Setting up a business in Thailand can be tricky and long-winded, and you must do a lot of administration. Some people are reluctant to start a business in the Land of Smile due to the restrictions that are in place for foreigners owning businesses. However, you can consider opening a BOI business in Thailand, which has many benefits and can resolve some of the restrictions in place, such as owning 100% of the business.
Below are some benefits of choosing this option and how to find a reputable lawyer in Thailand to assist you in registering a BOI business.
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The Benefits Of Opening A BOI Business In Thailand
As a business owner, there are many benefits of opening a BOI business in Thailand as opposed to opening a regular business. Some of the many benefits you can enjoy when you open a BOI business in Thailand include:
- Corporate Income Tax Exceptions (Depending On Your Industry)
- Double Deductions Against The Cost Of Transport, Electricity, & Water
- Exemption Or A Reduction On Import Duties
- Exemption Of Income Tax & Dividends Of The Juristic Person
- Simplify The Process To Employ Foreign Nationals & Get Work Permits
- Permission To Own Land In Thailand
- Protection Against The Nationalisation Of Your Business
- New Incentives Are Announced Regularly
If you are keen to open a BOI business in Thailand and wonder the best way to proceed, you will need a reputable Thailand BOI company law firm to help you. Below are some tips to help you find a suitable lawyer and begin registering your company and opening your business in Thailand.
Finding A Suitable Lawyer In Thailand
When you look for lawyers in Thailand, you will notice that there are plenty of them, and there are many different disciplines they specialize in with the services they offer. However, you will want to select a lawyer specialising in registering BOI businesses and hopefully has contacts that can help streamline the process. You can search for companies specializing in this service and ask fellow BOI business owners if they can recommend a law firm.
You will want to have a few reputable companies to contact and inquire about their services and costs, and you will also want to look at their online reputations. You can use independent review websites to look at their reputations. You can also use social media platforms, such as Facebook or LinkedIn. You can weed out the not-so-good companies doing this and ensure you only contact reputable ones.
Getting A Quote For Their Services
You will want to contact the companies that remain on your list and ask them about their BOI registration services. You will need to know what timeframe you will be looking at to get the business registered and how much they will charge for the service. You will then need to compare the companies you contact and the quotes you receive and decide which one to register your BOI business.
The process can take a while, so you will need to be patient and prepare yourself to open your BOI business and work hard to make it a resounding success.