BOI vs Limited Company in Thailand<\/strong><\/strong><\/h2>\n\n\n\nFor foreign investors establishing a business in Thailand, one of the first considerations is whether to operate through a standard Thai limited company or apply for BOI promotion. While both structures involve incorporating a company in Thailand, the level of foreign ownership permitted, the restrictions imposed under the Foreign Business Act, and the incentives available can differ significantly.<\/p>\n\n\n\n
A standard Thai limited company that is more than 49% foreign-owned is considered a foreign company under Thailand\u2019s Foreign Business Act. Depending on the nature of the business activities, the company may face restrictions on foreign ownership and may require additional approvals, such as a Foreign Business Licence, in order to legally operate as a foreign owned company in Thailand.<\/p>\n\n\n\n
In contrast, eligible BOI-promoted companies may be permitted to operate restricted business activities with 100% foreign ownership while also benefiting from additional incentives and operational advantages, such as tax exemptions and significantly reduced requirements for supporting visas and work permits for foreign staff.<\/p>\n\n\n\n
Some of the main differences between a BOI-promoted company and a standard Thai limited company include:<\/p>\n\n\n\nTopic<\/strong><\/td>BOI-Promoted Company<\/strong><\/td>Standard Thai Limited Company<\/strong><\/td><\/tr>D\u00e9tention \u00e9trang\u00e8re \u00e0 100%<\/td> 100% foreign ownership is permitted for many BOI-promoted activities but foreign ownership restrictions may apply depending on the activity <\/td> Many of the business activities that foreign investors wish to undertake in Thailand are subject to foreign ownership restrictions under the Foreign Business Act. <\/td><\/tr> Foreign Business Act Restrictions<\/td> Many restrictions may be removed through the BOI promotion and Foreign Business Certificate<\/td> May require a Foreign Business Licence for restricted activities<\/td><\/tr> Incitations fiscales sur l\u2019imp\u00f4t sur les soci\u00e9t\u00e9s<\/td> May qualify for corporate income tax exemptions and other tax incentives<\/td> No tax incentives available<\/td><\/tr> Incitations fiscales \u00e0 l\u2019importation<\/td> Possible exemptions or reductions on machinery and raw materials<\/td> Standard import duties apply<\/td><\/tr> Recrutement d\u2019\u00e9trangers<\/td> Reduced restrictions on foreign employee quotas and capital requirements<\/td> Standard requirements apply, including 4 Thai employees and 2 million THB in registered capital per foreign employee<\/td><\/tr> Visa and Work Permit Process<\/td> Simplified application and renewal procedures through the BOI system<\/td> Standard immigration procedures apply<\/td><\/tr> Land Ownership<\/td> Possible for qualifying promoted activities<\/td> Foreign-owned companies are subject to land ownership restrictions<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\nHowever, BOI promotion is not automatically available to all businesses. Only specific business activities approved by the BOI are eligible, and companies must satisfy the BOI\u2019s investment criteria, operational conditions, and ongoing compliance requirements.<\/p>\n\n\n\n
For some businesses, a standard Thai limited company may still be the more practical structure, particularly where the intended activities are not eligible for BOI promotion or where the company does not require the additional incentives offered by the BOI.<\/p>\n\n\n\n
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Quels types d'activit\u00e9s commerciales peuvent b\u00e9n\u00e9ficier d'une promotion du BOI ?<\/strong><\/h2>\n\n\n\nThe BOI offers investment promotion incentives to a broad range of business activities in Thailand, covering sectors from manufacturing and technology through to many service-based industries.<\/p>\n\n\n\n
A common misconception is that the BOI is limited to large-scale manufacturing operations or high-technology businesses. However, this is not the case. A wide range of service, digital, consulting, software, and business support activities may also qualify, provided they satisfy the relevant BOI criteria and align with Thailand’s investment promotion objectives. As a result, many businesses that assume they are not eligible for BOI promotion are often surprised to discover that a suitable promotion category may already exist for their activity. Many foreign SMEs, for example, qualify under widely used service categories such as TISO (Trade and Investment Support Office) or IBC (International Business Center), or under software and digital-service promotions, rather than only large-scale manufacturing.<\/p>\n\n\n\n
The specific eligibility requirements and incentives available will depend on the nature of the business activity and the promotion category being applied for.<\/p>\n\n\n\n
The following business activities may be eligible to receive a BOI promotion:<\/p>\n\n\n\n
