Applying for a BOI Investment Promotion in 2024: a step-by-step guide

Applying for a BOI Investment Promotion in 2024: an online process

You must know that to apply for a BOI Investment Promotion in 2024, the entire procedure is conveniently conducted online, ensuring a streamlined and efficient experience. As a foreign investor wishing to establish your enterprise in Thailand, you’ll need to start by visiting the official Board of Investment (BOI) website at www.boi.go.th

Once there, you will have to navigate to the “E-Services” section and select the “Investment Promotion” application. You will be required to create an account or log in if you already have one. From there, you will have to fill out the necessary forms, upload required documents and track the status of your application.

The aim of the present article is to assist you with each step, making certain your application is complete and meets all the criteria set by the BOI.

What are the required documents in applying for a BOI Investment Promotion in 2024?

When preparing to apply for a BOI Investment Promotion in 2024 online, it is crucial that one meticulously gathers and submits the necessary documents accurately to avoid delays in the approval process. We advise ensuring you have prepared the following key materials:

• Application Forms: Submit two full sets of the appropriate BOI application form based on your business type, whether it be:
  • F PA PP 01: for most general activities.
  • F PA PP 03: for specific service categories.
  • F PA PP 04: for digital enterprises.
  • F PA PP 29: if applying under the SME policy.

• Identification Documents:
  
  • For individuals: A copy of your national ID card or passport.
  • For legal entities: The most recent financial reports of your company

• Authorization Documents: If another is applying on your behalf, include a power of attorney with stamp duties, along with the ID or passport of both the applicant and the authorized person.

• Feasibility Study: If your project’s investment exceeds 2,0 million THB, a detailed project feasibility study must be incorporated.

• Environmental Impact Assessment (EIA): For projects in environmentally sensitive categories, a Preliminary Environmental Impact Assessment (PEIA) must be completed and submitted.

• Supplementary Forms: Depending on your project type, additional forms such as those for enhancing competitiveness, energy conservation, or biotechnology may be necessary.

These documents must be uploaded via the BOI’s e-Investment Promotion system. Our team is available to assist you in ensuring all documents are correctly prepared and submitted, facilitating a smooth and successful application.

How to fill out the appropriate BOI application form in applying for a BOI Investment Promotion in 2024?

To apply for a BOI Investment Promotion in 2024, you’ll need to accurately complete the application forms based on the nature of your business as seen before. 

Where to find the application form related to the nature of your business: 

Depending on the nature of your business, you must download the appropriate BOI application form on the BOI website, and provide the information required. To obtain the necessary documents for applying for a BOI Investment Promotion in 2024, you must:

• Visit the BOI website:

Go to the official Board of Investment (BOI) Thailand website: www.boi.go.th

Navigate to the “E-Services” or “Investment Promotion” section, where you can find resources related to investment promotion applications.

• Access the forms:

Once in the relevant section, look for the “Forms & Applications” or “Downloads” area. Here, you will find various forms categorized by the type of activity or business you intend to promote.

Specific forms like F PA PP 01 (General Activities), F PA PP 03 (Specific Services), and F PA PP 04 (Digital Businesses) should be available for download.

• Download the Forms:

Click on the links to download the required forms. These forms are typically available in PDF format and can be filled out digitally or printed for manual completion.

How to fill out the application forms depending on the nature of your business while applying for a BOI Investment Promotion: 

To successfully apply for a BOI Investment Promotion in 2024, you’ll need to complete the previous forms based on the nature of your business. Here’s a guide to help you fill out each required document:

For General Activities (Form F PA PP 01) : 

This form is used for most general business activities. Here’s how to fill it out:

• Section 1: Applicant Information

If the legal entity has yet to be established, provide personal particulars such as your full name, date of birth, nationality as denoted on your passport, and passport number.

Should the entity already exist in accordance with legal registration, supply specifics of the company which include registered capital, contact information, and the latest fiscal statements as an attachment.

