Ignite Finance easing way for Global Investor to Start Finance Business in Thailand

 

Are you planning to start a finance business in Thailand? Now is the perfect time to steadfast your planning process and register your company in Thailand. If banking, derivatives, securities, digital assets, or insurance are the sectors you are planning to focus on, the “Ignite Finance” initiative is for you.

Announced by the Honorable Prime Minister of Thailand on July 19, 2024, the “Ignite Finance” initiative is targeting global investors to transform Thailand into a Global Financial Hub.

Ignite Finance: Thailand’s Vision for a Global Financial Hub

The Ignite Finance initiative is a part of the “Ignite Thailand” scheme. Ignite Thailand has successfully implemented promotional measures to boost foreign direct investments in tourism, wellness and medical, agriculture and food, aviation, logistics, future mobility, and digital industries. Now it is focusing on the Finance industry.

Now a question may trigger your senses – why the finance industry? The most probable set of answers are as follows:

• There is a worldwide digital growth in the finance industry. As Thailand has already started boosting its digital ecosystem, this can be a plan to enhance its involvement in the finance sector of the kingdom.

• The dependency of Thai consumers has increased greatly on digital payment and purchase interfaces. This calls for implementing a more developed and secure digital ecosystem in the Thai finance industry.

• Ever since the discontinuance of the COVID lockdown, the global tourism footfall in Thailand has witnessed a year-on-year increase. International tourists may face issues in making international transactions with limited financial systems and infrastructure in place. Therefore, a boost in these segments is necessary to cater to their requirements and make their stay pleasant in Thailand.

• The greatest reason is that the Board of Investment of Thailand has opened doors to innovative and creative projects in almost all industries. The Finance Industry was lagging in the queue. This initiative can place the same in a position of priority.

Read our article on the importance of BOI Thailand promotions for global investors. 

Aren’t the reasons interesting? Then certainly you are now interested in knowing about the benefits of the “Ignite Finance” scheme. These privileges will certainly inspire you to boost your preparations to start a finance business in Thailand. However, there are certain strategic reasons in place to illuminate better trajectories behind the announcement of “Ignite Thailand”, which are as follows:

• To strengthen Thailand as a “global financial hub”, it is targeting the implementation of regulatory reforms, incentives, and a productive ecosystem.
• Expansion of financial accessibility for underserved communities and small businesses in Thailand.
• Developing a nation as a global financial hub automatically brings in a positive change in the economic structure without any investment budget.
• Attracting foreign direct investment, investors, and skilled professionals will automatically add to the returns with new ideas and knowledge in the kingdom.

Benefits of the “Ignite Finance” initiative

As announced by the PM of Thailand, Mr. Srettha Thavisin, and Deputy PM-cum-Finance Minister, Mr. Pichai Chunhavajira, the scheme mainly focuses on the following three points:

Bring reforms in the regulatory system of the finance business

This key element is going to be of great advantage for foreign investors planning to start a finance business in Thailand. Various Thai protocols often restrict global investors from exercising their full business idea in Thailand. A reformation of these existing regulations can give some relief.

As stated by Mr. Pichai Chunhavajira, the thought process is actively planning the introduction of a new financial business law. The goal of this law will be to facilitate foreign direct investment in Thailand in the finance sector. This will certainly help in making the process of incorporation and continuity of business in Thailand easy for foreign investors.

Introduce new forms of incentives

These incentives can be both tax and non-tax in category. Some of the already-announced benefits include easing of work permit issuance process and disbursement of additional incentives in the form of grants.

Implementation of this key element will make the process of bringing in skilled professionals to Thailand easier. Furthermore, the tax incentives will certainly reduce the annual financial liabilities of foreign companies in Thailand.

Empowering the finance ecosystem favorable for business operations

This key element includes the implementation of modern and innovative solutions to ease the process of financial business operations. Aiming towards a seamless transactional, procurement, and disbursal mechanism, this seeks a robust digital infrastructure.