Section 1 : Agriculture, alimentation et biotechnologie<\/p>\n\n\n\n
Section 2 : Industrie m\u00e9dicale<\/p>\n\n\n\n
Section 3 : Industrie des machines et des v\u00e9hicules<\/p>\n\n\n\n
Section 4 : Industrie des appareils \u00e9lectriques et de l'\u00e9lectronique<\/p>\n\n\n\n
Section 5 : Industrie des m\u00e9taux et des mat\u00e9riaux<\/p>\n\n\n\n
Section 6 : Industrie chimique et p\u00e9trochimique<\/p>\n\n\n\n
Section 7 : Services publics<\/p>\n\n\n\n
Section 8 : Industrie num\u00e9rique<\/p>\n\n\n\n
Determining whether a business qualifies for BOI promotion is not always straightforward and depends on the specific activities being carried out, the proposed business model, and the latest BOI promotion criteria. Businesses considering a BOI application may benefit from a preliminary eligibility review to identify potential promotion categories and assess which incentives may be available.<\/p>\n\n\n\n
If you would like to discuss whether your business may qualify for BOI promotion, please contact our team for further information.<\/p>\n\n\n\n
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BOI Thailand Business Setup: Step-by-Step Process<\/strong><\/strong><\/h2>\n\n\n\nObtaining a BOI promotion involves several stages, from the initial assessment of your project’s eligibility through to company registration, obtaining the required certificates, and maintaining ongoing compliance obligations. While the exact process varies depending on the nature of the business and the promotion being sought, most applications follow a similar structure.<\/p>\n\n\n\n
The process includes:<\/p>\n\n\n\n
\nConducting a feasibility assessment to confirm eligibility and identify the most suitable BOI promotion category.<\/li>\n\n\n\n Preparing and submitting the BOI application, supporting documentation, and business plan.<\/li>\n\n\n\n Attending the BOI interview and responding to any follow-up requests for information.<\/li>\n\n\n\n Receiving approval and accepting the BOI’s terms and conditions.<\/li>\n\n\n\n Registering the company and obtaining the BOI Promotion Certificate.<\/li>\n\n\n\n Applying for a Foreign Business Certificate where required.<\/li>\n\n\n\n Obtaining visas and work permits for foreign employees.<\/li>\n\n\n\n Meeting the ongoing reporting, accounting, and compliance requirements associated with the promotion.<\/li>\n<\/ol>\n\n\n\nWhile some straightforward projects may move through the process relatively quickly, most investors should expect the full process, from initial planning through to becoming fully operational, to take approximately 8 to 10 months. Proper planning and preparation at each stage can significantly reduce delays and help avoid costly amendments later in the process.<\/p>\n\n\n\n
The following sections provide a detailed explanation of each stage of the BOI application process, including common challenges, expected timelines, and practical considerations for foreign investors.<\/p>\n\n\n\n
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BOI Setup Timeline and Costs<\/strong><\/strong><\/h2>\n\n\n\nThe timeline and costs involved in obtaining a BOI promotion in Thailand will depend on the type of promotion being applied for, the complexity of the project, the level of investment, and how well prepared the application is from the beginning. <\/p>\n\n\n\n
Simpler service-based promotions such as TISO or software promotions are often significantly faster than large manufacturing or industrial projects. A well-prepared application may receive approval and begin operations within approximately five to six months, if there are no delays with company registration, capital remittance, or the issuance of the BOI and Foreign Business Certificates. <\/p>\n\n\n\n
However, applicants should be aware that applications which are not properly prepared or fail to clearly explain the proposed project may be subject to substantial requests for additional information from the BOI. This can result in significant delays to the overall application process.<\/p>\n\n\n\n
It is also worth noting that, due to the BOI’s current workload and review process, many projects now take approximately 8 to 10 months from the initial planning stage through to approval and commencement of operations. More complex projects, manufacturing activities, or applications requiring substantial revisions during the review process may take longer.<\/p>\n\n\n\n
Feasibility check<\/h4>\n\n\n\n The feasibility study stage is highly recommended before starting the application process. During this stage, the proposed activities are reviewed to confirm eligibility and identify the most suitable promotion category. This can help avoid unnecessary delays caused by applying under the wrong category. <\/p>\n\n\n\n
