Learn more about BOI Visa in Thailand

◊  Objectives of Thailand’s Board of Investment

The BOI furthermore states the growth target for the economy as a reference to achieve the projected and overall target including the export target. Moreover, the Board of Investment of Thailand also offers some services to support businesses listed with the BOI. There are many ways the BOI aids Thailand’s enterprise. It provides the following:

• Promotion of investment opportunities in Thailand and foreign countries.
• Development and innovation of technology in Thailand.
• Increase of the economic growth in Thailand.

• Step 1: Eligibility Check : Your enterprise must first and foremost be eligible to pass it at the mention of a BOI company. For example, the BOI often approves the Agriculture and Agricultural Products, Light Industry, Electronic Industry, Electric Appliances, and others.
• Step 2: Application Phases : To apply for a BOI company, listed below are the two-phase application and company setup process. The BOI company application process in Thailand has two steps: the BOI application and the company setup. Two distinctive departments govern their spirits. You can decide to begin by submitting the BOI application. Once approved, you will be free to set up your company.
• Step 3: BOI Application : The first is to prepare the documents for the BOI application. They could include corporate business plans, financial projections, and benchmark sexre sector data at the request of the right places. Apply to the respective field.
• Step 4: Setup Application: At the same time or after learning the results of approval, you can start the business setup process. This may require the registration of your company and the receipt of all the permits and laws. All of them need to be ideally hung up at the same time as the various pieces.
• Step 5 : BOI Listing Privacy : An additional advantage of the presence of BOI company programs is the prize. These include the following ones : aids the formation of the ownership of the house from foreign investors, and helps the foreigner to establish an entire company.

◊  BOI Approval in Thailand: A Legal Discourse

Understanding BOI Approval in Thailand: An Overview

Talking about the BOI Visa approval, we discuss one of the ways the government tries to encourage the investments in Thailand. Throughout the entire process, the major player in securing these investments would be the Board of Investment , which is a government-based organisation aimed at setting up investments in Thailand. They do it by offering numerous benefits to the companies they certificate.

These benefits are a little addition to the activity list of the certified companies. They give these companies a pause in paying taxes, which should not hurt the companies at all. Also, they make it easier for the companies to, especially for the foreign companies, to keep their property at the thai ground. This is often hard in the case of foreign companies. These benefits come only with approval of the BOI Visa and that is why it has a crucial role to play in the process of applying for starting the investments in Thailand by foreign entrepreneurs.

When a company finalizes the BOI Visa approval, it means that they take a closer look at all these businesses a nod with some small benefits for them to keep investing and expanding in Thailand. It represents a mixing of rules and the world of business for both of these worlds’ benefits.

◊ What does BOI Visa mean in Thailand?

If a business gets approved by the Board of Investment in Thailand, it comes with special benefits that do not concern taxes. These benefits are vital and can make doing business in Thailand easier:

• Hiring skilled people: with a BOI status, your business can hire skilled workers and professionals who are citizens of other countries. It is like being to reach out to a global talent pool to make your business better.

• Owning land: normally, it is not that easy for foreign businesses to have the land of their own in Thailand but being a BOI-approved business, you get special permission to fully own land. It allows the business to have more control over its operations and development.

• Moving money: with the status of BOI, your business can freely send and receive money in foreign currencies. It can be good for business with international transactions.

• Business protection: with a BOI status, you do not need to worry about the government taking over your business.

◊  Navigating the BOI Thailand Application:  How to Start a BOI company in Thailand:

Applying for BOI status in Thailand is an organized journey that consists of several steps on the way to obtaining the desired BOI recognition. Specifically, these steps can be listed in the following way and such “legislative expedition” can be visualized as follows:

• Investor Account Registration the journey is initiated through the registration of the investor account and creation of an initial bond with the BOI organization.

• Preparing Application and Presentations submission of the application with the attached presentations of how the business is worthy of the BOI status the is similar to preparing for the case with paperwork and proofs in the court.

• Presenting to the Board presentation of the application to the BOI Board, which can be seen as an analogy to arguing the case.

• Notification of Outcome as a result of the presentation, the business receives a formal written notice of approval, which can be seen as the preliminary decision that directs the way for the upcoming steps.

• Thailand Company Registration the status is officially registered, and the company becomes a legal unit within the context of Thailand.

• Capitalization Process the registered capital is transferred to the company’s bank account.

• Submitting Documentation to BOI the business submits the papers to the BOI for keeping and verification.

• Receiving BOI Certificate the final point of the journey is the reception of the BOI certificate that proves the legitimacy of the company within the framework of Thailand’s investment opportunities.

Generally, it can be viewed as a planned and structured expedition to follow, as each of the steps has a significant meaning and is aimed at the presentation of the business value and attitude of the BOI’s vision.

