Foreigners who want to own their business in Thailand 100% can choose to set up or buy a BOI company. If you decide to set up a new company and get a BOI promotion, most of the time, you will have to go through a long gruesome process for months before you can get your project approved by the Board of Investment. A perfect alternative is buying a BOI company which will allow you to start your business operation right away.
Here are some pros and cons of buying a BOI company:
- You can start hiring your employees right away;
- You can start invoicing your clients and making money immediately (yes, why wait for months before you can start making money?);
- You may take over all the existing clients if the seller agrees;
- In many cases, the company already has accounting system in place;
- You can get your work permit and visa extension processed in a very short time;
- You may take over the employees if the company is in operation;
- If the company has been operating, you may need to hire an accountant to do due diligence to see the financial health of the company;
- You may have to check for pending cases with the Revenue Department, Social Security Office, and the Department of Business Development.
- You have to hire a law firm to check if there is any pending court cases (including the labor court);
- You may want to check if the company has been in compliance with all the BOI conditions;
- If you take over the employees, please note that their length of employment started before you really become their employer. Thus, if you need to let some go later, think about the severance payment rates, which depend on how long they have been hired by the company;
Ask MSNA Group. We may have BOI companies for sale. And we make sure the buyer and the seller get a fair deal. If you are considering buying a BOI company, especially for software business, contact us now.