Before any application, we run a dedicated BOI eligibility study. We assess your activity to determine the most suitable promotion category, confirm the specific criteria attached to it, and pre-check with the relevant BOI officers whether that category is, in practice, still being granted for projects like yours and on what conditions. The BOI’s published lists and the way categories are applied in practice are not always up to date, so this informal feedback is what tells us, before you commit, whether a file is realistically winnable and how to build it to be approved.<\/p>\n\n\n\n
This pre-check also identifies the practical conditions an officer may expect for your specific category, for example minimum investment or annual operating expenditure, the number of Thai staff and skilled-employee salary levels, the substance of the activity in Thailand (a real office and real operations, not a shell), and the three-year business plan, client base, and value the project brings to Thailand. We only take on a BOI file once we understand how it will be approved and who will sign off on it.<\/p>\n\n\n\n
Estimated timeline: 3 business days<\/p>\n\n\n\n
Preparing the application<\/h4>\n\n\n\n The preparation stage is usually one of the most time-consuming parts of the process. The BOI application requires a detailed three-year business plan, employee chart, financial projections, investment details, and supporting documentation regarding the proposed activities and client base. In practice, there is often significant back-and-forth with the BOI officer requesting clarifications or amendments before the application progresses to the interview stage. <\/p>\n\n\n\n
Estimated timeline: 1 month<\/p>\n\n\n\n
The interview with the BOI<\/h4>\n\n\n\n Beyond the documentation itself, the BOI interview is one of the most important stages of the entire application process. The interview provides the BOI officer with an opportunity to understand the project, assess its feasibility, and determine whether it satisfies the requirements of the promotion category being applied for. <\/p>\n\n\n\n
The officer conducting the interview will be responsible for presenting the project to the BOI committee, making their understanding of the business an important factor to the outcome of the application. <\/p>\n\n\n\n
A poorly prepared interview can lead to additional questions, requests for clarification, amendments to the scope of activities, and significant delays. Conversely, a well-structured presentation that clearly explains the business model, investment plans, existing clients, projected operations, and benefits to Thailand can significantly improve the efficiency of the approval process. <\/p>\n\n\n\n
As a result, applicants should devote just as much attention to interview preparation as they do to the application documents themselves.<\/p>\n\n\n\n
Receiving approval<\/h4>\n\n\n\n The BOI approval timeline itself depends heavily on the investment amount. Projects with investments below THB 200 million are typically reviewed within approximately 40 working days, while larger projects may take longer. More complex projects or projects requiring approval from additional government authorities may also experience delays.<\/p>\n\n\n\n
Estimated timeline: 7 days from the BOI making their decision<\/p>\n\n\n\n
If the application has been accepted, the applicant will receive an acceptance letter from the BOI. This letter must be accepted within 30 days. If the applicant fails to respond within this 30-day timeframe, they must send a letter to the BOI explaining the reason for the delay. The BOI may grant extensions of 30 days, up to a maximum of three times, at their discretion.<\/p>\n\n\n\n
Enregistrement d'entreprise<\/h4>\n\n\n\n After receiving BOI approval, the applicant must register the company, open a Thai corporate bank account, and transfer the minimum investment capital required by the BOI. The guide notes that the company registration and bank account opening stages can usually be completed relatively quickly, provided the required documentation and authorised directors are available in Thailand.<\/p>\n\n\n\n
Please note that Thai banks require newly incorporated companies to have been registered for at least 30 days before they will process a corporate bank account application.<\/p>\n\n\n\n
Obtaining the BOI Promotion Certificate<\/h4>\n\n\n\n Once the company has been registered and the minimum investment required by the BOI has been transferred into Thailand, the company may proceed with the application for the BOI Promotion Certificate. <\/p>\n\n\n\n
Timeline: this application must be submitted within six months of accepting the BOI approval terms. Applicants will receive their BOI promotion certificate within 2 weeks from submitting the required documentation.<\/p>\n\n\n\n
How much does a BOI application cost?<\/h3>\n\n\n\n One of the most common questions investors ask is how much a BOI application costs. The answer depends on the type of promotion being applied for, the complexity of the project, the amount of investment involved, and the level of support required throughout the process.<\/p>\n\n\n\n
