There are many attractive countries in the Asian region where it would make perfect financial sense to do business. One particular country stands out from the rest – Thailand. The country is growing at a fantastic pace and now businesses from all over Europe and indeed the world are trying to tap into this excellent market and to get a piece of the business pie.
Thailand wants your business and so, they have set up a government organization called the Board of Investment and it is its job to encourage you to invest in the many opportunities that currently exist in Thailand.
Registering your business with the BOI brings you many benefits including tax incentives that will allow you to be exempt from corporation income tax, for example, for up to 8 years and that is a significant saving. You have to be registered, and the process can be a little convoluted and so, this is why many people turn to a lawyer for BOI company registration in Thailand, as the legal expert is familiar with the procedures and he or she has registered many applications like yours before.
The following gives you some kind of idea of the whole application process and what it entails:
- Regarding Eligibility – If you wish to register with the Board of Investment in Thailand, then they want you to invest a minimum of at least 1 million Thai baht. You must have at least three shareholders within your business enterprise. Obviously, you need to be a registered company in Thailand and so, you can turn to your lawyers to make sure that this happens quickly and easily. You must also be in the eligible industries.
- Eligible Industries – There are a wide range of different industries that the Thai government would like you to be a part of, but some of the major ones are agriculture, the electronics industry, chemicals and technology and innovation development. There are also certain activities that are restricted and ones that you can do, so talking to your Thailand lawyer would be your best option here and while they sort it all out, you can take a deserved vacation.
- The Procedure – It is very detailed, but you need to submit an application detailing the amount of registered capital that your company has and how you’re going to use that money for investment. They will want to know about any projects that you hope to put into place, and the number of employees that you want to hire including foreign employees. You will then have to attend an interview to have your project evaluated and they will consider your application. Finally, you will receive an approval or rejection and that usually happens within a maximum of 90 days.
The whole procedure is somewhat detailed from start to finish and so, in order for your application to not be rejected, it makes perfect business sense that you would want to engage with Thailand Board of Investment company lawyers. It will be their job to submit all of the relevant paperwork so that your application goes through, and you can start to do business in this fantastic region.