Acclime has been selected as the official legal and accounting services partner at True Digital Park. TDPK is Thailand’s first, and Southeast Asia’s largest, start-UP ecosystem to promote innovation. Acclime will be providing administrative support to all start-UP businesses in all legal and accounting matters.
Thailand offers a number of different options for registering a company or business. Please visit our company registration section for additional information.
BOI certification has the attractive benefit of supporting foreign shareholding of the company, often allowing 100% foreign-ownership, even where the company’s business is included in List 2 and List 3 of the Foreign Business Act’s prohibited activities. Where the company’s activities are included in List 1 of the Act, the BOI will require the company have a minimum of 51% Thai-ownership. The activities controlled by the Foreign Business Act are listed here. The BOI may set foreign shareholding limits if they think it appropriate.
Before undertaking the boi application process in its entirety, we perform a pre-screening of your proposed BOI project directly with the relevant government officers. This allows us to access the viability and likelihood of the success of a BOI application. It also allows us to identify any changes that may be required to the overall BOI business plan and strategy before submission.
Our experienced BOI lawyers will prepare all the relevant application forms and documents based on your business plan and feedback. We submit all the BOI application forms and liaison with the officers directly to monitor your progress through the system. Care must me taken to ensure that all the requirements for certification are met. To avoid disappointment and wasted resources, expert assistance is essential. Our Private legal counsel will ensure your business is incorporated and certified in accordance with Thai law, offering peace of mind to the investor and ensuring your company gets the best possible start. In an effort to guarantee quality service to all of our clients, Acclime only offers assistance to clients who can be fully accommodated. Depending upon the venture, the Thai BOI certification process can be extremely time-consuming and if done improperly, could jeopardise the company’s investments.
The BOI offices will inform the applicant in writing within seven business days of the approval and detailing the conditions, boi privileges and benefits which have been granted. An application form for the BOI promotion certificate will be included. Upon receipt of official approval, the BOI applicant must reply by completing the details of promotion acceptance and returning to the OBOI within 30 days. If the applicant is unable to reply within 30 days, a letter of clarification should be sent to the OBOI, which may consider an extension of the timeline in 30 day intervals, no more than 3 times.
To receive the BOI investment promotion certificate, the applicant must establish a Thai company within six months of acceptance approval. The following documents must be submitted to the OBOI offices in due course:
If the applicant is unable to submit the documents within the required time frame, an explanatory letter must be sent to the OBOI, which will consider extending the deadline by four months at a time, up to a maximum of three times. The OBOI will issue the investment promotion certificate after receipt of all specified documents, and the promoted company must follow the conditions laid out in the Certificate.
As pre-requisite to hiring foreign staff, the newly established BOI company must complete its registration into the e-expert system. This will allow the company to make subsequent requests for the consideration and approval of foreign workers.
Once a position has been submitted, opened and approved through the e-expert system the applicant is cleared to make their application for both visa and work permit through the BOI one stop service centre (OSOS).
After receipt of the investment promotion certificate, the promoted company must meet the following conditions and inform the OBOI at each stage, where applicable.
If a BOI inspector discovers that the company is not meeting the conditions, the OBOI will send an official warning note. If there are no valid explanations why the conditions are not being met, the OBOI will recommend to the Board that the promotion be revoked and notify the DBD and Revenue department, and other agencies accordingly.
BOI companies in Thailand must follow strict accounting and reporting protocols. In addition to the basic reporting of VAT, WHT and SSF, and the filing of half year and yearly auditing, a BOI company must make sure to follow the specific requirements set forth for each type of promotion category. Strict monitoring is carried out by both the revenue department officials and BOI inspectors. Subsequently, special considerations must be made for these BOI accounting requirements.