It could take you anywhere from three to six months to apply for a BOI promotion if you hire a lawyer to apply for you. It can take even longer if you do it yourself.
You can apply yourself but you need to be familiar with the Thai legal system and the way government offices in Thailand work.
If you decide to use a lawyer, hire a lawyer who has not only successfully helped companies get BOI promotions, but also got BOI promotions in the business category your company is listed under.
Filing the Forms
You must fill out the forms for your company’s business category. You can apply online through the BOI’s e-Investment Promotion system.
The online application can be lengthy and filled with questions about your company’s status, shareholders, investment plan, product development, targeted customers, technology transfer, and more.
The BOI wants to know the following information:
- the total amount of registered capital and plans on how you’re going to use the investment in your business
- details about your project, such as the type of software or machinery you’re going to use and the processes involved
- the number of Thai and foreign employees you plan to employ and their yearly salaries; in some instances, the BOI provides a minimum salary for key personnel per year
- a training plan for Thai employees, specifying training courses and/or a plan for technology transfer
- details of the management team, including their skills and qualifications
- the estimated revenue and expenses of your business for the first three years of operation
The BOI places a lot of emphasis on knowledge transfer, so you should explain on your forms how you plan to transfer knowledge to your Thai employees.
Three questions to keep in mind are:
- What teaching modes is your company going to use?
- Which technologies is your company going to transfer to your Thai employees?
- How long will it take your company to transfer this knowledge to your Thai employees?
Important: It’s important to fill out every part of the form. If you don’t, you might have to visit the BOI several times, re-submit the forms online, or even have your forms rejected.
Interviewing
After you submit the forms, you have to contact the BOI within ten working days to make an appointment for an interview.
You should prepare and dress formally for all interviews.
The interview is usually a one-on-one interview with the BOI officer in charge of your account. But it could involve other BOI officers.
The interview provides an opportunity for the BOI to ask you questions about your company and clarify any points that weren’t clear in your application.
In addition to the first interview with the BOI officer, you may have a second interview with related government organizations. The second interview is usually more intimidating than the first one.
For example, if you apply under the software, digital platform, or digital content business categories, you may have to go for a second interview with representatives from Thailand’s Digital Economy Promotion Agency under Thailand’s Ministry of Digital Economy and Society.
Getting Approval
After your interview with the BOI and related government organizations, your forms are evaluated and considered according to your company’s investment amount.
It’s not unusual for the BOI representative in charge of your case to contact you to clarify anything on your application before submitting your application for evaluation.
- If your investment is not over THB200 million, the BOI office handles your case.
- If your investment is over THB200 million but not over THB2 billion, a subcommittee handles your case.
- If your investment is over THB2 billion, a subcommittee and the BOI’s board of directors handle your case.
The BOI lets you know if your forms are approved within 40 to 90 working days, depending on the size of your investment and after the BOI receives complete documents.
If your forms get rejected, you have to adjust your business plan and reapply, or apply with a new project that meets the BOI’s criteria. When in doubt, call the BOI officer who is handling your case and follow instructions strictly. In most cases, they need documents and descriptions that can satisfy the higher-ups.
Getting Accepted
Once the BOI approves your application, you receive your approved documents and promotion acceptance form from the BOI through the process it specifies.
You have one month to submit your promotion acceptance form. If you don’t submit it within one month you could lose your BOI promotion.
Registering Your Company
Once you submit your promotion acceptance form, you have to register your company with the Department of Business Development.
You can skip this step if your company is already registered with the Department of Business Development.
Applying for Visas and Work Permits
After your company has the required BOI approval or certificate, you can apply for visas and work permits through the BOI’s Single Window for Visa and Work Permit system and, when required, complete procedures at the One-Stop Service Center for Visas and Work Permits at Chamchuri Square.
BOI-promoted businesses aren’t bound by the four-to-one ratio of Thai to foreign workers, nor by the amount of paid capital you need to hire foreign employees, for foreign experts and skilled workers approved under BOI privileges.
Getting Your BOI Certificate
Once you submit your promotion acceptance form and register your company with the Department of Business Development, you must register for a company account on the BOI’s e-investment platform. This is the last step in your application process.
You have to submit the following documents:
- your company’s memorandum of association
- your business registration certificate
- the company affidavit or certificate issued by the Department of Business Development
- a list of shareholders and their nationalities, certified by the Office of the Limited Company and Partnership Registration
- documents showing the transfer of funds from overseas (in the case of foreign investment)
- a joint venture contract, licensing agreement, and technical assistance contract (if any)
- the Utility and Manpower Requirements Form
The BOI gives you six months to register your company and submit the documents.
Once you submit the promotion certificate form and the documents, the BOI issues your certificate within ten working days after receiving complete documents.
If for any reason you can’t register your company and submit the documents within the six-month period, you can extend it another four months, with a maximum of three, four-month extensions.
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