Guide to Thailand Board of Investment

Thailand's Board of Investment (BOI) was established in 1997 to promote investment in strategic industries and decentralize Thailand's industrial centers.

The Board of Investment promotes investment by granting both tax and non-tax incentives for, such as import duty exemptions for equipment and corporate income tax holidays. In addition to the tax incentives, projects promoted by the BOI enjoy substantial non-tax incentives, including permission to remit currency abroad, permission to hire foreign workers, and permission for foreign entities to own land. The non-tax incentives are especially helpful to foreign entities interested in investing in Thailand because they allow majority foreign-owned companies to overcome the restrictions imposed by the Foreign Business Act.

Tax Incentives

The Board of Investments uses tax incentives to induce development. The size of the tax incentive depends on the project's planned location in most instances. Projects in developed areas receive smaller tax incentives than projects in less developed ares. Projects developed in specially designated industrial estates or investment promotion zones may also receive greater tax incentives.

The BOI uses two tax incentives. Across the country, most promoted businesses receive an import duty exemption when they import industrial equipment and necessary machinery. In addition, most industries qualify for a period of corporate income tax exemption. Generally, the total corporate income tax exemption is capped at the amount of capital invested in the project.

Some activities are classified as "priority activities." These projects receive high tax incentives no matter where they are developed. The special tax incentives include a complete import duty exemption for machinery and an 8 year corporate income tax holiday. Some priority activities as designated as activities “of special importance and benefit to Thailand. These activities are not subject to the corporate income tax exemption cap and can continue to receive tax benefits for the full duration of the exemption.

Non-Tax Incentives

Thai law requires that a foreigner's embassy in Thailand certify the foreigner is free to marry. Every embassy follows slightly different procedures. Check the embassy website to find up-to-date service hours, fees, and procedures. US citizens should appear in person at the US Embassy in Bangkok and sign a sworn affidavit form in front of a qualified consular officer. There is a $50 USD fee for this service. The affidavit will be notarized while you are at the embassy.