This key element is going to increase the ease of operations of finance companies in Thailand, Additionally, this will extend opportunities to the key players of other industries in the digital and information technology domain.

Types of Finance Businesses to benefit from “Ignite Thailand”

The initiative targets the entire financial industry as a whole. However, if you try to understand the pattern of the benefits announced, the following types of finance businesses can avail greater advantages:

• Equity, Derivative, and Debt Security Services
• Digital Wallets or Payment Gateways
• Tourist/Travel Insurance Services
• Digital Currency or Commodity Trading Platforms
• Digital Asset Procurement and Protection Platforms
• Insurance Services of all categories

This isn’t any exclusive list. The scheme has great potential to support any type of business in the Thai finance industry. Therefore, this is the correct time if you want to start a fintech business in Thailand as well. It is because you can now gain access to a more developed digital ecosystem through the implementation of the “Ignite Thailand” initiative.

Starting a finance business in Thailand offers a wealth of opportunities, particularly with the support of the “Ignite Finance” program. By leveraging its benefits, you can establish a successful finance business in Thailand and tap into the dynamic Southeast Asian market. 
Embrace this opportunity to ignite your financial venture in the Land of Smiles. Email us at officer@konradlegal.com to get in touch with our updated corporate law professionals and avail the benefits of “Ignite Thailand”.

Business Contract Drafting Service in Thailand

 

Are you planning to start a business in Thailand? Be assured that you have to undergo the process of drafting, reviewing, and executing several types of agreements and contracts. It will start from the lease or purchase contract of your business premises. Then there are service providers, vendors, employment, and labor contracts. In the process, you have to ensure that you are drafting a contract strictly under Thai law.

The same goes when you are planning to lease or buy property in Thailand. Be it a freehold or leasehold, a villa or a condominium, contracts will govern the process of your possession of any type of property in Thailand. Therefore, you must have basic knowledge about the process of drafting a contract under Thai law. The attachments, annexures, titles, or structures can be distinctly different from those in your native country. Thai residents are conversant with these protocols, but if you are an international investor, the only thumb rule to safety is to take local Thai legal consultation.

This article outlines the conditions of drafting, reviewing, and validity of a contract under Thai law. Being the basic principles, the information in this article applies to all types of contracts requiring the approval of Thai law.

Definition of “Contract” under Thai Law

Contract law deals with promises, which create both parties’ rights and obligations. To be a valid contract, not only must the parties agree on the essential terms, specific performance, warranties and assignment, force majeure, and contract remedies for instance, but also subject to the validity of the contract, the illegality of the subject matter, fraud in the inducement, and a lack of legal capacity, for instance.

A contract comes into action when two or more parties agree on a specific set of operational or business conditions on paper. However, a contract’s effectiveness and legal validity depend on its adherence to Thai Law. In addition, nowadays contract law deals with electronic data, which is influenced by international model law. All electronic transactions must be taken into account when making one.

Let us help you understand the requisites of drafting a contract under Thai law. Firstly, note that all contracts and agreements in Thailand are under the Civil and Commercial Code of Thailand (CCC). Additionally, there can be more governing laws applicable based on the nature of the business or type of property you are planning to buy in Thailand. 

In the context of law, a contract refers to a legal agreement between two or more parties that establishes, alters, transfers, safeguards, or terminates their rights and responsibilities. It brings about reciprocal legal obligations among the involved parties, as outlined in Section 149 of the Civil and Commercial Code of Thailand (CCC).

Step 1: The free and clear consent of the parties

To prevent a contract from becoming void, the declaration of core intention must be free from errors. For instance, imagine you purchase a Picasso for a high price after consulting with an expert, only to later discover that the painting is not by the renowned master. This mistake is an essential part of your consent to the contract. If you had known this fact at the time of purchase, you would not have agreed to pay such a high price. In this scenario, the mistake regarding a crucial element allows us to consider the contract potentially void.

