Thailand Board of Investment

The Thailand Board of Investment (BOI) stands as a pivotal government agency dedicated to attracting both foreign and domestic investment into the Kingdom. Established in 1966, operating under the Prime Minister's Office, the BOI plays a crucial role in shaping Thailand's economic landscape by offering a range of incentives, services, and information to potential investors. Its overarching mission is to enhance Thailand's competitiveness, promote sustainable development, and propel the nation towards a high-income economy.   

Core Functions and Objectives

The BOI's primary function is to promote investment in activities deemed beneficial to Thailand's economic and social development, as well as national security. This involves several key objectives:   

  • Attracting Strategic Investments: The BOI actively targets investments in sectors that contribute to innovation, technology transfer, high value-added activities, and the strengthening of value chains.   
  • Enhancing Competitiveness: By incentivizing investments in research and development, technological upgrades, and skilled workforce development, the BOI aims to bolster the competitiveness of Thai industries on a global scale.   
  • Promoting Decentralization: The BOI encourages investment in regional clusters and special economic zones to foster balanced growth across different parts of Thailand and nurture local skills.   
  • Facilitating Investment: The BOI provides comprehensive support services to investors, streamlining application processes, offering guidance on regulatory matters, and assisting with work permits and visas for foreign experts.   
  • Fostering Sustainable Development: A key focus of the BOI is to attract investments in environmentally friendly activities, renewable energy, and projects that contribute to a more sustainable future for Thailand.   

Investment Promotion Strategies and Incentives

To achieve its objectives, the BOI employs a range of investment promotion strategies and offers a comprehensive package of incentives, both tax-based and non-tax-based.   

Tax Incentives: These can significantly reduce the financial burden on investors and include:

  • Corporate Income Tax Exemption: Eligible projects may receive corporate income tax holidays for up to eight years. Certain activities of high importance and benefit to the country may even be granted exemptions without a cap.   
  • Import Duty Exemption: Exemption or reduction of import duties on machinery and raw materials used in production for export may be granted.
  • Tax Deductions: Investors may be eligible for deductions on transportation, electricity, water costs, and infrastructure installation expenses.   

Non-Tax Incentives: These aim to ease operational processes and enhance the attractiveness of investing in Thailand:   

  • Foreign Ownership: Permission for foreign investors to hold 100% equity in promoted companies in certain sectors.   
  • Land Ownership: Facilitation of land ownership for foreign-invested companies undertaking promoted activities.   
  • Visa and Work Permit Assistance: Streamlined procedures for obtaining visas and work permits for foreign executives, managers, and skilled personnel. The BOI's One-Stop Service Center for Visas & Work Permits can process these within a single day.   
  • Guarantees: Protection against nationalization and expropriation.   
  • Repatriation of Funds: Permission to remit foreign currency abroad.   

Eligible Activities for Investment Promotion

The BOI identifies and promotes investments across a wide range of sectors that align with Thailand's development goals. These sectors are broadly categorized as follows:   

  • Agriculture and Agricultural Products: Including biotechnology, organic fertilizers, plant and animal breeding, and food processing.   
  • Mining, Ceramics, and Basic Metals: Such as advanced materials, glass and ceramic products, and gypsum products.
  • Light Industry: Encompassing textiles, leather products, furniture, and sporting goods.
  • Metal Products, Machinery, and Transport Equipment: Including automotive parts, machinery manufacturing, shipbuilding, and aerospace.
  • Electronic Industry and Electric Appliances: Covering electronic components, medical devices, and energy-efficient appliances.
  • Chemicals, Paper, and Plastics: Including eco-friendly chemicals, pharmaceuticals, and specialty polymers.
  • Services and Public Utilities: Such as logistics, industrial estates, waste treatment, and renewable energy.   
  • Technology and Innovation Development: Focusing on biotechnology, nanotechnology, advanced materials, and digital technologies.   

The specific incentives and conditions for each activity may vary, and the BOI periodically updates the list of eligible activities and their associated benefits to reflect evolving economic priorities.  

Application Process

Companies seeking BOI promotion need to apply through the BOI's e-service portal. The general process involves:   

  1. Application Preparation: This includes preparing a detailed project plan and business plan outlining the investment, production processes, value addition, and benefits to Thailand.
  2. Application Submission: Submitting the completed online application along with supporting documents.
  3. Presentation and Evaluation: The BOI may schedule a presentation where the applicant presents the project to a committee. The evaluation timeframe depends on the investment amount.   
  4. Notification of Approval: Successful applicants receive a written notification detailing the granted privileges and conditions.   
  5. Promotion Acceptance: Applicants must formally accept the promotion within a specified timeframe.
  6. Promotion Certificate Application: Submitting further documentation to obtain the official BOI promotion certificate.   
  7. Certificate Issuance: The BOI issues the operation start-up certificate upon complete submission of required documents.   

Recent Developments and Future Focus

In recent years, the BOI has been proactive in adapting its strategies to address global economic trends and Thailand's specific needs. This includes:   

  • Focus on Emerging Sectors: Introducing new promotion categories for high-growth areas such as biochemicals, data centers, electric vehicle battery repair, and the digital economy.
  • Strengthening Global Partnerships: Collaborating with international investors and fostering relationships with key economic partners.   
  • Promoting Sustainability: Emphasizing investments in clean energy, circular economy initiatives, and environmentally responsible practices.   
  • Enhancing Digital Infrastructure: Supporting investments in cloud services, AI development, and digital connectivity.   
  • Developing Human Capital: Collaborating with educational institutions to cultivate a skilled workforce for future industries.   

The Thailand Board of Investment remains a crucial driver of the nation's economic progress, strategically attracting investments that contribute to sustainable and inclusive growth, technological advancement, and enhanced global competitiveness. For businesses looking to establish or expand their operations in a dynamic and promising market, engaging with the BOI offers a pathway to significant opportunities and benefits.


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