Thailand’s economy is enjoying a post-pandemic recovery, accelerated by the Thailand 4.0 economic model. Coupled with a competitive and highly skilled labour force, Thailand aims to transform into a digital-driven economy.
|Choose a business structure and register an account||
Search for and reserve the company name with the Department of Business Development (DBD) in the Ministry of Commerce.
Print out the notice of reservation.
|Filing of Memorandum of Association with the DBD in the Ministry of Commerce||
Reserve shares and deposit paid-on capital.
Prepare the Memorandum of Association (MOA), Articles of Association, appoint and determine powers of directors.
|Register the company and submit working regulations (if any)||
Company Directors to submit the application to establish the company within 3 months of the date of the Statutory Meeting, along with the company’s registration fees.
|Obtain taxpayer ID number for the company from Thailand Revenue Department||
Tax registration must be done within 60 days from the start of business operations.
Commence business upon approval.
|Choose a business structure and register an account|
|Filing of Memorandum of Association with the DBD in the Ministry of Commerce|
|Register the company and submit working regulations (if any)|
|Obtain taxpayer ID number for the company from Thailand Revenue Department|
In Thailand, the personal income tax stands at 35% while standard corporate tax is at 20%.
Incentives that businesses receive are based on sectors, locations and company size – in various amounts and periods of time. Some of these incentives include:
Income tax holiday
Reduction or exemption on import duties on raw materials and imported machinery
Companies seeking to apply for BOI promotion must:
BOI application submission
Interview session with BOI officer
Consideration time depends on the size of investment capital:
Notification of consideration results
Applicants will be required to accept the investment promotion resolution within one month from the receipt of written notification of resolution. This can be done via either the e-Investment Promotion Service on the website, or through the submission of promotion acceptance form.
Acceptance of investment promotion resolution
Applicants will then be required to accept the investment promotion resolution within one month from the receipt of written notification of resolution. This can be done via either the e-Investment Promotion Service on the website, or through the submission of promotion acceptance form.
Applying for promotion certificate
Upon which, within 6 months, BOI-promoted investors can submit the application for the promotion certificate and supporting documents for consideration.
Issuance of promotion certificate
BOI will then issue the promotion certificate within 10 working days from the date of receipt of the promotion certificate application form and other relevant supporting documents.
Thailand Board of Investment (BOI)
The Office of the Board of Investment is a government agency under the Office of the Prime Minister. Its core roles and responsibilities are to promote valuable investment, both investment into Thailand and Thai overseas investment.
Visit the BOI Website
Thai Chamber of Commerce
The Thai Chamber of Commerce is a local organisation of businesses and companies in Pranakhon, with the intention to develop and further the interests of local companies and businesses in Thailand. In fact, many businesses are international operating companies with offices in Thailand.
Visit the Thai Chamber of Commerce website
The Federation of Thai Industries (FTI)
FTI is a non-profit organisation with the main duties of promotion and supporting the industry, focusing on developing sustainable growth to all industrial operations in the country.
Visit the FTI website
This fact sheet is given on a general basis without obligation and is strictly for information only. Nothing in this fact sheet constitutes accounting, legal, regulatory, tax or other advice. This fact sheet is not intended as an offer, recommendation, solicitation, or advice to purchase or sell any investment product, securities or instruments. Although reasonable care has been taken to ensure the accuracy and objectivity of the information contained in this fact sheet, UOB and its employees make no representation or warranty, whether express or implied, as to its accuracy, completeness and objectivity and accept no responsibility or liability for any error, inaccuracy, omission or any consequence or any loss or damage howsoever suffered by any person arising from any reliance on the information in this fact sheet.