Growing nations that want to give their people more prosperity and a higher standard of living understand that foreign investment can play a key role in those worthy endeavours. Investment is one of the best drivers for a country’s economy, bringing in added value and new opportunities. In today’s ever more highly interconnected world, old national economic policies of protectionism and overbearing control measures that used to scare off foreign investment have finally been softened or set aside in favour of driving up profits and creating more abundance for the populace. Doing international business is becoming easier as countries become more open-minded and relax their former exclusionary policies.
The thriving nation of Thailand is emerging as a modern economic miracle, in part because their forward-thinking leaders have founded an agency called the Board of Investment, or BOI that carries the responsibility of promoting new investment both domestically and internationally. Thanks to this development, foreign investors entering Thailand to build a production base for their industries throughout the nation with plans to export the products made here abroad, simply have to go through the process of attaining BOI registration to receive a multitude of benefits and incentives that will make their partnership with Thailand positive and profitable for all involved!
The foreign businesses that are granted BOI promotion are often those that help promote the country’s increasingly fast-paced economic development. These are concerns and projects that put an emphasis on putting to use domestic resources as raw materials to produce innovative products that are in growing demand, like digital and nanotechnology, and require a large amount of investment upfront to implement.
The following are some of the business categories that are likely to be granted BOI promotion!
- Healthcare and medical devices
- Agriculture and food production
- Heavy machinery and automobile parts
- Electrical devices, appliances, and their components
- Technological innovation and development
- Businesses with a focus on entertainment and media
- Metals and products made from them
- Petrochemical, plastics, and chemical supplies
- Paper products and printing
- Public utility businesses like mass transportation and power
- Tourism and the industries that service it like hotels and restaurants
Thailand has plans to grow and prosper in all of the above sectors and welcomes foreign investment, know-how, and participation in achieving those splendid goals. Businesses granted with promotion from BOI will receive tax incentives in many areas such as relief from import duty exemptions for raw materials to be used in manufacturing products, or materials that are imported in manufacturing products for export purpose, and for finished goods to export. Foreigners working for BOI registered companies are able to hold 100% of shares, work in Thailand, own land, and their spouses and children are allowed to live in Thailand with them because Thailand places a high value on family. There will also be fewer restrictions on transferring or sending money abroad for foreigners in those businesses that are granted BOI promotion.
Those are the basics of this highly forward-thinking and ambitious plan, BOI is sure to bring even more profit, success, and prestige to amazing Thailand, a nation truly on the path to greatness!
