Located at the center of the ASEAN economic community, Thailand is one of the most strategic places to invest in. It has millions of consumers and excellent connections to other fast growing countries in the region. The country also boasts of a large number of foreign investors. The country's investment promotion strategy focuses on special economic zones to help promote economic connectivity with neighboring countries.
In 1997, Thailand established the Board of Investment in Thailand to help promote economic growth. The office is responsible for implementing incentives that promote valuable investment and value creation. The government agency also provides advice to foreign investors. The agency encourages innovation and sustainable growth. The office offers a variety of incentives to investors, including tax breaks, exemptions from import duties, and other benefits.
The government agency also offers a comprehensive one-stop service for investment in ITC, special economic zones, and visa services. The Board of Investment is an important regulatory body in Thailand, facilitating investment incentives and encouraging development in the industrial and commercial sectors. The office also promotes fair competition, R&D, and environment-friendly activities.
The office has a number of staff in different languages, including English, German, and French. The agency provides services to both Thai and foreign investors, including legal advice on corporate matters. The Board of Investment also provides information on investment opportunities in Thailand.
The office also has a strategic talent center, which recognizes and identifies foreign researchers and specialists. The center provides training courses on overseas investment, and provides one-stop services for investment in special economic zones, IHQ, and visa applications. The board also has a network of licensed Thai lawyers, which provides legal advice on investment and immigration matters.
The Office of the Board of Investment is also responsible for the administration of the tax incentive schemes that apply to companies in Thailand. The tax incentive schemes are offered to companies that invest in a specific sector. A company that invests in a knowledge-based business must have a specified personnel salary of at least 1.5 million baht per year. The company also has to meet the GMP standards in order to qualify for the incentives.
The government agency has also introduced an investment promotion strategy to encourage more private sector investment in Thailand. The strategy focuses on developing clusters in selected provinces to create economic concentration in accordance with regional potential. It also promotes clusters to strengthen value chains.
A business that is planning to invest in Thailand should first check whether the business idea is eligible for the promotion offered by the Board of Investment. If so, it can register for the promotion certificate, which will provide it with tax incentives and other benefits. It also has to prepare a business plan and products before applying for the promotion. The application process is lengthy and requires careful handling, so it is best to hire an experienced professional. The Board of Investment also has an e-expert system, which will help companies register and hire foreign employees.