Step 2: The legal capacity

In Thailand, the minimum age to enter into a contract alone, known as “sui juris,” is twenty years old. This legal threshold determines an individual’s capacity to engage in contractual agreements without the need for a legal representative’s consent. However, age is not the sole criterion.

Adults under legal protection, must have a guardian’s consent to engage in contractual activities. This must be in adherence to Sections 153, 19, and 21 of the Civil and Commercial Code of Thailand.

A notable illustration of this principle involves the sale of real estate. While one spouse’s name may be on the title deed, any transaction involving the sale or creation of a lien on the property requires the other spouse’s written consent. Without this consent, the transaction is invalid, as per Supreme Court Judgement n. 6889/2540. 

Step 3: The objective must be permissible by the law

• A contract must not contradict public order, or good Thai morals, be impossible to execute, or hold legal prohibitions.
• The cause is the reason parties enter into a contract, and the object is the subject matter of the contract.
• Illegal contracts, such as those involving the sale of narcotics, are void.
• If some terms violate public order or morals, the rest of the contract may still be valid.
• Unfair terms, even if understood, may be void to protect vulnerable parties (Unfair Terms and Conditions Act, B.E. 2540).

Step 4: Use compulsory forms

• Section 152 of the Civil and Commercial Code (CCC) specifies mandatory form conditions for certain contracts.
• Contracts such as construction agreements can be verbal, while land purchases and leases must be written, signed, and registered.
• Loan agreements require the borrower’s signature but not additional signatures.
• Since 2001, virtual signatures like emails have been permitted but excluded for specific juristic acts like family and inheritance contracts.
• Non-compliance can result in the contract being void, affecting both parties and third parties depending on their good faith.
• Consequences of failing to adhere to form conditions can vary and may impact the validity of the contract.

Step 5: Prevent the common mistakes

In Thailand, several common mistakes can negatively impact the validity of a contract. These mistakes include:

1: Unclear terms and conditions and interpretation of the parties

The term “lease” is more appropriate than “rental agreement” when the contract period exceeds three years. The parties must adhere to the laws governing leases. Additionally, it must avoid the term “rental” outside of the reference of the Civil and Commercial Code of Thailand (CCC).

However, legal disputes arising from a contract without its registration with the land department need certain considerations. In such cases, the court will consider the parties’ intent, the form of the contract, and the duration of the agreement. In such cases, the tenant or lessor may lose the case if the contract exceeds three years without registration. Note that a lease or rental agreement of more than three years must be written and registered at the Land Department, as per Sections 171 and 538 of the CCC.

2: Conflict of interest in the case of company director(s)

To provide benefits to the director, a Thai company is mandatory. This includes purchasing real estate under the company’s name and subsequently renting it out solely for the director’s use. It’s important to note that the declaration of this benefit is at a value lower than the prevailing market rate. This rule is according to Section 74 of the Civil and Commercial Code of Thailand (CCC).

3: Amended terms and conditions without evidence

The adage “Words fly away, writings remain” emphasizes the significance of written documentation, particularly in a legal setting. The life cycle of a contract involves three key stages: preparation, execution, and termination. Each stage requires meticulous attention and thorough comprehension, regardless of whether the contract is private or administrative.

Drawing from our extensive experience, we have encountered various unique situations. If you have queries regarding Thailand’s contract laws or seek the assistance of a contract lawyer for drafting or reviewing a contract in Thailand, do not hesitate to leverage our knowledge and long-standing experience to safeguard your interests. Email us at officer@konradlegal.com to connect with our contract lawyers specializing in Thai law.

Register LLP in Thailand

 

To start a business in Thailand, business owners have two partnership options. An ordinary partnership involves two or more individuals sharing unrestricted responsibility. A limited partnership, on the other hand, consists of at least two people but provides limited liability to the limited partner, whereas the general partner has unlimited liability. Using the second concept, you can register a LLP in Thailand. It will be a Limited Liability Partnership firm in Thailand.

