BOI Company in Thailand
A BOI company in Thailand is a company whose project has been granted investment promotion by the Office of the Board of Investment (BOI) under the Investment Promotion Act B.E. 2520 (1977). Promotion can bring corporate income tax holidays, permission for foreign investors to hold the majority of the shares, the right to own land and simpler procedures for foreign experts. Our team in Bangkok prepares the application, represents you in the meeting with the BOI officer and sets up the Thai company that will carry out the promoted project.
What is the Thailand Board of Investment?
The Board of Investment is the government agency that promotes investment in Thailand. It publishes a list of activities eligible for promotion, grouped into industry clusters such as BCG industries (agriculture, food, biotechnology and medical), advanced manufacturing, basic and supporting industries, and digital, creative and high-value services. Each activity on the list belongs to an incentive group that decides how many years of tax exemption the project can receive.
BOI promotion is granted to a project, not to a person. In practice, the investor first incorporates a Thai limited company (or uses an existing one) and the promoted activity is then carried out by that company.
Main requirements for BOI promotion
The general criteria published by the BOI in its Investment Promotion Guide are:
- Minimum investment: 1 million baht, not counting the cost of land and working capital, unless the list of eligible activities sets a different amount. For knowledge-based activities the threshold is expressed as a minimum annual salary expense.
- Debt-to-equity ratio: for a newly established project, not more than 3 to 1. Expansion projects are assessed case by case.
- Large projects: if the investment exceeds 2,000 million baht (without land and working capital), a feasibility study must be submitted.
- Activity: the project must fall under an activity on the BOI list and meet its specific conditions (for example on technology, location, environment or the value added in Thailand).
Foreign ownership of a BOI company
Outside the BOI system, a company in which foreigners hold half or more of the shares needs a Foreign Business License for many activities. Under the BOI foreign shareholding criteria:
- for activities in List One of the Foreign Business Act B.E. 2542 (1999), Thai nationals must hold at least 51% of the registered capital;
- for activities in List Two and List Three, there is no limit on foreign shareholding, unless another law sets one;
- the Board may set a foreign shareholding limit for certain promoted activities.
This is why BOI promotion is one of the main routes to a 100% foreign-owned company in Thailand in sectors that would otherwise be restricted.
BOI tax incentives by activity group
| Group | Corporate income tax exemption | Cap |
|---|---|---|
| A1+ | 10 to 13 years | No cap |
| A1 | 8 years | No cap |
| A2 | 8 years | Up to 100% of the investment |
| A3 | 5 years | Up to 100% of the investment |
| A4 | 3 years | Up to 100% of the investment |
| B | No tax exemption | Non-tax incentives only |
Additional years of exemption may be granted for spending on research and development, training, local suppliers or for projects in certain areas, but the total is limited to 13 years for group A1+ and to 8 years for groups A1 to A4. Depending on the project, other tax measures may apply, such as exemption of import duty on raw or essential materials used to produce goods for export.
Non-tax incentives
- permission for foreign nationals to enter Thailand to study investment opportunities;
- permission to bring in foreign skilled workers and experts to work in the promoted project, handled through the Single Window for Visa and Work Permit;
- permission to own land for the promoted activity;
- permission to take out or remit money abroad in foreign currency.
How to apply for BOI promotion
- Preparation: we check whether your activity is on the list of eligible activities, which incentive group applies and what conditions you must meet.
- Project clarification: a meeting with the BOI officer, at the BOI office or by video conference.
- Application: filed online through the BOI e-Investment system, with the company's financial statements (if any), a description and history of the business, product photos or catalogue, the production process, the main machinery and any documents required by the specific measure.
- Evaluation: up to 40 working days for investments of up to 200 million baht, 60 working days for up to 2,000 million baht and 90 working days above that amount, counted from the submission of complete documents.
- Decision: the BOI notifies the result within 7 days of the meeting resolution; the applicant confirms acceptance within 1 month.
- Promotion certificate: requested within 6 months of accepting the resolution and issued within 10 working days of receiving the complete documents.
BOI company or Foreign Business License?
If your activity is not on the BOI list, or you do not need tax incentives, other routes may fit better: a Thai company with a majority Thai shareholding, a Foreign Business License, a branch office or a representative office. We compare the options for your project before any application is filed. Foreign directors and specialists who will live in Thailand can also look at the Long-Term Resident (LTR) visa, which is also handled by the BOI.
Frequently asked questions
Can a foreigner own 100% of a BOI company in Thailand?
Yes, for promoted activities in List Two and List Three of the Foreign Business Act, unless another law or the Board sets a limit. For List One activities, Thai nationals must hold at least 51%.
What is the minimum capital for a BOI company?
The general minimum investment is 1 million baht, excluding land and working capital. Some activities on the BOI list set a higher amount.
How long does BOI approval take?
The evaluation itself takes 40, 60 or 90 working days depending on the size of the investment, after the complete application is filed. Preparation of the project and the clarification meeting come before that.
Do I need a Thai company before applying?
Promotion is granted to the project, and the promoted activity is carried out by a company registered in Thailand. We advise on the right timing for incorporating the company in your case.
Source: Office of the Board of Investment, Investment Promotion Guide 2025. Criteria and incentives change from time to time; contact our company formation specialists in Thailand for an assessment of your project.