Boi Application

[innerspace]

I am currently looking into the possibility of setting up a new Thai company under the BOI scheme and was wondering if anyone can share experiences of the application process.

The company should be eligible under the software category and I have already read through the whole BOI website.

The application process all seems reasonably straightforward - but TIT.

What would be very useful would be if anyone can shed some light on any of the following.

1) Dealings with BOI in Chonburi.

Are they easy to deal with?

Do they have What are the made up rules that don't exist anywhere else?

2) Completing the process yourself, without a lawyer.

We have successfully got several work permits, visas etc already this way so in theory shouldn't be a problem.

Company setup we will be doing mostly ourselves.

3) What does the review board WANT to see.

The website explains what could be eligible but there is little info anywhere on what aspects improve your chance of acceptance.

Is it high investments, high profits, income from overseas, lots of Thai staff etc?

4) Work permit ratios and capital

I have seen written that BOI companies have different restrictions on the 4:1 staff ratio but no exact figures. Is it on a case by case basis?

Also what about the 2M capital (1M married)? Is this needed, lowered or case by case?

[carlosacao]

One thing that you might like to consider, I do know someone that has a BOI company already set up and operating for almost 2 years, he'll move the operation to another country very soon, you could take over the company and change the current activity to the software line of business that you are planing to do, that would be a lot easier and faster than to set up from scratch, the company registration gets changed to your name and you take it from there, we are talking taking over just the actual corporation and the legal things that are already established, not a location, employees or anything else, it's quite easy, if you are interested I can connect you, the cost would be very reasonable, let me know. Cheers.

Edited February 13, 2011 by carlosacao

[MarkVernon]

One thing that you might like to consider, I do know someone that has a BOI company already set up and operating for almost 2 years, he'll move the operation to another country very soon, you could take over the company and change the current activity to the software line of business that you are planing to do, that would be a lot easier and faster than to set up from scratch, the company registration gets changed to your name and you take it from there, we are talking taking over just the actual corporation and the legal things that are already established, not a location, employees or anything else, it's quite easy, if you are interested I can connect you, the cost would be very reasonable, let me know. Cheers.

I would be interested in this service if you could contact me directly..

[carlosacao]

I already sent you an sms with my contact info. We talk later then. Thanks.

One thing that you might like to consider, I do know someone that has a BOI company already set up and operating for almost 2 years, he'll move the operation to another country very soon, you could take over the company and change the current activity to the software line of business that you are planing to do, that would be a lot easier and faster than to set up from scratch, the company registration gets changed to your name and you take it from there, we are talking taking over just the actual corporation and the legal things that are already established, not a location, employees or anything else, it's quite easy, if you are interested I can connect you, the cost would be very reasonable, let me know. Cheers.

I would be interested in this service if you could contact me directly..

[Valjean]

I'm doing the BOI process now. Working with a very experienced and qualified BOI consulting company. Total cost 110,000 THB. We'd not done, or approved, but for my time this looks like money well spent. Great company, really driving the process and helping us. Know BOI inside and out.

PM me if you want the contact info.

[Sunbelt Asia]

One of the important things that the BOI looks for is your willingness to transfer knowledge to Thai staff, so that companies that have training programs for their Thai staff will be given consideration. The BOI grants so many privileges because they do expect the transfer of knowledge and know-how to Thai staff. Other key factors are that you will be bringing foreign investment into the country and the environmental effects of your business, which will be monitored.

Additionally, they will want to see marketing plans, a thorough breakdown of finances is necessary and a comprehensive detailed list of the investment. A reasonable estimate of profits and losses in the first three years is necessary as well. We recommend that you do not overestimate your profits or underestimate your losses as BOI officers are generally aware of potential for most companies.

In general, it is recommended to have a company conversant in procedure and requirements to help guide you through the procedures.

Sunbelt Asia has extensive experience with BOI companies and can assist you if needed.

http://www.sunbeltlegaladvisors.com

[raro]

you can do all that by yourself, but employing an experienced consultancy is recommended. The BOI in general is not that difficult to deal with and the rules are rather straight forward.

[innerspace]

In case anyone is interested, we have just found out that we have been accepted into the BOI.

We completed the entire application process ourselves, using the advice from the BOI website, this forum and a variety of other sites.

We had our acceptance letter within about 10 days of our interview and the entire process took about 6-8 weeks - most of which was preparing our business plan.

The total cost of the application was under 5,000 Baht.

2 trips to Bangkok, a number of phone calls and several reams of quality paper to print 3 copies of our 500 page presentation.

Looking forward to getting my next work permit and visa in 3 hours!

[raro]

Congratulations! That is indeed encouraging news and it seems you did your homework well!

[innerspace]

Cheers raro

One month after being accepted we have finally had the certificate issued.

Next week hopefully a mass of new work permits!