If you’re a foreign investor looking to set up shop in Thailand, you’ll need to work with the Board of Investment or BOI Thailand. The BOI is responsible for promoting and facilitating investments in Thailand to accelerate industrial development, and it has a number of programs available for foreign investors that offer a range of incentives for businesses that qualify.
In this blog post, we will give you some tips on how to strengthen your BOI application to increase your chances of being approved by the board. So whether you’re just starting to research investment opportunities in Thailand or you’re ready to submit your application, read on for BOI application tips.
Have a clear understanding of the BOI process
One way to make your BOI application stronger is by having a clear understanding of the investment process and what the BOI is looking for in an application. The BOI’s website provides a wealth of information on its programs and requirements, so be sure to do your research before filling out your application. You should also have a realistic and achievable investment plan that outlines your expected costs, timeline, and return on investment.
Meet the minimum capital investment
Another important factor in a strong BOI application is demonstrating that you have the financial resources to back up your investment plan. The BOI has different minimum capital requirements for different types of businesses, so be sure to check the requirements for your business type before applying.
Conduct a feasibility study
If you’re going to operate a large-scale business (typically worth THB 750 million and up, excluding land and working capital costs) then you are required to submit a feasibility study to BOI Thailand. The study should assess the potential market for your product or service, as well as the competition you’ll face. It must also have a thorough analysis of your proposed investment, including expected costs and revenue.
One thing to remember is to never hide the potential losses in your feasibility study. The BOI is aware that businesses go through ups and downs, and they will take these losses into account when reviewing your application.
Show that you’re committed to Thailand
When reviewing applications, the BOI takes into account the applicant’s commitment to investing in Thailand. One way to show your commitment is by making a significant financial investment in your business. The BOI also looks at factors such as whether you have a local partner, whether you have set up a Thai bank account, and whether you have already started doing business in Thailand.
Have all your documents in order
Organize all of the required documents for your application before you begin filling out the form. This will save you time and make it less likely that you’ll forget to include something important. In addition to the standard application form, you’ll need to submit financial statements, a business plan, and other supporting documents. If you’re missing any required documents, your application will likely be rejected.
Choose the right category
BOI Thailand has an extensive list of different industries and categories for investors. You need to choose the right category for your company; getting this wrong means your application will be rejected and you will have to resubmit it. If you’re not certain which category your business belongs to, consult with a BOI-licensed advisor.
Consult with experts
It helps to consult with a BOI-approved business advisor before you submit your application. They can help you put together a strong application and make sure that you’re taking advantage of all the incentives available to you. They can also help you navigate the BOI’s application process as well as answer any questions related to your application.
Investing in Thailand can be a great way to expand your business and make the most of the country’s growing economy. By following these tips, you can increase your chances of having your BOI application approved and get one step closer to setting up your business in Thailand.