HomeResourcesQuick guide to investing in Thailand
Quick guide to investing in Thailand

Quick guide to investing in Thailand

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.

Top exports

Automobiles and parts

Automobiles and parts

Polymers of ethylene and propylene

Polymers of ethylene and propylene

Rubber products

Rubber products

Electronic integrated circuits

Electronic integrated circuits

Chemical products

Chemical products

Machinery and parts

Machinery and parts

How to set up a business in Thailand

  • Steps
  • Details
Steps Details
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.

Notes:

  • Ensure that the requested company name is not identical or similar to an existing name, whether in terms of spelling or pronunciation.
  • The name must comply with the Rule of Office of the Central Company and Partnership Registration.
  • If the company name is not distinguishable from an already registered name, the promoter may be liable for damages done to the related stakeholder and must change the company name accordingly.
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.

Notes:

  • The Memorandum of Association must be submitted within 30 days after the Company Name reserved is approved.
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.

Start business

Commence business upon approval.
Steps
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
Start business

Taxes and incentives

Taxes
chevron

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

  • 3 to 8 years for businesses with Investment Promotion Privileges



Reduction or exemption on import duties on raw materials and imported machinery

  • Applicable to businesses with investment promotion privileges or industries setting up in an Export Processing Zone and Free Trade Zone



Deductions

  • Double deduction for the cost of transportation, electricity, and water supply for industries with Investment Promotion Privileges
  • 200% deduction for the cost of hiring qualified researchers doing R&D projects
  • 15% deduction for the cost of employees’ training
  • Option for small and medium-sized companies to deduct special initial allowance on the date of acquisition for computers (40%), plants (25%) and machinery (40%)

Thailand Board of Investment (BOI) promotion

Eligibility criteria
chevron

Companies seeking to apply for BOI promotion must:

  • Possess a capital investment for each project of at least 1 million baht
  • Have a minimum of three registered shareholders
  • Be a registered company in Thailand
  • Apply for one of these eligible industries:
    • Agriculture and agricultural products
    • Mining, ceramics and basic metals
    • Light industry
    • Metal products, machinery and transport equipment
    • Electronic industry and electrical appliances
    • Chemicals, paper and plastics
    • Service and public utilities
    • Technology and innovation development

BOI application submission



Interview session with BOI officer

  • A presentation will be scheduled for the applicant within 10 working days from submission date

Consideration time depends on the size of investment capital:

  • Less than 200 million baht: Considered by the BOI – within 40 working days after submitting complete documents
  • Between 200-2,000 million baht: Considered by the sub-committee – within 60 working days after submitting complete documents
  • More than 2,000 million baht: Considered by the sub-committee and then the Board – within 90 working days after submitting complete documents

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.

Further resources

Relevant government agencies
chevron

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.