BOI Promotion for Manufacture of Medicine
Thailand Board of Investment offers incentives and benefits for businesses within the medicine manufacturing industry. In order to qualify for the benefits, medicine manufacturing operations must meet certain conditions as set forth below.
The BOI conditions and incentives are summarized below:
- For conventional medicine projects, such promoted projects must achieve GMP standard prescribed by PIC/S within two years from the full operation start-up date.
- For traditional medicine projects, such promoted projects must achieve GMP standard within two years from the full operation start-up date.
- For the improvement of existing projects, existing machinery can be used in the promoted project but its value shall not be included in the investment amount eligible for corporate income tax exemption.
- Incentives are A3 category:
- Exemption from corporate income tax for 5 years.
- Exemption of import duties on new machinery.
- Exemption of import duties on raw materials used in production for export.
- 100% foreigner ownership.
- Permit to own land.
- Permit to bring in skilled workers and experts to work in the Kingdom.
Let MSNA Group help you in setting up your BOI company in Thailand.