Starry Research | “BOI Series” Issue  5: Follow-up Matters After Obtaining the BOI Investment Promotion Certificate

When it comes to investing and establishing operations in Thailand, the topic of “BOI” is almost unavoidable. However, most people do not have an accurate understanding of what BOI is, and there are even many misconceptions about it. Starry will publish a series of articles on “BOI,” providing detailed coverage of all aspects of BOI to help more companies gain a thorough understanding of it.

In the earlier articles of this series, we introduced what BOI is, the preferential treatment, conditions and criteria offered by BOI, the BOI application process, and the latest changes to the promoted industries catalogue. In this issue, we will cover the follow-up matters that companies should be aware of after obtaining the Investment Promotion Certificate issued by BOI.

I. Use of Rights and Benefits

Companies that have obtained an Investment Promotion Certificate may enjoy the corresponding preferential rights and benefits as set out in the certificate, including:

•   Submitting applications to the One Stop Service for Visa and Work Permit to bring in foreign technical workers or experts, and applying for and processing Non-Immigrant B (NON-B) visas and work permits for foreign employees;

•   Submitting applications related to land use preferential rights through the e-Land Electronic Land Ownership System, including the purchase, mortgage, transfer, and donation of land;

•   Applying for import duty exemptions on machinery and equipment through the eMT electronic system;

•   Submitting applications for import duty exemptions on raw materials and essential materials through the RMTS system;

•   Submitting applications for corporate income tax exemption through the e-Tax system.

II. Project Implementation Progress Report / Annual Operating Report (e-Monitoring)

Companies that have obtained investment promotion must report the project progress and annual operating results to the Board of Investment (BOI) every year. Companies that have obtained investment promotion are required to adopt different reporting methods depending on the status of their project (whether operations have commenced):

1. If the project has not yet commenced operations:

The company must submit a project progress report through the e-Monitoring system in February and July of each year, in accordance with the content specified in the Investment Promotion Certificate (Form ตส.310).

2. If the project has commenced operations:

The company must submit an annual operating results report through the e-Monitoring system in July of each year.

All reports will be received and processed by the Investment Assessment and Tracking Division and the BOI Regional Economic Investment Center. This process is designed to enable continuous supervision and management of project implementation through the e-Monitoring system.

III. ISO Compliance Report

For projects with an investment value (excluding land cost and working capital) of THB 10 million or more, ISO 9000, ISO 14000, or an equivalent international quality management system certification must be obtained within 2 years from the date operations commence.

Failure to obtain ISO certification within the prescribed period will result in the revocation of one year of corporate income tax exemption.