Both Thai BOI registered companies and foreign BOI companies can enjoy several advantages and incentives provided by the Board of Investment (BOI) in Thailand. The specific benefits may vary depending on the type of business, industry, and investment project. Here are some advantages that both types of BOI companies can potentially enjoy:
- Tax Incentives: BOI companies are eligible for various tax incentives, including corporate income tax exemptions or reductions for a specific period. This can significantly reduce the tax burden and enhance the company’s profitability. The duration and extent of tax incentives depend on factors such as the location of the investment and the promoted activities.
- Import Duty and Customs Privileges: BOI companies can receive exemptions or reductions on import duties for machinery, raw materials, and certain equipment necessary for their operations. This helps to lower production costs and improve competitiveness.
- Work Permit and Visa Facilitation: BOI companies are granted privileges to facilitate the employment of foreign skilled workers. This includes a streamlined work permit application process and easier visa regulations, making it more convenient to recruit and retain foreign talent.
- Land Ownership Privileges: Depending on the type of BOI promotion, certain industries may be eligible for land ownership privileges, allowing foreign-owned companies to own land in Thailand. This can be advantageous for businesses, such as hospitality, that require property ownership.
- Investment Support and Facilitation: BOI provides support and facilitation services to registered companies, including assistance in obtaining licenses and permits, accessing government agencies, and navigating the investment process. This support can help streamline business operations and ensure a smooth investment experience.
- Intellectual Property Protection: BOI companies can receive assistance and support in protecting their intellectual property rights in Thailand. This includes guidance on registration, enforcement, and legal remedies against infringement.
It’s important to note that the specific incentives and benefits vary depending on the industry, investment project, and the BOI promotion status. The advantages of applying as a Thai BOI registered company or a foreign BOI company should be assessed based on the individual circumstances, business objectives, and requirements. Consulting with legal professionals and BOI experts can provide a clearer understanding of the advantages specific to your business.