to the BOI bureau. The timeline is six months after the reception of the notification letter.
8. Issuance of the Thai Investment Promotion Certificate
BOI will issue the Investment Promotion Certificate within 10 business days after receipt of the application, provided that all the supporting documents are completed.
Other important point to notes regarding the investment promotion
The Thai Investment Promotion application process may be executed before the company’s incorporation if such company is incorporated within six months after the acceptance date.
The foreign entity who granted with the investment promotion shall notify the director-general of Department of Business Development to issue the certification and such foreign entity shall be exempted from obtaining the foreign business license and other relevant obligations attached thereto.
The full list of eligible investments for promotion is available on our previous article on the investment promotions in Thailand.