Understanding the intricacies of forming a limited partnership in Thailand can be challenging for business owners. Konrad Legal is here to offer assistance. Our legal team can assist with the preparation and submission of the necessary documentation on your behalf, ensuring a smooth process. Additionally, we can provide clarity on how liability is distributed within a limited partnership structure, helping you make informed decisions about your business.

Benefits of a Thai Limited Liability Partnership (LLP)

The allure of benefits draws many individuals to establish a limited liability partnership firm in Thailand.

Among the partners, the ordinary partner gains the most significant advantage due to limited liability. The ordinary partner is only held accountable for the amount of capital they invested. For instance, a limited partner who contributes 1 million Baht to the business may only lose that specific sum, even if the partnership incurs additional expenses, thereby limiting the extent of their potential losses.

In Thailand, a limited partnership provides entrepreneurs with operational flexibility. The Thai government permits limited partnerships to engage in various activities without limitations. Businesses can operate in various industries, although they may require licenses based on the scope of their operations. If necessary, Konrad Legal can assist you in acquiring the necessary licenses.

Additionally, existing partners have the authority to decide whether or not to admit new partners into the business. Unanimous approval from all partners is required before a new partner can be integrated into the business.

Furthermore, this partnership enables foreign ownership of up to 49 percent without the need for a foreign business license. This makes it convenient for foreigners seeking to establish businesses in Thailand to collaborate with nationals. It is noteworthy that if a foreign shareholder holds more than 49 percent of the business, they must obtain a foreign business license in Thailand to obtain which, we have dedicated services to help you.

Drawbacks of an LLP in Thailand

Unfortunately, there are also some drawbacks to consider before starting a limited partnership in Thailand.

First, the general partner has unlimited liability for the debts and obligations of the partnership. Assume that both partners invest 1 million Baht into the business. The limited partner is only liable for that amount, but the general partner’s liability is not limited, and can lose much more money. This puts the general partner at greater risk when operating the business.

Some also view business management as a drawback when operating a limited partnership in Thailand. The general partner has full control of the day-to-day operations. The limited partner cannot assume control of the daily operations without upgrading to a general partner.

Also, unlike an ordinary partnership, partners must file paperwork to set up a limited partnership. In addition, they must go through steps to dissolve the partnership. While many view this as an obstacle, we make the process of documentation and paperwork easy for the partners. The legal team can even help dissolve the partnership if needed.

Legal Requirements for LLP in Thailand

There are certain requirements in place for setting up a limited partnership in Thailand.

First, if the general partner is a foreigner, they will need a work permit or a non-immigrant business for business or work purposes. A foreign business license is also necessary if a foreign partner invests more than 49 percent into the business.

Thailand’s government requires 2 million Baht in capital to start the business. The partners do not need to contribute equally.

Timeline for Setting Up a Limited Partnership in Thailand

It takes approximately one week to set up a limited partnership in Thailand if you proceed correctly. This is the reason our clients choose us to ensure that the entire process goes smoothly and you can start your business fast.

To begin the process, the partners must complete and apply for registration to the Department of Business Development. Along with the application, the partners must settle the applicable fees.

The application can be cumbersome sometimes. It must include data and information related to the partners and the business as a whole comprising the objectives and nature of the same. 

If you’re ready to set up a limited partnership, contact Konrad Legal today by emailing us at officer@konradlegal.com. You will receive a quote and then can move ahead with us in the process of registering your limited liability partnership in Thailand.

BOI Thailand Benefits to Realtors for Affordable Housing

 

The Board of Investment of Thailand has now focused on the housing options for low-income Thais. This approach is to enable and encourage housing developers or agencies to deliver housing facilities at affordable rates in the market.

