BOI Promotion Services in Thailand

A Comprehensive Guide for Software, Digital Platforms, and Digital Content Development

Thailand has become a regional hub for digital innovation, thanks to its strategic location, skilled workforce, and forward-thinking investment policies. The Board of Investment (BOI) Promotion services in Thailand play a critical role in attracting businesses, especially in the software, digital platform, and digital content sectors. With the latest updates in 2024, BOI incentives have become even more advantageous, offering a competitive edge to companies looking to expand in the Thai market.

In this blog, we explore the benefits of BOI promotion, real-life success stories, and how you can leverage these opportunities to drive your business forward.

What is BOI Promotion in Thailand?

The Board of Investment (BOI) in Thailand offers a variety of incentives to encourage local and foreign investment. These incentives are designed to boost economic growth, enhance innovation, and develop the country's workforce, particularly in high-priority sectors like digital technology. For businesses developing software, digital platforms, or digital content, BOI promotion provides financial and operational benefits that significantly lower the cost of doing business in Thailand. Updated Benefits of BOI Promotion Services in 2024

The BOI has ensuring businesses in the digital industry can maximize their potential. Here’s a detailed breakdown of the key benefits:

1. Corporate Income Tax (CIT) Exemption

• 8 Years of Tax-Free Profits BOI-promoted businesses receive 100% exemption on corporate income tax for up to eight years.

• Carry-Forward Losses If your business incurs losses during the tax exemption period, you can carry them forward for up to five years after the exemption period ends.

  
  

2. Skilled Foreign Experts and Workers

• Work Permits and Residency BOI promotion allows businesses to bring in skilled foreign experts and their families. They are granted work permits and long-term residency to ensure the success of the project.

• Dedicated Positions Foreign personnel are permitted to work only in BOI-approved positions, ensuring streamlined operations.
  

3. Duty Exemptions

• Import Duty Waivers on Machinery Businesses are exempt from paying import duties on machinery required for the project.

• Raw Materials Exemptions Essential raw materials used in production are also exempt from import duties.
  

4. Skill Development and International Standards

• Training Cost Coverage Tax exemptions include expenses related to training Thai employees in IT and software development.

• Certification Assistance Businesses can claim tax exemptions for costs associated with obtaining certifications like ISO 29110, CMMI Level 2, or other equivalent international standards.
  

5. Dividend and Repatriation Freedom

• Tax-Free Dividends Dividends from profits of BOI-promoted businesses are tax-exempt.

• Repatriation of Profits Businesses are allowed to remit profits and dividends in foreign currencies freely.
  

6. Streamlined Reporting and Compliance

• BOI promotion simplifies compliance requirements by separating financial records for promoted activities.

• Businesses are required to submit annual progress reports, ensuring transparency and accountability. How to Apply for BOI Promotion in Thailand

  Applying for BOI promotion requires careful planning and compliance with specific conditions. Here are the key steps.

  1. Eligibility Check Ensure your business activity falls under BOI-promoted categories like software development, digital platforms, or digital content.

  2. Document Preparation Compile all necessary documents, including a business plan, financial projections, and project details.

  3. Submission Submit your application to the BOI for review.

  4. Approval and Compliance Once approved, maintain compliance with BOI conditions to retain your benefits.

Partner with THAI BUSINESS AND VISA SERVICES for BOI Promotion

Navigating the BOI application process can be complex, but you don’t have to do it alone. At THAI BUSINESS AND VISA SERVICES, we specialize in helping businesses secure BOI promotion and maximize their benefits.

Our Services Include.

• Consultation Assess your business’s eligibility for BOI incentives.

• Application Support Guide you through document preparation and submission.

• Compliance Management Ensure you meet all BOI requirements to maintain your promotion status.

• Ongoing Support Provide assistance even after approval, including annual reporting and compliance updates.

Ready to Unlock Your BOI Benefits?

Take advantage of the updated BOI Promotion services in Thailand and transform your business into a competitive force in the digital industry.

🌐 Visit us at: www.visabizthailand.com📧 Email: thaibusinessandrelocation@gmail.com 📞 WhatsApp: +66880697234

Let THAI BUSINESS AND VISA SERVICES guide you every step of the way. Start your BOI journey today and make your mark in Thailand’s thriving digital economy!