What's next after filing your BOI Application in Thailand?
Scheduling a Time for an Interview
After you complete and file your application to the BOI in Thailand, you will need to arrange an interview time. This must be done within 10 working days from submitting the forms. At BOI interviews, applicants are expected to dress professionally and be well prepared. Normally, interviews are conducted one-on-one. An interview is necessary, as it helps the BOI clarify and confirm the information presented on the application.
Applicants may also need to attend a second interview. For instance, if you are applying as an e-commerce or software business, you usually will need to interview officials representing the Digital Economy Promotion Agency in Thailand.
Getting Your BOI Approved
Once you get through the interview process, your application forms are assessed in relation to your business’s investment amount. Often, it is not unusual for a BOI officer to contact you to confirm items on your application before the paperwork is vetted further. How your case is handled depends on your initial investment.
For example, if your investment is under 80 million baht, the BOI will manage your case. Otherwise, if the investment amount is between 80 and 750 million baht, a subcommittee will evaluate your application. An investment of 750 million baht or more is reviewed by a subcommittee and the board of directors of the BOI.
You will receive a Notice of Approval between 40 and 90 working days. At that time, the BOI in Thailand will tell you when you can begin business operations. If your company gets rejected, you will need to review and revise your business plan before reapplying. In some cases, businesses apply with a new business project – one that will meet the criteria set by the BOI.
If your application is approved, you will need to visit the BOI headquarters and pick up your approved paperwork and the BOI acceptance form. After this visit, you have one month to file the promotion acceptance form with the BOI. Make sure you act quickly, as you could lose your BOI promotion if you miss this deadline.
Registering Your BOI Company
After the promotion acceptance form is received, you can register your company with Thailand’s Department of Business Development. After registering with the Department, you will need to apply for visas and work permits
Once the promotion acceptance form has been accepted and you register your company, you must register your business at the BOI e-investment site. This step is the last one you need to take for applying.
What You Will Need for the Last Step
For this last step, you will need to do the following:
- Submit a memorandum of association and your business registration certificate
- Submit a document that shows you have transferred funds from overseas
- Include an Office of the Company Limited and Partnership registration certificate
- Provide a joint venture agreement, technical assistance contract, and licensing agreement, if applicable
- Submit a Utility and Manpower Requirements document
The BOI will give you six months to register your company and submit the above documentation. After this last step is completed, the BOI will issue a certificate in 10 working days. If for any reason, you can meet the six-month deadline, you can apply for a four-month extension up to three times thereafter.
Ensuring compliance and the receipt of your BOI promotion depends on the advice of a competent legal advisor. Again, don’t move forward with a BOI business setup before contacting an experienced and knowledgeable BOI attorney.
After you receive the promotion certificate, you still need to keep in regular contact with the BOI. The BOI can cancel your promotion if you don’t follow its guidelines. Therefore, you need to make sure you always have a competent BOI in Thailand attorney at your side. Think of it as part of the cost of doing business in Thailand. It will be well worth your investment and time.