How can we register a wholly foreign-owned company in Thailand?

Author:Thailand MDR Accounting Law Firm Date:2020-03-14

There are many types of companies that can be registered by foreign investors, the most common of which is Thai joint venture company, which needs the participation of Thai shareholders to establish according to law. The registration of Thai wholly foreign-owned companies requires a specific industry to be allowed to apply, which can be 100% owned by foreign directors, also known as sole proprietorship boi company.

Boi refers to the investment and Trade Commission of Thailand, which is the government agency mainly responsible for promoting investment. Since 1954, the Investment Commission has promulgated the boi act to attract investment and protect the investment enterprises applying for boi. Moreover, the policy is continuously improving to provide support and help for promoting foreign investment into Thailand.

Applying for boi is to apply for an investment promotion certificate. After approval, the enterprise can enjoy tax and non tax preferential policies. Boi can apply in the name of an individual or a company. Wenhua law firm suggests to apply in the name of an individual first, because the approval process takes at least three months, during which more space can be made for the investment plan. After the approval of BOI, register the company, and then submit the company materials to get the boi certificate.

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If you are not familiar with the application materials and process, it will be a headache to apply for boi company. Wenhua has rich application experience, which can help you better deal with boi officials and make the application process smoother. If you have a plan to register an all foreign company, you can contact us for professional legal advice.

With its unique advantages, Thailand is listed in the top 20 most suitable countries for operation, and is one of the most popular production base countries. With the loose and free investment policy and the preferential policies of the investment committee, the registered boi company is the choice of many large-scale production industries. Its investment projects should belong to the key industry type of Thailand's investment promotion, and be approved by boi. So which investment projects are encouraged by the current investment promotion policies?

1. Agriculture and agricultural products

2. Minerals and ceramics

3. Light industry and manufacturing

4. Metalwork, machinery and transport equipment

5. Electronic appliances

6. Chemicals, paper and plastics

7. Services and utilities

8. Technology industry

The establishment procedure of BOI company:

1. Submit boi project application to Investment Promotion Committee

2. After obtaining the approval of BOI company, it is necessary to establish an enterprise legal person in Thailand according to Thai civil and commercial law

3. At the same time, we need to apply for a "foreign business license" before we can officially start operation in Thailand.

Among them, to mention the issue of registered capital, capital verification is needed. According to the DBD announcement, 25% of the registered capital should be entered into the company's account within 15 days after the completion of registration, and the bank's certificate of receipt should be submitted. The remaining 75% should be entered into the account within 3 years after registration. Therefore, the investment funds can be legally remitted into the account of Thai company in the name of shareholders and then verified by the Investment Promotion Commission (BOI) only after the account opening in Thailand is completed and the approval certificate for domestic and overseas investment is obtained.

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