◊  BOI facilitates Visa and Work Permit Services One Stop Service Center for Visa and Work Permit:

On July 1, 1997, the Office of the Board of Investment has taken the vital decision to establish the One Stop Service Center for Visa and Work Permit by the Regulations of the Prime Minister’s Office One for Visa Work Permit B.E. 2540 in 1997. It is an establishment at which the operations of three main entities are harmonized; they are Office of the Board of Investment , Immigration Bureau and Department of Employment . This establishment is crucial since its objective is to simplify and facilitate the processes related to the visa and work permits application, seeking proficient foreign or expert professionals out of various industries that hope to live and work in Thailand.

The One Stop Service Center for Visa and Work Permits operates within the Expatriate Service Division and includes various services for expatriates in terms of processing a visa or work permit. Among the wide array of services the most common examples are validation of works for credentials, extension of an expatriate or expert professional in Thailand, expediting customs handling for entry of foreign experts, and other tasks made within the One Stop Service Center for Visa and Work Permits. There are four categories of foreign personnel within its scope, which include:

Foreign Technicians or Experts Engaged in Investment Promoted Activities : Foreign individuals, who belong to this category, are facilitated with the visa and work permit process for their spouses and dependents. The applicants are able to access the service online, using the Single Window for Visa and Work Permit . It is worth mentioning that this innovative system pursues convenience, speed, and modernity. In other words, it eliminates application duplication and reduces time and travel finances. The successful candidates are given Non-Immigrant Visa Category “B” for business and work, or Category “IB” for investment and business, in accordance with the Investment Promotion Act B.E. 2520 . Foreigners Holding Smart Visa.

Foreigners of the Smart Visa category are provided with IT privileges that are specific to a number of sectors, such as technology, innovation, and beyond, which are important to Thailand’s development. Foreigners with a Long-Term Resident Visa .

This category consists of foreigners who received LTR Visa, marked specifically for long-lasting living in the country. Foreign Technicians or Experts Exploring Investment Opportunities. Foreign technicians or experts are likely to hit this category of the examined service.

Hence, the One Stop Service Center for Visa and Work Permit, which operates under the Expatriate Service Division, plays an essential role in providing visa and work permit service to different groups of foreign employees. The fact that this service is tailored specifically to the demands of diverse groups of foreign nationals underlines Thailand’s intention to attract a foreign workforce that can be of valuable service to the nation.

◊  Highly skilled professionals with a Smart Visa

Considering the emergence of the Smart Visa Program, an outstanding opportunity takes place for professionals with proven accomplishments as well as visionary investors who aim to assist in Thailand’s key areas. This novel visa type is tailored to individuals who aspire to work and invest in the country’s leading sectors. The program targets the following segments:

• Talented and highly skillful professionals SMART T ;

• Visionary investors SMART I ;

• Esteemed senior executives SMART E ;

• Inventive startup entrepreneurs SMART S ;

• Legitimate spouses and dependents SMART O .

Eligible candidates are rewarded the Non-Immigrant SMART Visa for their contribution and become entitled to stay in Thailand for 6 months to 4 years, depending on the SMART Visa category .

◊  The advantages of the Smart Visa extend beyond its duration:

1. Exemption from the mandatory work permit requirement within designated sectors.
2. Empowerment for accompanying spouses to work without requiring a separate work permit.
3. An updated reporting interval of once yearly to the Immigration Bureau, replacing the previous 90-day requirement.
4. Exclusive access to expedited immigration services at international airports where this service is available.

The Smart Visa Program underscores Thailand’s commitment to welcoming top-tier talent and innovation, fostering an environment that nurtures professional growth and visionary investments.

◊  Foreigners with a Long-Term Resident Visa (LTR Visa)

Long-Term Resident Visa is one of the unique visas planned to support Thailand’s economy and investments. Specifically, it collates quite capable foreigners to the land who will be committed to the nation by residence and tangible participation in the local economy and other targeted sectors. This initiative is due to the desired to increase the country’s economic dynamics. This program is tailored for certain groups:

• Global citizens with significant economic assets
• Professional that perform remote work from Thailand
• Highly-skilled professionals
• Wealthy retirees
• Possibly, four dependents, including legitimate spouses and children.

Notable is that a holder of the Non-Immigrant Visa LTR ranges across serious benefits that anchor long-term residency in the country:

• A 10-year visa that can be renewed.
• Being free from the obligatory employment ratio that states that there should be four Thai employees per each foreign national.
• Having access to a swift immigration at particular international airports.
• Altering your report to one-time annual activity instead of every 90 days.
• A permission to work in the country with an appropriate digital permit.

The holders of the aforementioned visas have a right to have a reduced tax on personal incomes 17% if they qualify as highly skilled workers . To summarize, this initiative aims to all foreign individuals that while living within the country can contribute actively to its economic destiny and cannot remain indifferent to Thailand’s attempt to establish a culture of comfortable residence and convergence for global talents and prosperity.