Companies in Thailand need to file their audited financial statements within 1 month after their Annual General Meeting (AGM) of shareholders. An AGM must be held by 4 months after the accounting year-end to approve the financial statements. BOI promoted companies need the statutory audit every year like their non-BOI counterparts.
Moreover, the BOI companies that are granted a corporate income tax exemption right can exercise that right in the year that they have profits only after they have complied with the conditions specific to their promoted projects. In filing for the BOI’s approval to exercise such right, they need a Thai CPA to audit their BOI operation to make sure that they have complied with the all conditions set out by the BOI. This auditor can be a different person from the one that performs the statutory audit for the company.
Filing the statutory audited financial statements must be done for every accounting year even when the company was just set up and the whole fiscal period has not completed 1 year. Fiscal year-end depends on the company’s policy. But once chosen, it cannot be changed without the approval of the Director General of the Revenue Department.
Audit for BOI companies has difference procedures than non-BOI companies. Contact MSNA Group for audit services.
Thailand Board of Investment sees the crucial benefits to Thailand in promoting the nanotechnology industry. If your business can meet these conditions, it is definitely worthwhile to pursue the BOI application.
Conditions:
Target technology development procedures shall be used as a base for the manufacturing process or service provision in the target industry as approved by the BOI.
There must be a technology transfer with an educational institution or research institute as approved by the BOI e.g. Technology Research Consortium.
Project located in a science and technology park promoted by the BOI or one that is approved by the Board will receive an additional 50 percent reduction in a corporate income tax for 5 years after the end of its corporate income tax exemption period.
Project may apply for merit based incentive and be granted the corporate income tax exemption for not exceeding 13 years.
Project shall be granted import duty exemption on goods.
Here are the benefits of getting BOI promotion for your business in the nanotechnology industry
Exemption from corporate income tax for 10 years without cap on the income tax you can save.
Exemption of import duties on new machinery that you may need to import for your new business.
Exemption of import duties on raw materials used in production for export.
100% foreigner ownership of your business
Your BOI promoted company can own land that you will use only for your promoted business activity.
Your company will be able to get a lot of work permits for your skilled workers and experts.
MSNA Group can help you set up your BOI company in Thailand with ease. Talk to us today.
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:
Conditions:
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.
BOI Promotion for Manufacture of Metal Products or Metal Parts
The Board of Investment provides incentives and benefits for doing business in Thailand within the metal manufacturing industry. In order to qualify for the benefits, the project must have metal forming process continuing from iron/steel casting process (using induction furnace) or iron/steel forging process, i.e. machining and stamping within the same project. Incentives for doing business in the manufacturing of metal products or parts includes corporate income tax and import duty exemptions.
The BOI incentives granted to the business of Manufacture of Metal Products or Metal Parts are summarized below:
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.
The company can be owned 100% by foreigners.
You can own land enough for your business use.
Getting many work permits for your skilled expat employees.
Let’s discuss your Thailand’s business plan today. Contact MSNA Group for expert advice in setting up your BOI company.
The BOI provides incentives and benefits for doing business in Thailand within the plant or animal breeding industry. This incentive aids those companies that are not eligible for biotechnology activity. In order to qualify for the benefits, plant or animal breeding operations must meet certain conditions as set forth below.
The BOI conditions and incentives are summarized below:
Conditions:
Projects must have research and development activities.
For breeding of sensitive plants according to the policy of the Ministry of Agriculture and Cooperatives, projects must have Thai nationals holding shares not less than 51 percent of the registered capital.
Projects must have expenses for salaries for R&D personnel of at least 1,500,000 baht per year.
Projects located in the science and technology park promoted by BOI or one that is approved by the Board will receive an additional 50 percent reduction of corporate income tax for 5 years after the end of its corporate tax exemption period.
Revenue derived from plant propagation after plant breeding in the project shall be regarded as revenue of promoted projects, except for the propagation of cassava.
Incentives:
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.
Contact MSNA Group to set up your BOI company in Thailand now.
Thailand BOI for Digital Service and Software Platforms
The BOI provides incentives and benefits for doing business in Thailand within the expanding digital services industry. Such business operations include:
Software platform
Managed service
Digital architecture design service
Digital services such as FinTech, DigiTech, MedTech, AgriTech, etc.
The BOI conditions and incentives are summarized below:
Conditions:
The project must hire digital specialists
The project must have capital investment (excluding cost of land and working capital) not less than 1,000,000 baht.
It must include digital service processes as approved by the Board.
The project with an investment of 10 million baht or more (excluding cost of land and working capital) must be certified with ISO 20000 or other quality standard certificate as approved by the Ministry of Information and Communication Technology within 2 years from the full operation start-up date, otherwise the corporate income tax exemption shall be reduced by 1 year.
Revenue derived from sales or the provision of services that are directly related to a promoted digital service business shall be regarded as revenue of such promoted business.
Projects must gain approval from the Ministry of Digital Economy and Society before applying for investment promotion.
If you work with MSNA Group in applying for the BOI promotion, we will walk you through the process and make it very easy for you to write the details for the BOI application. You may want to read some of our BOI testimonials from our clients that we help get the investment promotion.
If you get the BOI for this business, the benefits are as follows:
Corporate income tax exemption 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.