Announced on March 15, 2024, the key points of this scheme are as follows:

• Developers seeking tax privileges from the Board of Investment (BOI) must have plans to build townhouses, single-detached houses, and condominiums worth 1.5 million THB or less.

• Each townhouse or detached property must have a floor area of at least 70 square meters, while condominium units must have a minimum floor space of 24 square meters.

• To qualify for the tax privileges, property developers must also obtain endorsement from the Government Housing Bank (GHB).

• Developers interested in this promotion must submit their applications to the BOI before the end of the following year (2025).

What are the Benefits?

To stimulate the creation of affordable housing for low-income households, the Board of Investment (BOI) provides lucrative tax incentives to qualified real estate development projects.

These projects are exempt from corporate tax for up to three years, covering 100% of investment costs excluding working capital and land acquisition. These exemptions apply to investments in roads, public amenities, and public use spaces within the development's scope.

In response to the demand for affordable housing options, the Bank of Thailand's (BOI) tax incentives for developing housing for low-income Thai citizens, coupled with the government's measures to expand the price range eligible for reduced transfer and mortgage fees, aim to address this critical need. These initiatives not only benefit homebuyers and real estate developers but also have broader economic implications. By stimulating various sectors and promoting economic growth, they contribute to the overall well-being of the Thai economy.

With the government's commitment to providing accessible housing solutions, the Thai real estate market is poised for positive growth. These measures create opportunities for low-income individuals to secure affordable housing, while simultaneously supporting property developers in addressing this crucial societal need.

Not all Projects are eligible for this BOI Promotion!

To qualify for the BOI Thailand promotion, at least 80% of the project's residences must comply with the usable area and price criteria. The minimum usable area is 24 square meters for condominium units and 70 square meters for townhouses and detached houses. Furthermore, the residences can be sold solely to private individuals, and the sale price for each condominium unit or house (inclusive of land price) should not exceed THB 1.5 million.

Additionally, the projects must comply with the following:

• Have a car park, CCTV throughout the project, a 24-hour security guard, cleaning staff, a common area, and other facilities in appropriate proportions.
• Obtain BOI approval of the building plan and layout.
• Hold a permit for the construction of a building under building control laws and other relevant regulations.
• Obtain approval from the Government Housing Bank before applying the BOI.

Companies must submit applications for promotion to the BOI by the end of 2025, as per the official notification. New low-income residential projects promoted by the BOI will receive a corporate income tax exemption for the same duration as A4-promoted activities (usually three years).

Only the construction costs associated with roads, other facilities, or public utilities commonly used within the project will be considered when calculating corporate income tax exemptions. Construction costs for residences, houses, buildings, or commercial structures, regardless of whether they are intended for lease or sale, are not included.

How can we help?

The BOI formulates the schemes and we help individuals and businesses adhere to the eligibility and process parameters flawlessly. In this effort, we can help you with:

• Company Registration in Thailand - you need a company before applying for BOI Promotions
• Project Feasibility Study for BOI Promotions
• Documentation Support for BOI Application
• Setting up your Accounting and Tax Systems

All you need to do is email us your requirements at officer@konradlegal.com for our team to know you and your project. Henceforth, it is on us to enable your business to avail of BOI Promotions in Thailand.

Starting Regional Operating Headquarter in Thailand

 

Are you planning to control your subsidiaries or associated enterprises located worldwide from Thailand? Register a Regional Operating Headquarter or ROH in Thailand to do so and avail the Board of Investment (BOI) promotions in Thailand. To Register your ROH in Thailand, we can help you throughout the process after you check your eligibility to have so from this article.

