Quick Answer
Getting BOI approval in Thailand requires submitting a detailed application through the Board of Investment’s e-Investment system, presenting your project to BOI officers, and demonstrating alignment with Thailand’s economic development priorities. The process typically takes 40 to 90 working days depending on investment size.
Herrera & Partners guides foreign investors through every stage of the BOI approval process, from eligibility assessment and application preparation to post-approval compliance.
What Is BOI Approval?
BOI approval refers to the formal acceptance of an investment project by the Thailand Board of Investment. Once approved, companies receive a promotion certificate granting access to tax incentives, foreign ownership rights, and operational privileges that standard companies cannot access.
The BOI evaluates projects based on their contribution to Thailand’s economy, technological value, and alignment with promoted activity categories. Approval is not automatic. The Board exercises discretion and may reject applications that fail to meet its criteria.
Eligibility Requirements for BOI Approval
Before applying, investors must confirm their business activity falls within BOI-promoted categories. The Board focuses on sectors that support national economic objectives.
Promoted activity categories include:
- Advanced manufacturing and automotive industries
- Digital services and software development
- Biotechnology and medical industries
- Renewable energy and environmental services
- Research and development activities
- High-value services and regional headquarters
General qualification criteria include:
- Minimum registered capital thresholds (varies by activity)
- Demonstrated technological or innovative value-add
- Contribution to employment, exports, or regional development
- Compliance with environmental standards where applicable
Projects that do not fall within promoted categories or fail to demonstrate sufficient economic contribution will not receive approval.
Step-by-Step BOI Approval Process
The BOI application process follows a structured sequence. Each stage requires careful preparation to avoid delays or rejection.
Step 1: Eligibility Assessment
Confirm your business activity qualifies under BOI-promoted categories. Review the latest BOI announcements to identify applicable incentive tiers and any special promotion measures currently in effect.
Step 2: Prepare Application Documents
Gather and prepare all required documentation. This typically includes:
- Completed BOI application form
- Detailed business plan with financial projections
- Project feasibility study
- Environmental impact assessment (where required)
- Identification documents for directors and shareholders
- Power of attorney (if using legal representation)
Incomplete or inconsistent documentation is a common cause of application delays.
Step 3: Submit via e-Investment System
Submit your application through the BOI’s online e-Investment portal. The system allows electronic submission of forms and supporting documents. Upon submission, a BOI case officer will be assigned to review your application.
Step 4: Project Presentation and Interview
Within approximately 10 working days of acceptance, the BOI will schedule a meeting. Applicants must present their project directly to BOI officers. This interview assesses the seriousness of the investment and allows the Board to ask clarifying questions.
The principal investor typically must attend in person. Legal advisors and team members may accompany the applicant, but cannot substitute for the investor’s presence.
Step 5: Evaluation Period
Following the presentation, BOI officers evaluate the project. Processing timelines depend on investment value:
|
Investment Amount |
Evaluation Timeline |
|
Up to 200 million THB |
40 working days |
|
200 million to 2 billion THB |
60 working days |
|
Above 2 billion THB |
90 working days |
The Board may request additional information or project adjustments during this period.
Step 6: Receive Approval Notification
If the project meets BOI criteria, the Board issues an approval notification via email. This notification confirms the incentives granted and outlines conditions attached to the promotion.
Approval is conditional. Applicants must complete subsequent steps to receive the formal promotion certificate.
Step 7: Company Incorporation
After approval notification, investors must incorporate a Thai limited company within six months. The company must have at least three shareholders, and one director must be the applicant who submitted the BOI application.
Step 8: Capital Injection and Document Submission
Transfer at least 25 percent of registered capital from overseas to the company’s Thai bank account. The sender must be the investor and the recipient must be the newly incorporated company.
Submit incorporation documents and bank transfer evidence to the BOI via the online system.
Step 9: Receive Promotion Certificate
The BOI issues the formal investment promotion certificate within 10 working days after receiving all required documents. The certificate specifies the approved incentives and compliance conditions.
Documents Required for BOI Approval
|
Document Type |
Purpose |
|
BOI application form |
Formal project submission |
|
Business plan |
Demonstrates viability and economic contribution |
|
Financial projections |
Shows expected investment and returns |
|
Feasibility study |
Technical and commercial assessment |
|
Environmental assessment |
Required for certain activities |
|
Shareholder and director identification |
Verifies ownership structure |
|
Technology transfer agreements |
If applicable to the project |
Missing or incorrect documents are a primary cause of application rejection or delay.
Common Mistakes That Delay BOI Approval
Many applicants underestimate the complexity of the BOI process. Frequent errors include:
- Applying under the wrong activity category
- Submitting incomplete or inconsistent documentation
- Overstating investment figures or project scope
- Failing to demonstrate sufficient technological value-add
- Missing the six-month deadline for company incorporation
- Inadequate preparation for the BOI interview
Working with experienced legal advisors helps avoid these pitfalls and ensures applications are properly structured from the outset.
Post-Approval Obligations
Receiving BOI approval is not the final step. Promoted companies must maintain compliance throughout the incentive period.
Ongoing obligations include:
- Importing machinery and equipment within 30 months
- Completing construction and installation within 36 months
- Filing periodic progress reports with the BOI
- Maintaining separation between BOI and non-BOI activities
- Seeking BOI permission before selling, leasing, or transferring promoted machinery
- Meeting employment and operational thresholds specified in the certificate
Non-compliance can result in suspension or revocation of incentives. The BOI conducts inspections and audits to verify adherence to promotion conditions.
How Herrera & Partners Supports BOI Approval
Herrera & Partners provides end-to-end legal support for BOI applications. Their approach ensures projects are structured correctly from the start and remain compliant throughout the promotion period.
Services include:
- Pre-application eligibility assessment
- Business plan and documentation review
- Application preparation and submission management
- Interview preparation and coordination with BOI officers
- Company incorporation aligned with BOI conditions
- Post-approval compliance monitoring and reporting
This integrated approach protects the investment and maximises the benefits available under BOI promotion.
Conclusion
Obtaining BOI approval in Thailand requires careful preparation, accurate documentation, and strict adherence to the Board’s evaluation process. For foreign investors, BOI promotion unlocks significant tax benefits and operational freedoms that are not available through standard company structures.
Looking to secure BOI approval for your Thailand investment? Contact Herrera & Partners for expert guidance tailored to your project.
FAQ
How long does BOI approval take in Thailand?
The evaluation period ranges from 40 to 90 working days depending on investment size, after the BOI accepts a complete application.
Can I apply for BOI approval before incorporating a company?
Yes. The BOI application can be submitted before company incorporation. However, the company must be established within six months of approval.
What happens if my BOI application is rejected?
The BOI may reject applications that do not meet eligibility criteria or fail to demonstrate sufficient economic contribution. Applicants can address deficiencies and reapply.
Does BOI approval guarantee tax exemption?
BOI approval grants access to incentives, but the specific benefits depend on the activity category and project location. Tax exemptions can last up to 8 or 13 years for qualifying projects.
Can foreign companies own 100 percent of a BOI-promoted business?
Yes. BOI promotion can allow majority or full foreign ownership.
What documents are required for BOI approval?
Required documents typically include the BOI application form, business plan, financial projections, feasibility study, environmental assessment, and shareholder identification.
Do I need to attend the BOI interview in person?
Yes. The principal investor must typically attend the BOI presentation meeting. Legal advisors may accompany but cannot substitute for the applicant.
Does Herrera & Partners assist after BOI approval?
Yes. Herrera & Partners supports clients with post-approval compliance, reporting obligations, and ongoing regulatory requirements to protect BOI incentives.
