You must follow certain business rules to establish a Thai company. For instance, it is necessary to get a Foreign Business License. This can be a tedious procedure. Additionally, your business must obtain a tax ID within 60 days of incorporation. You must also register for VAT within 30 days of crossing a certain annual revenue threshold.
Benefits of a BOI promotion card
The BOI promotion certificate for Thailand can help your business establish a legal basis for investment. According to the Investment Promotion Act of 1977 promoted companies are able to own land in Thailand and make use of it for offices, production and living spaces for their employees. The land is required to be sold within one year following the date that the company ceases operations. In addition, it must be able to meet certain conditions including transferring technology or paying minimum salaries. However, the requirements are subject to change at any time depending on the requirements of the Thai government.
Foreign investors who want to invest in Thailand to invest in Thailand, a BOI promotion certificate is required. These incentives for investment offer many benefits and include the possibility of tax exemptions for up to eight years. Furthermore, there are reduced corporate taxes for registered companies. Additionally, foreign businesses can save on import duties for equipment and machinery. The BOI certificate will aid your company in saving on production and export costs.
Corporate income tax exemptions
The Board of Investment (BOI), Thailand, encourages certain types of businesses by providing Corporate Income Tax Exemptions. These tax breaks only apply to the income generated by a company that is BOI-sponsored. However, Thailand BOI company requirements -registered firms also earn revenue from sources that are not BOI-promoted.
In order to be eligible for exemption, a company must meet a set of requirements. It must have a successful and well-established business model. It should also have at least 80 per cent revenue.
You must complete an application form before you can open a BOI Thailand company. The forms can be found at the BOI headquarters, or through an online investment platform. The forms typically comprise 8 to 10 pages of questions. These questions concern the status of your company as well as shareholders as well as product development, investment strategy, and the targeted clients. In order to avoid errors it is essential to fill in every section of the form completely and accurately.
The next step is to submit all the required documents on time. If you miss the deadline you can send an explanation letter to the BOI Thailand and request an extension. It is not possible to request more than three extensions at a time.