The Board of Investment (BOI) in Thailand is a government agency responsible for promoting and facilitating foreign investment in the country. It offers various incentives and privileges to foreign companies that meet certain criteria and invest in targeted industries. Here’s a brief overview of the BOI and its role in attracting foreign investment:
- Investment Promotion: The BOI aims to attract foreign direct investment (FDI) by offering investment incentives and facilitating business operations in Thailand. It promotes specific industries and activities that contribute to the country’s economic development and competitiveness.
- Incentives and Benefits: The BOI provides a range of incentives and benefits to qualified foreign companies. These can include tax incentives, such as corporate income tax exemptions or reductions, import duty exemptions on machinery and raw materials, and land ownership rights for certain activities. Other benefits may include streamlined work permit and visa processes, permission for foreign ownership of businesses, and assistance with permits and licenses.
- Eligible Activities: The BOI designates targeted industries and activities that are eligible for investment promotion privileges. These industries typically focus on high-value-added sectors, technology-driven industries, research and development, innovation, and activities that contribute to environmental sustainability. The eligible activities are periodically reviewed and updated by the BOI.
- Investment Application Process: Foreign companies interested in receiving BOI privileges need to submit an investment application to the BOI. The application is assessed based on criteria such as the business plan, financial viability, technology transfer, employment generation, and environmental impact. The BOI evaluates the application and grants investment promotion privileges to qualified projects.
- One-Stop Service: The BOI operates a One-Stop Service Center to streamline and expedite the investment process. The center assists investors in obtaining various licenses and permits from relevant government agencies, thus providing a more efficient and time-saving experience.
- Regional Investment: The BOI also encourages investment in specific regions of Thailand, such as the Eastern Economic Corridor (EEC), which is a designated special economic zone. The EEC offers additional incentives and infrastructure development to attract investment in industries related to advanced technology, robotics, aviation, biotechnology, and digital innovation.
It’s important to note that while the BOI provides incentives and benefits to foreign companies, it also has specific requirements and conditions that need to be met to qualify for investment promotion privileges.