• Section 2: Finances and Investment Plan

Itemize the means of funding originating from share capital, loans from domestic and foreign sources, and other financial means. Next, detail the intended investment covering construction expenditures, machinery and equipment costs, installation expenses, and working capital. Be certain the totals coincide with the grand total projected investment figure.

• Section 3: Factory Location

Provide the exact location of your production or operational site, including the province, district, and industrial zone, if applicable.

• Section 4: Project Details

Outline the products you will manufacture, the production capacity, and the production processes. Also, specify the main machinery and technology to be used, along with your environmental protection plan.

For Specific Services (Form F PA PP 03):

This form is required for businesses engaged in specific service categories. Here’s what to do:

• Section 1: Applicant Information

Similar to Form F PA PP 01, provide detailed information about the applicant or the established entity.

• Section 2: Business Activity

Detail the nature of your service business, including the services offered, target markets, and any partnerships or collaborations.

• Section 3: Financial and Investment Plan

You’ll need to provide a breakdown of your investment, including costs related to service delivery, such as equipment, technology, and operational expenses.

For Digital Businesses (Form F PA PP 04):

This form is specific to digital businesses, such as software development or digital content creation. Here’s how to approach it:

• Section 1: Applicant Information

Provide the necessary details about the applicant or the company, including contact information and background.

• Section 2: Project Overview

Describe the digital project, including the software or platform you plan to develop, its features, and the business model. This should include a timeline for development and details about the target market.

• Section 3: Financial Details

Provide a detailed financial plan, covering costs such as software development, hardware, and operational expenses. Include project income and cost projections over the past three years. Figures must demonstrate forethought for long-term viability.

• Section 4: Technology and Human Resources

Detail the technology and tools to be used in the project, along with the key personnel involved, their qualifications, and their roles within the project.

Completing these forms accurately is crucial for a successful application. We are here to assist you through this process, ensuring that all sections are filled out correctly and that all required documentation is properly submitted. This will help secure your BOI Investment Promotion smoothly and efficiently.

What is the full process of applying for a BOI Investment Promotion in 2024?

Here is the intricate 8-step procedure in applying for a BOI Investment Promotion. This expose will also offer comprehensive details on navigating the latter part of the process: submitting the application.

The 8-step process:

• Step 0: Identify the BOI category

The first step in applying for a BOI Investment Promotion involves carefully selecting the appropriate BOI category based on the nature of your business. Different types of businesses, such as those in the restaurant, retail, or manufacturing sectors, have distinct requirements and incentives under the BOI’s framework. Therefore, it is crucial to choose the correct BOI category that aligns with your business activities to ensure that your application meets the specific criteria set by the BOI and maximizes the benefits you can receive.

• Step 1: Review preliminary information

Once you selected the appropriate BOI category, you must obtain preliminary facts and the application form either from the BOI website or directly from BOI facilities. Thoroughly examine the nuances of each phase.

• Step 2: Submit the application online

Use the e-Investment Promotion Service portal on the BOI website to formally enter your proposal.

• Step 3: Meeting to clarify project details

Schedule an in-depth discussion with BOI officials within 10 business days of application submittal to elaborate on the intricate facets of your undertaking.

• Step 4: Undertake comprehensive evaluation

BOI analysts will conduct an exhaustive assessment. The period fluctuates relative to capital allocation, ranging from 40 to 90 working days.

• Step 5: Anticipate decision notification

You will receive resolution results within 7 business days subsequent to board ratification of meeting notes.

• Step 6: Accept promotion within deadline

Formally consent to promotion by one month’s end after finishing and submitting the required forms through the Sanction Certificate System.

• Step 7: Request promotion certification

Submit the petition for certification and supporting records inside 6 months.

• Step 8: Obtain promotion certification

BOI will provide certification within 10 business days of complete application and document deliverance.

This ordered approach warrants a transparent and structured pathway to securing your BOI Investment Promotion.

