When filing for their BOI application, business owners should fill out the appropriate forms. You can obtain these forms at the BOI headquarters in Bangkok or on an e-investment platform. The forms are generally eight to ten pages long and include questions such as company status, target clients, investment strategy, and shareholders. Each part of the form must be filled out thoroughly and accurately. In addition, companies must be sure to submit the forms with the required documentation and fees.
What Do You Mean By BOI-Registered?
What does it mean to be BOI registered? Basically, it means your company has been granted BOI registration. Companies that are BOI registered have the privilege to hire foreign employees without having to pay the mandatory four-to-one foreign-to-Thai ratio. To be eligible for BOI registration, an IT company must first register as a company on the e-investment platform of the BOI. If it is successful, the BOI will issue a promotion certificate within ten working days.
Generally, applications for BOI registration are eight to ten pages long and ask for basic information such as the nature of the business, shareholders, target customers, investment plan, and technology transfer. You may be asked to submit more detailed information if your proposed business requires more than a few million Thai baht. However, the process is not difficult if you are prepared. During the first interview, business owners should be prepared to answer questions. However, if you are nervous about the interview, it is essential to prepare properly. Moreover, fill out a business proposal before the interview. Once the interview starts, you must impress the BOI agents with the validity of your project.
Who Qualifies For BOI Registration?
Before applying for BOI, a business owner must make sure that their proposed investment in Thailand will qualify for the privilege. The Board of Investment (BOI) approves applications for companies that are valued over 200 million baht. This investment must be approved by the BOI board within 90 days. This step may also require a second interview. BOI officers will evaluate the company’s forms and the business project based on the amount of capital invested in it.
When applying for a BOI Thailand, companies must first have a Thai company limited to three shareholders and a bank account. At least one shareholder and director must be the investor who applied for the BOI. The investor must transfer money from abroad to the company’s bank account. The transfer amount should be twenty-five percent of the registered capital. The money must be transferred to the company’s account in the name of the company and investor. Once the transfer has been made, the investor should obtain credit advice from his/her bank.
How To Apply For BOI?
The first step in applying for a BOI in Thailand is to set up a company with three shareholders and a bank account in Thailand. At least one of the shareholders or directors must be the applicant who applied for a BOI. Once you have your company set up in Thailand, you will need to transfer money from your country to the company’s account. The minimum transfer amount is 25 percent of your registered capital. When transferring the money, you must use the name of the investor and the company when sending it. Once you have transferred the money, you can apply for a credit advice from your bank. Of course, it’s essential that you have a reputable Bangkok BOI lawyer who can ensure you are adhering to all requirements, which would help speed up the entire process.
After submitting the forms, you must prepare the necessary documents for the application process. These documents are generally eight to ten pages long and include information on the company’s shareholders, the plan for investing in the company, the target customers and the proposed product or service. Additionally, you must mention how you will transfer technology, knowledge or skills to Thai citizens and the time frame you plan to implement them. If you plan to invest in the country, you will also need to submit the documents required by the BOI.