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The Board of Investment (BOI) in Phuket, Thailand is a government agency dedicated to promoting and supporting both foreign and domestic investments in the country's significant sectors. Their goal is to promote necessary socio-economic development, industrialization, and increase Thailand's competitiveness in various global industries. They envision encouraging sustainable and green growth by providing attractive incentives to businesses and companies.
The realm of investments in Thailand, particularly through the BOI, has numerous legal and bureaucratic nuances. Lawyers who specialize in BOI in Phuket can help prospective investors navigate through the complexities of obtaining BOI privileges, compliance with BOI regulations, understanding taxation laws and land acquisition processes, and handling issues related to labor and employment. They can also provide legal assistance in case of disputes or other legal problems related to your investment.
Thailand has specific laws targeting the BOI's investment sectors. Some of the key aspects of these laws involve policies on Foreign Business Operations, Tax Incentives, and work permit and visa privileges extended to foreign investors. There are also laws concerning environmental regulations, Corporate Social Responsibilities, and intellectual property rights, which the BOI strictly enforces.
1. What kind of businesses can apply for BOI privileges? Businesses that operate in the promoted sectors as identified by the BOI, which can range from agriculture and agricultural products to electronic and electric appliances.
2. What incentives can I receive from the BOI? There are various privileges provided, such as tax incentives, rights to own land, and permission to bring in foreign experts and technicians.
3. How long does it take to get approval from the BOI? Normally, the BOI decision-making process can take up to 90 days from the submission of the complete investment promotion application.
4. Can a foreigner own a company in Thailand? Yes, foreign investors can hold up to 100% ownership in certain sectors under the BOI scheme.
5. How can I comply with the laws as an approved BOI company? Licensed companies need to adhere to Thai commercial laws, labor laws, and specific conditions as set by the BOI.
Prospective investors should explore resources offered by the Thailand Board of Investment itself, the Ministry of Commerce, Department of Business Development, and Thailand's Revenue Department, among others. Detailed information about investment-related laws and policies is accessible on their official websites.
If you need legal assistance related to BOI in Phuket, start by seeking consultation from a reputable law firm with expertise in BOI. They will guide you through the process of applying for BOI privileges, ensuring your investment is in compliance with local laws and regulations, and handling any potential legal issues that arise.