Conditions: Regional Operating Headquarter (ROH) in Thailand

To register a Regional Operating Headquarter in Thailand, it must comply with the following conditions:

a. No. of Associated Enterprises/Subsidiaries worldwide

To be eligible to obtain recognition as Regional Operating Headquarters in Thailand, the company must have associated companies or subsidiaries in countries outside Thailand in the following order:

• One associated enterprise/subsidiary by the end of the 1st and 2nd Accounting period.
• Two associated enterprises/subsidiaries by the end of the 3rd and 4th Accounting period.
• Five associated enterprises/subsidiaries by the end of the 5th Accounting period onwards.

b. Paid-up Capital and Spending

• The organization must have a paid-up capital of 10 million THB at the end of each accounting period.
• An ROH must have a total business spending of at least 15 million THB per year which must be the total operating costs in Thailand excluding any type of expense made overseas.
• The business must have a total investment spending or actual payment of at least 30 million THB annually.

c. The associated enterprises or subsidiaries must have actual business operations with a physical office, management, and employees working for the same.

d. The overall strength of the skilled staff must be maintained at 75% of the total employees by the end of the 3rd accounting period.

e. Average remuneration for at least 5 employees must be at least 2.5 million THB per annum by the end of the 3rd accounting period.

Benefits of Registering ROH in Thailand

On registering a Regional Operating Headquarter in Thailand, both the business and the expatriate founder benefit individually.

Benefits for the Business

• Exemption from corporate income tax (CIT) on net profits for income. It must be derived from services provided to foreign branches or associated enterprises of the registered operator for 10 years.
• A 10% CIT rate on net profits for income derived. The income should be from services provided to domestic branches or associated enterprises of the registered operator for 10 years.
• A 10% CIT rate on net profits for qualified royalties for 10 years.
• A 10% CIT rate on interest received from foreign branches or associated enterprises of the registered operator for loans granted. Note that such loans must be from other sources and extended to the registered operator’s branches or associated enterprises for 10 years.
• Exemption from CIT for dividends received by the registered operator from associated enterprises incorporated abroad for 10 years.
• Exemption from CIT for dividends paid out of the registered operator’s concessionary profits to its juristic shareholders incorporated abroad and not carrying on business in Thailand for 10 years.

Benefits for the Expatriate

• Expatriates can choose from a tax rate of 15% on their remuneration. It must be derived from the registered operating headquarters (ROH) for eight consecutive years.
• Tax exemption in Thailand on income paid by a foreign company for services rendered abroad. To be eligible for this, there should not be any direct/indirect deduction as an expense of the ROH or its associated enterprises in Thailand. This applies to expatriates planning to work in another country the ROH.

The Bottomline

A company can apply for an extension of the ROH privilege for five more accounting periods. This is possible only if it meets all the required criteria in each accounting period. Furthermore, it must accumulate business spending of more than 150 million THB by the end of the 10th accounting period.

As the name itself, a “Regional Operating Headquarters” provides big benefits for expatriates in Thailand. If you are a foreign investor and planning to set up your business as an ROH in Thailand, feel free to write to us at officer@konradlegal.com and book your round of free consultation with us.

BOI Thailand Incentives for Existing Businesses in Thailand

 

The Board of Investment (BOI) of Thailand is always keen to facilitate the process of business registration and continuity for investors in the kingdom. Irrespective of nationality, the apex body governing the business ecosystem of Thailand, is always focused on attracting investors, be it foreigners or Thai to contribute to the GDP of Thailand.

Most of our clients or readers believe that BOI facilitates the business registration process in Thailand for foreigners only. This is a myth!

BOI Thailand values business ideas and intentions with equal weightage without discriminating on the grounds of nationality, as long as the business is legal. Furthermore, the Board also prioritizes the launch of innovative projects with special privileges.

Let’s bust another myth! It’s true that BOI Thailand promotes new businesses, but do note that it never overlooks the existing ones. This recent announcement of BOI Thailand proves the point aptly.

On February 7, 2024, the Board of Investment (BOI) of Thailand released various investment incentive measures for companies that are already operating in Thailand. With the motive of social, local, and economic development, BOI Thailand announced certain programs for existing businesses.