In terms of the official fees, applicants can expect the following fees:<\/p>\n\n\n\n
The BOI does not charge a government fee to submit the application, and there is no official fee for the issuance of the Promotion Certificate, so the BOI application itself is effectively free of government charge. In practice, however, almost every BOI project also requires a Foreign Business Certificate (FBC) to authorise the promoted activity under the Foreign Business Act, and the official government fee for the Foreign Business Certificate is THB 22,000.<\/p>\n\n\n\n
The most significant cost is often the professional fees associated with preparing and managing the application. This can include eligibility assessments, document review and preparation, translation coordination, interview preparation, and ongoing support throughout the application process. <\/p>\n\n\n\n
At VB & Partners, professional fees for a BOI application start from THB 250,000, depending on the complexity of the case and the level of support required.<\/p>\n\n\n\n
Applicants should also budget for ongoing compliance and operational costs after approval. BOI promoted companies must maintain proper accounting records, comply with reporting obligations, and satisfy the conditions stated in the promotion certificate. Depending on the promotion category, this may include maintaining minimum expenditure thresholds, employee salary requirements, or investment commitments. Failure to comply may result in the revocation of the promotion and retroactive repayment of tax incentives previously received.<\/p>\n\n\n\n
While the government fees associated with BOI promotion itself are relatively modest, the main costs usually arise from legal support, accounting preparation, business plan drafting, translation work, corporate structuring, visa and work permit assistance, and compliance preparation. In practice, properly preparing the application from the outset can significantly reduce delays and help avoid costly amendments or restructuring later in the process.<\/p>\n\n\n\n
<\/div>\n\n\n\n
Frequently Asked Questions About BOI Promotion in Thailand<\/strong><\/h2>\n\n\n\nDo BOI promotions still get granted in practice for my activity?<\/strong><\/p>\n\n\n\nOften yes, but the published category list and the BOI’s day-to-day practice do not always match. Before submitting an application, we perform an eligibility study and pre-check with the relevant BOI officers whether the promotion is still being granted, in practice, for projects like yours and on what conditions. This allows us to assess your case before you commit and provide a realistic view of your prospects for success.<\/p>\n\n\n\n
What is your success rate with BOI applications?<\/strong><\/p>\n\n\n\nWe take a careful approach before any application is submitted. Every project undergoes a detailed eligibility assessment and preliminary review with the BOI to confirm that it aligns with the relevant promotion criteria.<\/p>\n\n\n\n
This allows us to identify potential issues early and provide honest guidance on whether a project is ready to proceed, requires restructuring, or may not yet be suitable for BOI promotion. As a result, we focus our efforts on applications that have a realistic prospect of approval rather than submitting speculative filings.<\/p>\n\n\n\n
While the final decision always rests with the BOI, our process is designed to ensure that applications are thoroughly assessed, strategically prepared, and submitted only when there is a strong basis for approval.<\/p>\n\n\n\n
Can I start my BOI without setting up a company first?<\/strong><\/p>\n\n\n\nYes. The application can be filed in the name of an individual foreign promoter, so you can launch the BOI process without incorporating a company, without depositing share capital, and without the usual setup costs only the firm’s professional fees. Once the project receives BOI approval, the promotion is assigned to a newly incorporated company, or to an existing company restructured to hold it. The company must be incorporated within six months of accepting the BOI’s terms.<\/p>\n\n\n\n
Can I start operating or investing before my BOI is approved?<\/strong><\/p>\n\n\n\nAs a general rule, businesses should not begin operating in a restricted sector before the necessary approvals have been obtained. Investment and expenditure incurred before BOI approval may not qualify for promotion benefits, and a foreign-owned company that commences regulated business activities without the appropriate authorisations may face compliance issues under Thai law.<\/p>\n\n\n\n
However, this does not mean that all preparations must wait. Many businesses choose to incorporate the company, open a bank account, and complete other administrative preparations while the BOI application is being processed.<\/p>\n\n\n\n
Taking these steps in advance can help ensure the business is ready to become fully operational once the BOI promotion and any related licences or certificates have been issued.<\/p>\n\n\n\n
