Board of Investment Process
BOI Promotion Application Process
Before a business applies for BOI promotion, they should research the project eligibility requirements by consulting BOI experts or BOI officials. The BOI maintains a website and has offices both internationally and within Thailand. Once the necessary research is complete, prepare an application and gather the required documentation. Within 10 days of application submission, schedule an interview with the BOI. The interview gives you a chance to pitch your project to the BOI and address any concerns they may have.
Once the interview is complete, the BOI will elvaluate the project. Projects with an investment of 80 million THB or less will be considered within 40 days. Projects with an investment between 80 million THB and 750 million THB must be submitted to a BOI subcommittee and will be evaluated within 60 days. Projects with an investment over 750 million THB must be sent to the full BOI board and will be evaluated within 90 days of the interview.
Once a decision has been made, a notice will be sent out within 7 days. Businesses who are accepted for BOI promotion have 30 days to accept BOI promotion. Once the accceptance is received, the BOI will submit a promotion certificate. Businesses have 6 months from the time of acceptance to submit company establishment documents to the Department of Business Development.
BOI Investment Promotion Criteria
The BOI selects projects for promotion based on several factors. There are extensive regulations setting requirements for each industry and sub-industry eligible for promotion. The Board considers the business plan, the viability of the project, and the project’s compliance with the relevant regulatory criteria. Each project is considered on a case by case basis, and exceptions can be made for projects of particular importance. Several general requirements must be met for all projects.
- Value added should be at least 20% for most industries (except agricultural processing and electronics manufacturing).
- Liabilities should not exceed three times the registered capital.
- Modern production equipment and processes should be used.
- A minimum investment of 1 million THB exclusive of working capital and land acquisition costs must be made. This threshold is higher for certain industries.
- Environmental protection measures must be in place if they are necessary.
- A feasibility study is required for projects with an investment of 80 million THB or more (exclusive of land acquisition costs and working capital).