Cloud 7 Legal Services on your behalf will conduct an extensive pre-screening of your proposed BOI project directly with the appropriate government bodies. This process takes place before adopting the BOI application process. By implementing this, the probable viability and likelihood of the success of the BOI application can be determined. Also if any future change is required to the entire BOI business plan and strategy, that can be understood before submission through this pre-screening.

The expert legal team that we own will be taking care of all the relevant application forms and legal mandates required for your business plan and agenda. Cloud 7 Legal Services will submit all the BOI forms and documents related to your business directly to the officers. To avoid wastage of resources, expert legal advice is recommendable. Our proficient team of lawyers and solicitors will provide full assistance to complete and synchronize your paperwork.

Under 200 million Baht of Investment, Values considers for BOI promotion within 40 business days – after acceptance of the complete application

Over 200 million Baht of Investment Values considers for BOI approval by sub-committee is within 60 business days – after submission of a complete application.

Over 2000 million Baht of Investment values first considered by the sub-committee and then receives the approval of the Board within 90 business days – after submission of a complete application.

The applicants will receive written notification from the BOI office within 7 business days, about its approval and also detailed conditions of the BOI waivers and benefits that have been granted. This written notice will also include an application form for the BOI promotion certificate. After receiving this written approval, the applicant must revert back his reply, along with the promotional application duly filled and accepted to the OBOI within 30 days. A letter of explanation will be sent to the OBOI if the applicant fails to reply within 30 days, which will act as a consideration to extend the timeline up to 30 days, not more than 3 times.

The applicant must start and establish a Thai company within six months of acceptance consent to receive the investment promotion certificate of the BOI. The following records must be forwarded to the OBOI offices :

• Application Form for BOI promotion certificate
• Memorandum of Association
• Company Registration Certificate
• Certificates declaring the registered capital authorized directors who have the signing authority and the registered address
• List of the company shareholder
• Investment certificates or the evidence of the transfer of funds from overseas, issued by the Bank of Thailand
• Forms describing human resource requirements
• A licensing or franchise agreement, contract related to technical assistance and/or technology transfer and, a JV contract

An explanatory letter must be sent by the applicant to the OBOI if he/she is unable to submit the documents within the time, which will be considered in extending the deadline up to 4 months at a time and which can be extended up to a maximum of 3 times. The concerned authority will start to issue the investment promotion certificate, once all the specified documents are received. It is also advisable that the promoted company should adhere to the rules laid down in the Certificate.

To hire foreign staff, the newly launched BOI company must finish its registration procedure into the e-expert system which will enable the company to requests for the consideration and approval of foreign employees. Once the procedure has been made and incorporated through the e-expert system, the applicant becomes eligible to make an application for both visa and work permit via the One-Stop Service center of BOI.

After completion and receipt of the investment promotion certificate, the BOI company must fulfill the following conditions and notify the OBOI at each stage, wherever necessary.

1) To get benefit/waiver from the reduction of taxes and duties, the machiner and equipment must be imported within 30 months.

2) The construction must be completed, the machinery and equipment installed within 36 months and the factory is made ready to commence operations.

3) If the operation is suspended for more than two months, the company must ask for permission from OBOI.

4) To sell, mortgage, lease or transfer machinery which was imported at a lower rate of tax, the OBOI must give written consent. Permission should be required to use machinery for non-approved purposes also.

If a company is meeting the parameters, the OBOI will send an official warning notice through BOI inspector. And on that, if proper explanations are not produced by the company, the OBOI will recommend that the promotion be suspended to Board and the following information will be passed on to the DBD and Revenue Department.

Thailand has stringent accounting and reporting protocols that BOI companies are bound to follow. Along with the standard reporting of VAT, WHT, and SSF, and filing of quarterly, half-yearly and yearly audit reports, a BOI company should adhere to specific requirements necessary for each type of promotional category. To maintain accuracy, proper monitoring is carried out by both the BOI inspectors as well as the revenue department. Eventually, special evolution must be made for any BOI accounting requirements.