Can a BOI company be 100% foreign-owned?<\/strong><\/p>\n\n\n\nYes. A BOI promotion allows full foreign ownership. In practice, the Thai company is often held by a foreign holding company,frequently set up in Hong Kong or Singapore, for tax and structuring reasons. Note that a Thai company must have at least two shareholders, so the foreign parent typically holds 99.99% of the shares while at least one share is held by a second shareholder, which can be an individual or another entity, purely to satisfy the two-shareholder requirement.<\/p>\n\n\n\n
How long does a BOI application take?<\/strong><\/p>\n\n\n\nUntil 2024, some promotions could move quite quickly, around three to five months for software and TISO promotions, which we handle regularly. Since 2025, with a much higher volume of applications at the BOI, timelines have lengthened: you should now realistically plan for a minimum of about six months, and more typically six to nine months from the date your complete written application is accepted. <\/p>\n\n\n\n
The main thing that slows an application is a poorly prepared file: it may be refused (a refusal does not stop you reapplying, but you lose the time already spent) or sent back with repeated requests for further information. In our experience the BOI does not always give all of its comments at once, which can stretch the timeline, so the way to keep it short is to work with a team that frames the application correctly from the start, prepares the presentation, anticipates the BOI’s usual questions, and avoids opening unnecessary issues that create further rounds of review.<\/p>\n\n\n\n
Can I use an existing company for my BOI?<\/strong><\/p>\n\n\n\nYes. Once the promotion is approved it can be assigned to an existing company, which is then restructured to meet the BOI’s shareholding and capital conditions, or to a newly formed company – whichever is cleaner for your structure. If you are unsure which route fits your situation, contact our team and we will advise on the most efficient setup.<\/p>\n\n\n\n
<\/div>\n\n\n\n
How VB & Partners can help<\/strong><\/h2>\n\n\n\nWhile the BOI process is often presented as a straightforward application, in practice many delays arise from selecting the wrong promotion category, preparing unrealistic business plans, submitting inconsistent financial projections, or failing to properly explain the project during the interview stage. These issues can result in months of additional correspondence with the BOI, requests for amendments, or even the need to restart the application under a different category.<\/p>\n\n\n\n
Our role is to guide clients through the entire process, from the initial feasibility assessment through to company registration, BOI certification, Foreign Business Certificate applications, and visa and work permit support. <\/p>\n\n\n\n
We work closely with clients to prepare business plans, employee charts, investment structures, and presentation materials that align with BOI expectations, while also preparing applicants for the interview process. <\/p>\n\n\n\n
Having assisted clients across a wide range of industries, our team understands the practical issues that commonly cause delays and helps address them before they become obstacles to approval. This allows investors to focus on developing their business while we manage the legal, regulatory, and administrative aspects of the BOI application process. After approval, we also handle the ongoing BOI compliance and the accounting that keeps the promotion in good standing, including the annual BOI reports, so your incentives are never put at risk by a missed filing. If you are considering a BOI promotion, contact us for an initial eligibility assessment of your project.<\/p>","protected":false},"excerpt":{"rendered":"
D\u00e9couvrez la proc\u00e9dure \u00e0 suivre pour postuler \u00e0 une promotion du BOI.<\/p>","protected":false},"author":2,"featured_media":9049,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[37,36],"class_list":["post-4888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-visa","tag-boi","tag-visa"],"_links":{"self":[{"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/posts\/4888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/comments?post=4888"}],"version-history":[{"count":1,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/posts\/4888\/revisions"}],"predecessor-version":[{"id":14280,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/posts\/4888\/revisions\/14280"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/media\/9049"}],"wp:attachment":[{"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/media?parent=4888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/categories?post=4888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/vbapartners.com\/fr\/wp-json\/wp\/v2\/tags?post=4888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}