Thailand is an excellent location to start a business in 2025 due to its strategic position, supportive government policies, and political stability. The country provides easy access to both local and international markets within the ASEAN region.
With a BOI foreign business certificate, businesses can enjoy additional benefits, including eligibility for most foreign investors. Moreover, there are no fees associated with BOI business registration. S & F Consulting Firm can assist you throughout the registration process, saving you time and helping you avoid unnecessary hassles.
The BOI in Thailand is a business entity that provides investment promotion through the Thailand Board of Investment. The Thai BOI government agency offers incentives to qualifying companies with the aim of attracting foreign investment and facilitating a convenient business environment within the country. Established in 1966, the Thailand BOI has played a significant role in promoting foreign business investment in Thailand.
Here are some crucial benefits of BOI Company Registration in Thailand:
1. Full Ownership of the Company
A major issue of running a business in Thailand is that there is often a limitation in foreign ownership in the country. In most cases, up to 49% foreign ownership is allowed by business law. However, the BOI certificate of registration lets you bypass this act, and you can achieve permission for complete ownership.
2. Tax Incentives
It’s a major benefit for companies with BOI grants. They can experience reduction or exemption on income tax, which can vary for different industries. BOI Thailand income tax incentives include:
Businesses focused on research, design, or high-tech projects can get an 8-year corporate income tax exemption.
5-year exemption for companies working on high-tech projects that can help Thailand’s growth.
A 3-year tax exemption is granted for businesses that use simple technology but contribute to local resources. It can be businesses like organic farming, or similar other businesses that are yet to flourish.
3. Government Support
It becomes easier to get permits and BOI Visas Thailand for your workers or staff due to government support. This Visa and work permit facilitation helps companies operate smoothly.
4. Increased Credibility
Registering as a BOI company shows that a business meets government standards and supports national goals. It helps build trust among both consumers and investors.
5. Unlimited Foreign Employee Hiring
Generally, foreign companies face limitations when hiring foreign employees. A foreign company in Thailand cannot have more than 20% overseas employees on staff. However, a BOI company can bypass this regulation and is not obligated to follow any foreign-local employee ratio.
While opening a company with BOI is beneficial for any foreign investor, it requires following these strategic steps:
Before applying for BOI company registration, check and ensure that the business matches the necessary requirements. There are specific criteria for eligibility, such as:
The potential of the industry for technological advancement
Environmental impact
Export orientation
Regional development
Once it’s confirmed that the business is eligible, owners need to submit an application for the investment promotion. You can submit the application online through the BOI's e-investment system. The following information is required:
Your company details
Description of the project
Investment amount
Employment and training plans
Impact assessment of the project on the environment
BOI officials will evaluate the submitted projects and consider various factors. The team will check feasibility, eligibility for promotion, and potential economic benefits.
If they find you meet BOI Thailand requirements, they will grant BOI and notify you. Usually, this may take about 7 days from the day of the application.
After your application is approved, the BOI issues an investment acceptance letter. This confirms your project meets their criteria and allows you to move forward with setting up your business. You’ll need this letter for other steps, like getting tax benefits or work permits.
While BOI registration is free in Thailand, there are other relevant costs when starting a business in Thailand. Here is a total breakdown of the cost of setting up a Thailand business:
|
Type of Cost |
Estimated Cost (In THB) |
Cost (USD) |
|
Government Registration Fees |
5,000 - 250,000 |
139.86 – 7359.02 |
|
Preparing Memorandum of Association
|
500 - 25,000 |
14.72-75 |
|
Legal Fees |
10,000–25,000 |
295-25,000 |
|
Translation Fees |
800 - 1,250 |
23.55 – 36.80 |
|
Company Seal |
500 THB |
14.72 |
|
Power of Attorney |
1,000-2,000 THB |
29.5 - 58.87 |
|
VAT Registration Fee |
8,000- 9,000 THB |
235.49-264.92 |
|
Bank Account Opening Cost |
2000-3000 THB |
58.87-88.31 |
|
Document Shipment fee |
2000-3000 THB (depends on the shipping location) |
58.87-88.31 |
|
Work Permit Fees |
750 THB (3-months validity) |
22.08 |
|
1500 THB (3-6 months validity) |
44.15 |
|
|
3,000 THB (6-12 months validity) |
88.31 |
For a BOI company, it’s mandatory to start with a basic plan, financial projection, and a clear estimation number of employees you will hire.
A business needs to have at least 3 promoters. Furthermore, they have to be at least 20 years old.
Must be registered and able to sign documents during the registration process. Private limited companies need at least 3 promoters. On the other hand, public limited companies require 12 promoters.
Each promoter must own at least one share when the company is first registered. After that, they can sell or transfer their shares to other shareholders or new people if they want.
The application process is complex and requires detailed documentation. Sometimes, owners might miss some information or may not provide it correctly. This can increase the chances of your application grant.
A major challenge during the procedure is cultural and language barriers for foreign investors.
Certain sectors or industries have unique criteria that investors might want to focus on. It’s important to research eligibility standards and plan accordingly to improve the chances of approval.
Since the Thailand Board of Investment registration can offer various benefits to businesses in Thailand, you should provide priority to it. Here are some effective tips that might help you.
The criteria for eligibility can be slightly different for various industries. The priority at present remains on technology, agriculture, and manufacturing industries.
You need to ensure that your projects meet BOI’s investment and requirements. These include minimum capital and hiring conditions. Reviewing the eligibility list on the BOI website can help to confirm your business is eligible.
Before applying for the BOI promotion, gather all the required documents. Make sure that all the information is accurate and up to date by double-checking everything.
Create a detailed business plan. This plan should include project goals, target market, and financial projections. Clearly demonstrate how your business will contribute to Thailand's economy. Pay specific attention to aspects such as job creation, technology use, and innovation.
Stay in touch with the BOI throughout the application process. When they reach out for any information or clarification, respond promptly, courteously, and professionally. Make sure to attend all meetings to clearly explain your project. Before each meeting, review your project and business plan to ensure you feel confident when answering their questions.
You can hire a BOI consultant or legal expert, as they understand the process and can guide you with their knowledge and expertise. These professionals can help you understand the rules, regulations, and eligibility criteria while also preparing the necessary documents. They will handle communication with the BOI on your behalf, which can reduce errors and save you time.
Starting a business in a foreign country requires careful planning and a strategic approach. At S & F Consulting Firm, our experienced team of advisors is here to guide you through the BOI company registration process in Thailand. Since 2012, we have assisted over 7,000 international clients with legal and business advice. Contact us today to discuss how we can help you complete your BOI registration.
No, in Thailand, there are no government-imposed fees for BOI applications. However, you might need to spend on hiring experts to help you with the process.
If your application is rejected, double-check all the information, check and fix misspellings and addresses, and make sure next time, there are no such errors.
No, it’s not mandatory for business owners to be present in Thailand for BOI application and acceptance. You can submit the application online, and BOI officials will also contact you online or on mobile.
The minimum investment for a project to be eligible to apply for the BOI promotion is THB 1 million, excluding the cost of land or working capital.
When applying for BOI registration in Thailand, it’s not required to have a local bank account. However, a local bank account can be useful for many reasons when operating the business.
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(BA-Hons, MBA, LL.B, LL.M)
Meet Md. Forhad Hossain – is an expert in company registration with over 14 years of experience. He has helped more than 400 businesses in Malaysia and over 7,000 clients from around the world start their journey successfully.
Forhad is passionate about making business registration simple and stress-free. His knowledge and dedication have earned him the trust of entrepreneurs worldwide.
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