BOI Promotion for Plant or Animal Breeding
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.