The Thailand Board of Investment (BOI) is a government agency under the Office of the Prime Minister that promotes investment in Thailand by providing a range of incentives and support services to both local and foreign investors. Established in 1966, its mission is to attract investment that contributes to economic growth, competitiveness, and innovation in key industries.
The BOI works to make Thailand a more attractive destination for business by encouraging development in technology, research, and strategic sectors. It offers support to projects that align with national priorities and economic goals, helping companies expand, innovate, and compete globally.
When a business is granted BOI promotion, it may qualify for a mix of tax and non-tax incentives that improve operational flexibility and reduce costs. The specific benefits depend on the industry, project scope, and how the investment supports Thailand’s development objectives.
Key incentives offered through BOI promotion can include:
- Tax Incentives – Partial or full exemption from corporate income tax for several years, with different durations depending on the nature of the promoted activity.
- Import Duty Relief – Reduction or exemption from import duties on machinery, equipment, and essential materials used in the promoted business.
- Deductions and Allowances – Additional deductions for transportation, utilities, or construction costs linked to the investment.
Non-tax incentives may also be available to BOI-promoted companies, such as:
- Permission to employ foreign experts or skilled personnel in approved positions.
- Flexible foreign ownership privileges in certain industries otherwise restricted by Thai law.
- Permission to own land for business use under specific conditions.
- Facilitated foreign currency remittance on certain transactions.
To obtain BOI promotion, companies must prepare a detailed business plan and submit an application demonstrating that their project aligns with the BOI’s objectives and promoted activities. The approval process includes a review of the project’s economic impact, strategic fit, and compliance with regulatory criteria.
Working with experienced advisors can help navigate the eligibility requirements, application procedures, and submission of supporting documentation needed for a successful BOI application.