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Business
in Thailand - The
Board of Investment (BOI)
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Rapid
growth of foreign and direct investment in Thailand
during the 1990s has increased the need for trade and
investment support services. As the existing supply
has fallen short of demand, the Board of Investment
(BOI) has decided to address the situation by offering
incentives to a wide range of investment and trade support
activities.
The
range of activities eligible for promotion includes:
::
Controlling and advertising affiliated companies
::
All types of consulting services, except those engaged
in:
- Buying and selling securities
- Foreign currency exchange
- Accounting
- Advertising
- Legal affairs
- Architecture
- Civil engineering
Please
note:
Exceptions may be granted through permission extended
by the Ministry of Commerce or concerned government
agencies.
::
Information services related to source and procurement,
but not brokerages or agencies
::
Engineering and technical services, except those related
to architecture and civil engineering
::
Testing and certifying standards of products, production,
and services standards
::
Exporting of all types of products
::
Wholesaling of all types of products within the country,
excluding local agriculture products, secondhand products,
art & crafts, antiques, and natural resources
::
Wholesaling and/or retailing of machinery, engines,
tools and equipment
::
Provision of training on the use of machinery, engines,
tools and equipment
::
Installation, maintenance and repairing of machinery,
engines, tools and equipment
::
Calibration of machinery, engines, tools and equipment
::
Computer program (software) design and development
BOI
offers privileges non-tax incentives, including:
::
Permission to own land required for your office
::
Permission to bring in foreign nationals to undertake
investment feasibility studies
::
Permission to bring in as many foreign technicians
and experts as you need
::
Permission to take or remit foreign currency abroad
::
No limit on number of shares owned by foreigners
Subject
to reduced benefits for projects is Zone 1 (Bangkok
and five surrounding provinces) and Zone 2 (ten adjacent
provinces). Zone 3 (sixty adjacent provinces) is the
most privileged zone. If the project is located in an
"investment promotion zone" or is export-oriented,
it may qualify for further discretionary benefits. Furthermore,
operations licenses must be acquired from all relevant
government agencies. Operating expenses must amount
to no less than 10,000,000 Baht per year. This requirement
shall consist of sales and administrative expenses,
as set forth according to the Revenue Code. Also, operation
plans must be approved by the Board of Investment.
Both
foreign and local investors may apply for incentives
under this promotion. Applicants can be either companies
under Thai Law or companies planning to be established
under Thai Law. An application form has to be fully
completed at the time application for privileges are
tendered.
For
more information, please do not hesitate to CONTACT
US.
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