If you are interested in setting up a business in Thailand, you should first make contact with the Thai Board Of Investment, or BOI, as they are known. This is the government department that is tasked with managing foreign investment in Thailand and they offer many incentives to foreign investors. For a foreigner, the BOI can seem a little daunting and the right protocols must be followed when applying for business registration.
The Office Of The Prime Minister
The BOI is managed by the Prime Minster’s Office and activities are geared towards attracting foreign investment into the Thai economy. Like most nations, Thailand has its own set of commerce laws and regulations and there are certain sectors where foreign involvement is prohibited. However, there are some very attractive benefits.
When looking for lawyers for BOI company registration process, it is important to use a law firm with experienced English-speaking lawyers. A good way to locate an experienced BOI lawyer is with a Google search, then browse a few websites looking for a BOI specialist law firm that uses English-speaking lawyers. Not all Thai lawyers are fluent in English and if you don’t understand Thai, things would be impossible to handle.
Corporate Tax Exemption
With BOI company registration, you qualify for corporate tax exemption and your business can be 100% foreign owned. There are also tax incentives for those that reinvest in Thailand, which the lawyer can explain all about when you have an initial meeting. There are many ways to set up a business and it is only by consulting with a business lawyer that you can make an informed decision.
Obtaining A BOI Certificate
When your business is registered with the BOI, you receive a BOI Certificate and that unlocks many possibilities; search online for a Bangkok-based law firm with extensive experience in setting up BOI companies for foreign clients.
Essential Business Licences
New businesses in Thailand might require specific licences, such as:
- FDA licence
- Alcohol import licence
- Thai tourism licence
- Restaurant licence
- TAT Tourism licence
Whatever your licence needs, the Bangkok-based law firm can handle everything on your behalf, including the business registration, BOI Certificate and operating licences.
Industry Specific Opportunities
The following sectors permit a BOI registered company to operate:
- Alternative energy
- Data & cloud services
- Business software
- Medical sector
- Smart electronics
When you set up a meeting with a BOI lawyer in Bangkok, he or she can very quickly tell you whether or not your business qualifies for BOI registration.
The Importance Of Compliance
When you set up a business in Thailand, it is critical that the company fully complies with the many complex laws, rules and regulations. The best way to ensure 100% compliance is to hire the services of a reputable law firm that handles BOI business registration. They guide you through the process and assist by suggesting local banks to open the accounts you will need and informing you of the documents you need to produce.