What is BOI? How to Apply and Benefits for Businesses

Benefits of Receiving BOI Promotion

The benefits of receiving a BOI promotion are numerous and can significantly reduce costs, enhance competitiveness, and expand business opportunities. Some of the key benefits include:

1. Tax Exemptions and Tax Incentives
   Companies receiving BOI support can enjoy corporate income tax exemptions for 3 to 8 years, depending on the type of investment. Additional incentives include exemptions on import duties for machinery, equipment, and raw materials used in production.

2. Encouragement of Foreign Investments
   BOI helps attract foreign investments by offering attractive incentives, such as allowing foreign investors to hold 100% ownership in certain industries. This policy makes Thailand an appealing destination for international businesses.

3. Enhanced Competitiveness
   By receiving support from BOI, businesses can lower operational costs, thus improving their ability to compete in both local and international markets.

4. Technology and Innovation Development
   BOI promotes investments in businesses that use advanced technologies or develop new machinery, improving productivity and efficiency in production processes, helping businesses meet market demands effectively.

5. Sustainable and Eco-friendly Industries
   BOI encourages investments in environmentally friendly industries, such as renewable energy and recycling, to help foster sustainable development in Thailand.

Steps to Apply for BOI

The process of applying for BOI promotion is straightforward, and understanding the steps is key to a successful application:

1. Study the Eligibility and Criteria
   Before applying, businesses should carefully study the criteria and eligibility requirements set by BOI to ensure that their project aligns with the agency’s guidelines.

2. Prepare Necessary Documents
   Essential documents for BOI application include the completed Application Form, a Business Plan detailing the project, the company’s latest Financial Statement, and additional documents such as details of machinery or equipment if applicable.

3. Submit the Application
   The application can be submitted online through the BOI website or directly at the BOI office. Online submission is often faster and more convenient, allowing you to upload all required documents.

4. BOI Review and Consideration
   After submission, BOI will review the documents and project details. If the project aligns with their criteria and has the potential to contribute to the economy, BOI will approve the application and grant the appropriate incentives.

5. Approval and Contract Signing
   Once the application is approved, the next step is to sign an agreement with BOI that outlines the specific benefits and obligations related to the promotion. The contract also includes compliance requirements for maintaining the benefits.

6. Compliance with BOI Conditions
   After receiving BOI approval, the business must comply with the conditions set by BOI to retain its promotion benefits. This includes reporting operational progress and adhering to the terms of the promotion.

Why Apply for BOI?

Receiving BOI support provides businesses with significant advantages, including tax breaks, reduced operational costs, and a competitive edge in both domestic and global markets. It is an excellent opportunity for companies looking to expand their operations and invest in key sectors that will contribute to long-term growth and sustainability.

For more information on how to apply for BOI or to seek expert advice on investment promotion, contact Eagles Air & Sea (Thailand). We are here to guide you every step of the way and help you start your business in Thailand with ease!