Social and Local Development (BOI Announcement No. 1/2567)

To address the PM2.5 problem and encourage social, local, and environmental progress, the BOI offers a corporate income tax (CIT) exemption of up to 200% of the investment capital (excluding land and working capital costs). This measure aims to alleviate PM2.5 pollution and promote sustainable development.

Eligibility Requirements for BOI Incentive:

• The project must make a minimum investment of 5 million THB, excluding land and working capital costs, to support local organizations.
• To boost competitiveness, the project must have a strategy for working together with local organizations.

Retention and Expansion Program (BOI Announcement No. 2/2567)

Within the past 15 years from 2009 to 2023, existing promoted individuals or businesses with at least three promoted investment projects under the same juristic person, with a combined investment value of THB 10 billion (excluding land and working capital costs) at the project approval stage, are eligible for BOI incentives to encourage ongoing investment in Thailand.

Eligible business expansion projects requiring an investment of at least THB 500 million will receive incentives, including an additional three-year CIT exemption for projects in Groups A1+, which can last up to 13 years, and up to eight years for projects in Groups A3, A4, and B.

Relocation Program (BOI Announcement No. 3/2567)

Intending to attract integrated business entities, the Board of Investment (BOI) offers incentives to companies that establish their manufacturing operations, regional headquarters, and research and development facilities all within Thailand.

Incentives for Manufacturing Projects in Thailand

1. Additional three-year Corporate Income Tax (CIT) exemption on the net profit from investment in manufacturing activities for applicants of such projects operating regional headquarters businesses in Thailand. This exemption can be claimed for a total of eight years.

2. Additional five-year CIT exemption on the net profit from investment in manufacturing activities for applicants of such projects that operate regional headquarters businesses and establish an R&D center in Thailand. This exemption can also be claimed for a total of eight years.

Investment Stimulation Measure for Economic Recovery (BOI Announcement No. 4/2567)

To stimulate large-scale investments in specified sectors and accelerate Thailand's economic recovery, the Board of Investment (BOI) offers an additional 50% corporate income tax (CIT) reduction on net profits generated from investments in Groups A1, A2, A3, and A4 for five years after the end of the CIT exemption period.

To qualify, projects must have an actual investment of at least 1 billion Thai baht (excluding land and working capital costs) within 12 months of receiving the investment promotion certificate.

The Bottomline

Although these BOI announcements appear to be focusing only on existing projects, yet, if your new project holds the potential to support the social, local, and economic development of Thailand, it will also be eligible for various BOI incentives. Any business idea that holds the following values will be eligible for BOI Promotions in Thailand:

1. You or your business has a plan to contribute to local employment in Thailand.
2. Your company has the potential to significantly contribute to the Thai economy's growth.
3. Your business deals in or executes innovative and creative projects that can add value to the existing Thai ecosystem.
4. Your project seeks the involvement of highly skilled workers, Thai or foreigners, to generate the expected and elite output.

With time, BOI keeps on enhancing its promotion policies to extend greater support to foreign investors and businesses. However, as of 2024, the following industries assure great return on investment with a strong probability of obtaining BOI Thailand promotion:

• Starting a Manufacturing Company in Thailand
• Incorporate a Food Production Plant in Thailand
• Getting Involved in the Future of the Food Industry in Thailand
• Start a Food Business of any type in Thailand
• Setting up E-commerce Business in Thailand

Please note that BOI Promotions for Foreign Investors in Thailand are not restricted to the above businesses only. You can apply your unique business idea at any time and start your business in Thailand. To apply for BOI Thailand Promotions, you will need local support to have the perfect and accurate answer to the following questions:

1. What are the steps of getting a BOI Thailand Promotions Certificate?
2. What to do before and after registering your BOI Company in Thailand?

To get answers to such or more complicated questions, you must consult with a leading corporate law firm in Thailand with experience in BOI Company Registration.

For direct support, feel free to email us at officer@konradlegal.com.