Focus on the application submission part:

You will find below a guide to lead you through the application submission part (the second part of the whole process of applying for a BOI Investment Promotion):

• Access the e-Investment Promotion System:

Go to the e-Investment Promotion System on the BOI website: https://boi-investment.boi.go.th/public/

• Create an account:

On the homepage, click the “Registration” button.

Review the e-Investment Promotion System Registration Agreement that appears and click “Accept” to proceed.

Fill out the registration form by entering all required details, including your Citizen ID or Passport number, name, email, and phone number. Ensure all fields marked with an asterisk (*) are completed.

After filling out the form, click “Save.” The system will then send an email for account activation.

• Activate your account:

Check your email inbox for the activation message from the BOI system.

Click the activation link provided in the email to verify your account.

If you do not receive the email within 30 minutes, check your spam folder or request a resend by returning to the login page and clicking “Didn’t receive any email?”

• Log in to the system:

After activating your account, return to the e-Investment Promotion system.

Enter your newly created username and password, then click “Login.”

You will be directed to the main dashboard, where you can choose the language preference (Thai or English) and begin your application.

• Submit a new application:

Navigate to the “Investment Promotion” menu on the main dashboard and select “Application for Investment Promotion.”

You will be prompted to either select an existing applicant or create a new one. Choose the appropriate option based on your situation.

Complete the application by filling in the required information across various tabs, including Applicant Information, Finances & Investment, Location, Details of Project, Employment, and Market. Ensure that all mandatory fields (marked with an asterisk) are filled out accurately.

Once all details are entered, click “Save Draft” if you wish to review later, or “Submit” to send your application to the BOI for review.

• Monitor application status:

After submission, you can monitor the status of your application through the “Application for Investment Promotion History” section. Here, you can see if your application is under review, awaiting further details, or approved.

You understand there are several key steps to successfully apply for a BOI Investment Promotion. Providing precise details is paramount to streamlining approval in a timely manner. One must first review the application procedure online for requirements. Next, thoroughly complete all portions of the application with accurate answers. Be certain to include any essential documentation. It’s also wise to double check for accuracy prior to submission. Small mistakes could result in holds on the process of applying for a BOI Investment Promotion. For those seeking the incentives, following the guidelines explicitly is important to gain the benefits being offered. You can find the application guideline by following this link : https://boi-investment.boi.go.th/report/E-Investment-Applicant%20for%20promotion_EN.pdf

And after applying for a BOI Investment Promotion?

After applying for a BOI Investment Promotion and receiving approval, adhering to the outlined conditions is imperative in order to reap the stipulated rewards. Meeting investment benchmarks, maintaining environmental standards, and submitting periodic reports were among the primary obligations which have to be fulfilled. It is also crucial to maximize the allotted tax breaks and reductions within their prescribed windows. Further, all project-related financials and activities require meticulous documentation for potential examinations.

Neglecting to satisfy these stipulations could lead to sacrificed incentives or nullified support. Thus, engaging regularly with BOI officials is vital to confirming the endeavor’s continue good standing and enjoyment of promotional benefits. Some milestones demand ingenious solutions to challenging obstacles. Meanwhile, other benchmarks simply require steadfast commitment to schedule. Overall, the path toward full realization of the promotion’s potential is neither straightforward nor simple, though open communication helps smooth inevitable complexities.

Conclusion:

Applying for a BOI Investment Promotion in 2024, while being rigorous, ensures that only ambitious endeavors appropriately furthering national goals may benefit from incentives. Applying for a BOI Investment Promotion in 2024 necessitates thorough evaluation and compliance with formal steps. 

Also note that presentations must demonstrate work generating employment, cultivating expertise, utilizing domestic resources, and worldwide sales. Eligibility and qualification is unassured, so investors must convincingly show how their initiative strongly addresses BOI priorities and the requirements of the Industrial Estate Authority of Thailand.

Most of all, comprehension of visions, standards and procedures aids applicants navigate processes to maximize benefits like reduced earnings taxes, exceptions to import charges, and other savings lowering costs and heightening profits. Perseverance through application opens doors to rewards that fuel growth.