The Board of Investment (BOI) of Thailand offers many benefits and privileges to foreign investors who are looking to invest in the country. If you are trying to join the league, you need to have a BOI company registration. Thailand provides BOI certified foreign investors with a number of advantages, including:
1. Tax Incentives
One of the biggest advantages of holding a BOI certificate is the range of tax incentives that are available. Corporations and their owners can benefit from a number of tax exemptions, including:
- Corporate income tax exemptions
It is a specific type of exemption that companies can use to reduce their taxable income. The corporate income tax exemption is an important part of any business’s tax planning process. It can help companies save money on their taxes and make more money from their business.
- Import duty exemptions
Import duty exemptions help companies reduce the amount of taxes they have to pay on imported goods. This can help those companies who need the money more. It can also keep foreign companies from having to pay too much in taxes.
- Value-added tax (VAT) exemptions
VAT exemptions are a type of tax that is not levied on items sold within Thailand. These taxes are instead levied on imports of these items. The exemption applies to certain products that meet certain conditions.
Some of these exemptions may be beneficial to businesses, while others may be more advantageous for individuals. To know about them in details, get help from a law firm. Bangkok is home to several renowned firms which could help you with this.
2. Land and Property Ownership
Another key benefit of holding a BOI certificate is that it allows foreign investors to own land and property in Thailand. This is a significant advantage as it gives investors the security of knowing that their investment is protected.
3. Work Permit Exemptions
Foreign investors who hold a BOI certificate are also exempt from the requirement to obtain a work permit. This can save a considerable amount of time and money for investors who want to set up their business in Thailand.
4. Residency Permits
In addition to work permit exemption, foreign investors who hold a BOI certificate can also apply for a residency permit. This permit allows investors to live and work in Thailand for up to five years.
5. Fast-Track Customs Clearance
Investors who hold a BOI certificate are also entitled to fast-track customs clearance for their imported goods. This can save a considerable amount of time and money, as well as reducing the risk of delays at customs.
6. Business Location Assistance
The BOI also provides assistance to foreign investors who are looking to set up their business in Thailand. This assistance can include help with finding the right location, as well as providing information on the necessary infrastructure and utilities.
7. Preferential Loans
Preferential loans are a type of loan that is given to a person who has an agreed-upon advantage over others. This advantage can be in the form of money, time, or other resources. Preferential loans are often given to people who have a good relationship with the lender and/or the borrower.
Foreign investors who hold a BOI certificate can apply for preferential loans from the Thai government. These loans typically have lower interest rates and longer repayment periods than loans from commercial banks.
8. One-Stop Service
Investors who hold a BOI certificate can also take advantage of the One-Stop Service Center. This center provides a range of services to foreign investors, including help with business registration, visa applications, and work permit applications.
The BOI certificate is a valuable asset for foreign investors looking to do business in Thailand. The benefits and privileges that it provides can save investors a considerable amount of time and money, as well as providing peace of mind.
9. Protection from natioanalization of your business.
Previously, businesses were personalized and operated by individuals. Nationalization of the business has allowed for a more centralized control over the organization and its resources. But this will cause your businesses to be less efficient and more expensive to operate. BOI certification will give you protection from that.
Conclusion
There is definite benefits of having a BOI certificates in Thailand. This is one of the essential steps of preparation before investing in Thailand. Thailand is a great place for foreign investors. Getting BOI certified will make the whole process even smoother.
