BOI-Promoted Company in Thailand: Full Guide for Foreign Investors
- gentlelawlawfirm
- May 29
- 3 min read
Updated: Jul 13
Why Foreign Investors Consider the BOI Route
Setting up a business in Thailand can be complex for foreign nationals due to the Foreign Business Act B.E. 2542 (1999), which limits foreign ownership in many sectors. The Board of Investment (BOI) provides a powerful legal pathway for foreign investors to own up to 100% of a Thai company, enjoy tax and non-tax incentives, and fast-track work permits and visas.
But while the BOI route offers exceptional benefits, the process involves strict eligibility criteria, detailed documentation, and ongoing compliance obligations. This article outlines everything a foreign entrepreneur needs to know about forming a BOI-promoted company in Thailand—including what to prepare, what to avoid, and how to get started.
What Is a BOI-Promoted Company?
A BOI-promoted company is a business that has been approved and certified by Thailand’s Board of Investment for engaging in an activity that aligns with national economic development goals—such as technology, manufacturing, biotech, software development, or international business centers (IBC).
Legal Advantage: BOI approval allows 100% foreign ownership even in business categories that would otherwise be restricted.
Key Sectors Eligible for BOI Promotion:
Technology and software development
Advanced manufacturing (automotive, electronics, etc.)
R&D and innovation-driven businesses
Agriculture and food tech
International procurement or trading centers
Education, healthcare, and clean energy
Benefits of BOI Promotion: What Foreign Investors Gain
Category | BOI Incentives |
Ownership | Up to 100% foreign ownership in otherwise restricted sectors |
Visas & Permits | Streamlined process for work permits and visas (no 4:1 Thai staff requirement) |
Tax Benefits | Corporate income tax exemption (up to 8 years), import duty exemptions |
Land Ownership | Right to own land for business operations (in some cases) |
Foreign Currency | Freedom to remit profits or capital in foreign currency |
BOI Application Process: Step-by-Step Overview
Setting up a BOI company involves two distinct stages: obtaining BOI approval and registering the company.
✅ Stage 1: BOI Application & Approval
Feasibility Preparation
Identify the business activity and check BOI eligibility.
Prepare a comprehensive business plan (must include investment capital, technology used, employment plans, and financial forecasts).
Online Application Submission
Submit the project proposal via the BOI’s e-Investment platform.
Interview with BOI Officials
Present your project in a formal interview (held in English or Thai).
Be prepared to explain how your project benefits Thailand.
Approval & Certificate Issuance
If approved, a BOI Certificate of Promotion is issued with clear conditions.
✅ Stage 2: Company Registration and Implementation
Register the Company with the Department of Business Development (DBD)
Must align with the information approved by BOI (e.g., shareholders, activities).
Open a Company Bank Account & Inject Capital
Initial capital must be fully paid up within 12 months of BOI approval.
Apply for Visas, Work Permits, and Additional Licenses
BOI fast-tracks permits through its One-Stop Service Center.
Key Documents Required
For BOI Application:
Detailed business plan with financial projections (3–5 years)
Technology use or innovation explanation (where applicable)
Market analysis and competitive advantage
Personal passport and resume (for foreign promoters)
For Company Registration:
Memorandum of Association (MOA)
List of shareholders (including foreign and Thai, if any)
Office lease agreement
Company seal and affidavit
Proof of capital injection
Red Flags & Common Mistakes to Avoid
❌ Assuming Any Business Is Eligible for BOI
Not all industries qualify. Only activities listed in the BOI Investment Promotion Categories are considered.
❌ Underestimating the Documentation Process
BOI proposals are detailed and must show value-added, local employment, and long-term benefit to Thailand.
❌ Delays in Implementing the Approved Project
Failure to meet milestones (e.g., capital injection, start date) can lead to revocation of promotion status.
❌ Using BOI Only as a Visa Shortcut
BOI promotion is for legitimate, scalable business—not simply a tool to get long-term visas. Misuse risks rejection or blacklisting.
Practical Tips for Foreign Entrepreneurs
Engage a legal and BOI consultant early. They can help structure your plan to match BOI expectations.
Budget for time: Approval can take 2–4 months depending on industry and documentation quality.
Don’t skip the feasibility study: Weak plans or vague tech claims are common causes for rejection.
Plan staffing requirements early: BOI promotes job creation, especially for Thai nationals.
Ensure all company data post-registration matches the BOI certificate exactly.
Conclusion: BOI Promotion Is a Powerful But Regulated Tool
For foreign entrepreneurs seeking to launch or scale high-value businesses in Thailand, the BOI route offers unmatched advantages—but only when done right. With careful preparation, the right advisors, and full transparency, a BOI-promoted company can serve as a legally solid and financially rewarding base in Southeast Asia.
Need Guidance With Your BOI Application?
At GENTLE LAW, we help foreign investors navigate the BOI process from strategy to setup, ensuring your company meets all regulatory requirements and takes full advantage of Thailand’s promotion incentives.
👉 Get a consultation now to assess your eligibility and begin your BOI journey with expert legal guidance.
Comments