If you and your partner are in love with the tropical paradise of Thailand and you wish to relocate and set up your own business, you certainly wouldn’t be alone. Bangkok is the top destination for digital nomads and online entrepreneurs, thanks to the low cost of living and the cheap accommodation, plus you are only a few hours from a premier tropical beach.
The Board of Investment
The Thai Board of Investment (BOI) offers many incentives to foreign investors and entrepreneurs, such as taxation waivers and long-term working visas and if you would like to learn more about the Board of Investment in Thailand, check out https://thailand.acclime.com/business/boi-company/ a leading law company that facilitates setting up foreign businesses in Thailand.
As with all countries, there are certain business sectors that foreign investors are permitted to engage in business, which include:
- Mining & Ceramics
- Light Industry
- Machinery & Transport
- Electronic Appliances
- Public Utilities
- Major Industrial Projects
- Innovative Technology
There are complex categories and with the assistance of a local legal firm, you can be sure to choose a sector that offers maximum benefits and they will prepare the applications and inform you of the paperwork needed. They would advise you about opening bank accounts in the business name and offer assistance regarding visas and knowing that you are fully compliant with Thai law offers you peace of mind.
Major BOI Incentives
These include the following:
- Exemption or reduction of import duties.
- Exemption of income tax.
- Corporate tax waiver – For up to 8 years, with 3 and 5-year options.
- Permitted to bring in foreign professionals.
- Permitted to own land (in some situations)
- Ability to remit money abroad in a foreign currency.
The current Thai government is well aware of how important foreign investment is to the economy and under the BOI, foreign businesses receive many benefits and it is certainly worth making sure that your new business fits into a BOI category. When thinking about business formation, perhaps the one to avoid is sole proprietorship, which is risky in more ways than one.
Covid-19 & Thailand
Of course, the Coronavirus affects all parts of the world and Thailand stands out as a great example of how to handle a pandemic and is listed as one of the safest locations on the planet. Of course, flying to Thailand during this time will require some preparation and cost, as you will have to state quarantine for 14 days at your own expense, plus you have to obtain ‘Covid-Free’ certificates, as well as having at least $100,000 worth of Covid-19 insurance. The law company that is setting up your Thai company can assist you with the government requirements to enter Thailand and the restrictions might not be applicable in full for a BOI candidate. Check here for the current Covid-19 situation in Thailand, which could change at any time, so check often.
Once you enlist the services of an established Bangkok-based legal firm, you will receive the right advice from the experts, who will also prepare and submit your BOI application and help with other aspects of relocating to Thailand.