Stages of Obtaining a BOI Certificate

We have previously discussed that foreign investors may own 100% of a company in Thailand and that such a company can receive corporate income tax exemption for up to 8 years under the Thailand Board of Investment (BOI).

What are the stages of obtaining a BOI certificate for Your project?

1) Preliminary analysis of the business project

A business project may be approved by BOI and receive incentives if:

– The business activity complies with BOI requirements (according to the official list of eligible activities available on the BOI website)
– Specific conditions for the relevant type of activity are met

2) Preparation and submission of the BOI application

The BOI application is essentially a business plan for the upcoming years of the project.

The application must include:

– Information about investors
– Investment amount and shareholding structure
– Allocation and use of funds
– Expected expenses and revenue
– Number of foreign and Thai employees
– Other key project details

The application will only be accepted if all required information and supporting documents are properly submitted.

3) Interview

Within 10 days after the application is accepted, an interview with BOI officers must be scheduled.

During the interview:

– You will present Your project
– Answer questions from BOI representatives

Following the meeting, additional documents or clarifications may be requested. The application is then submitted to the BOI committee for consideration.

Approval or rejection largely depends on the outcome of this interview, so it is important to prepare thoroughly and present the project clearly and in detail.

4) Acceptance of approval

Once the application is approved, an additional step is required — formal acceptance of the approval by submitting the relevant form to BOI.

5) Obtaining the BOI certificate

The BOI certificate can be issued within 6 months after approval.

The certificate will specify:

– The business activity category under BOI classification
– Company requirements
– Conditions for paid-up capital
– Scope of tax and non-tax incentives

Timeline

The overall timeline depends on the investment amount.

From the interview date to approval typically takes 40 to 90 working days. All other timelines depend on how quickly the applicant prepares and submits the required documents.