BOI Company - Exception to 51% ownership rule and 0% tax rate?

[LazyYogi]

I was quite surprised to find out about the Board of Investment promotion advantages that some companies can get.

For example, majority ownership by a foreigner and 0% corporate tax for the first 8 years of running the business are possible:

http://siamstartup.com/boi-company-thailand/

Why don't more people try to get a BOI certificate for their company?

And why do so many think that the 4 Thai workers and 51% Thai ownership are set-in-stone rules?

I guess if you're going to open a restaurant with your wife, then it wouldn't apply. But for someone with a good business idea it seems worth investigating.

[Naam]

Why don't more people try to get a BOI certificate for their company?

And why do so many think that the 4 Thai workers and 51% Thai ownership are set-in-stone rules?

because it is extremely difficult to match the BOI requirements. as simple as that genius.

why do you think that "so many think..."? how many did you ask what they think?

[falang07]

I also have a feeling that doing business under these BOI promotions is rather a fiction than reality, anyway, I would also like to hear from someone who actually succeeded in getting this done.

Unfortunately, Service and Public Utilities – International trading companies are not allowed for full foreign ownership. Also, the lawyers you mention charge 150,000 for the application and another 100,000 if you are successful meaning there is no guarantee you will be successful and 150,000 is a substantial loss.

[innerspace]

Hi Falang07, confirmation is here for you, its fact not fiction.

Have a Boi company for 3 years already, zero corporate tax, 20 work permits on 4m registered capital and 20 thai staff. It happens!

Add to that no lawyer fees to get approved, did it all ourselves.

The difficulty is that it is only open to industries that the boi are actively trying to attract so 90% or businesses are out.

Manufacturing is the big focus, think pharmacutecals too, high technology, software was on the list 3 years but they were talking about dropping for new applicants, not sure if they did.

Hotels only applicable if huge, restaurants, bars, dive schools, real estate agents, car hire, minimarts etc no chance whatsoever.

But if you have a business that provides value to the country in ways the country is interested in then go for it.

Sent from my GT-N7100 using Thaivisa Connect Thailand mobile app

[falang07]

good to hear that, unfortunately the small selection of allowed industries is very prohibitive