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BOI Company (Business visa) Residencies Plan of Thailand (Asia)
BOI Company (Business visa)
Unlike regular Thai companies, where foreign ownership is restricted to 49%, a company approved by Thailand's BOI, may have 100% foreign ownership and operate physically on Thai soil. In addition to this, a BOI company may be eligible for a 0% corporate tax rate for up to the first 8 years of operation (depending on location and category) and exemption from V.A.T. for importing machinery.
BOI companies are not restricted to the 4:1 ratio of Thai to foreign employees; the ratio may be negotiated based on the company's requirements. Your company may own land in Thailand, subject to certain conditions and under certain restrictions.
The company must have at least 3 promoters and a paid-in capital of THB1,000,000. There are sectors such as agriculture, mining, manufacturing or service and public utilities, which do not allow full foreign-ownership.
Once you have incorporated your BOI Company, you, as a company director or officer, may apply for a Non-Immigrant IB visa and after that a work permit, which will be valid for 1 year, renewable.
Your dependents may apply for a Non-Immigrant O Visa (short stay), which is valid for 3 months, extendable up to 1 year.
Once you hold 3 consecutive 1-year visa extensions, tied to the same work permit, you may apply for permanent residency. You must have a monthly income of at least THB80,000, earned in Thailand, (THB30,000 if married with a Thai Spouse for 5 years) or invest a minimum of THB 3-10,000,000 in Thailand, and attend an interview, where you must demonstrate knowledge of the Thai language.
The permanent residence permit will allow you to stay in Thailand indefinitely without needing a visa. However, a re-entry permit must be applied to leave Thailand, otherwise your PR may be cancelled.
With the permanent residence permit, you will still need a work permit to work in Thailand.
After holding a PR status in Thailand for 10 consecutive years, you may be eligible for citizenship.
Requirements
For a BOI company:
- Business plan, with basic information, financial projections, and estimated number of employees that you’ll hire among other information.
- At least 3 promoters (individuals aged 20 or older)
- Must be registered and available to sign documents during the registration process for a private limited company – and 12 promoters for a public limited company.
- Each of the promoters must be initial shareholders immediately after the company's registration, and hold a minimum of one share. They are generally free to transfer those shares to existing shareholders or third parties thereafter.
For a Business visa:
- Business registration and business license.
- List of shareholders.
- Company profile.
- Details of business operation.
- List of foreign workers stating names, nationalities and positions.
- Map indicating the location of the company.
- Balance sheet, statement of Income Tax and Business Tax (Por Ngor Dor 50 and Por Ngor Dor 30 of the latest year)
- Value-added tax registration
- Evidence of adequate finance (THB20,000 per person and THB40,000 per family) for the duration of stay in Thailand.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is not recognized in Thailand. To become a citizen of Thailand, you must renounce your previous nationality.
Documents Required
- Original and photocopy of passport
- Employment contract (if applicable)
- Employment letter
- Professional and academic certificates (if applicable)
- Curriculum Vitae
- Business Plan
- Original Professional Reference Letter (Not older than 6 month)
- Certified copy of Business License or Incorporation documents
- Bank Statement
- One passport-size photo
- dual citizenship No
- Family members included No
- land ownership No
- Physical residence required No
- Personal visit required Yes
- Language skills required No
- Interview required Yes
- Investment Single $30,000
- Investment Family 4 $30,000
- Minimum annual income -
- Time to citizenship 156
- Time to permanent residency 36
- Visa-free countries 71
- Financing available No
Thailand
The Kingdom of Thailand, formerly known as the Kingdom of Siam, is a Southeast Asian country and a member of ASEAN. It is located to the north of the Southeast Asia subregion, bordering to the east and north with Laos, through the Mekong River, southeast with Cambodia and the Gulf of Thailand, to the south with Malaysia and the west with the Andaman Sea and Myanmar. Thailand is inhabited by 68 million people, of which more than a half live in rural areas. Its capital and most populated city is Bangkok, with over 8 million inhabitants, and 14.5 million including the whole metropolitan area. Its official language is Thai, although there are several regional languages and dialects. Its official currency is the Thai Baht.
- National Flag of:Thailand
- Currency:THB
- Area Code:66
- Capital:Bangkok
- Continent:Asia
- Native Languages:Thai, English
- Population:67,089,500
BENIFITS
With your new passport from Thailand you'll be able to access 71 countries visa free
citizenship benefits Able to buy landed properties Visa-free or Visa on arrival to 71 countries including Russia Southeast Asia Brazil Visa-free access to Russia The right to live and work in Thailand at all times permanent residency benefits The right to live and work in Thailand without any time limit Be eventually eligible for citizenship Buy condominium units without restrictions Obtain mortgage loans from banks temporary residency benefits Warm climate Low tax jurisdiction Territorial tax system High quality of life Fast and easy process Low cost of living Tax reliefs for new companies Set up a profitable businessFEES
| ITEM | AMOUNT |
|---|
TAXES
To be a tax-resident in Thailand you must spend at least 180 days in a calendar year in the country.
Tax residents are subject to personal income tax on their income derived from Thailand and their foreign-source income remitted to Thailand in the year in which it is accrued. Income earned outside Thailand remitted after 1 year is tax-exempt.
Non-residents are subject to income tax on their Thai-source income.
Personal income tax is progressive at rates up to 35% for annual income exceeding THB5,000,000. Expatriates working on companies under certain tax incentive regimes (Regional Operating Headquarters (ROH), International Headquarters (IHQ), and International Trade Centers, ITC) may be entitled to be taxed at a 15% flat rate.
Dividends and interest are subject to a final withholding tax of 10% and 15%, respectively.
Capital gains are treated as ordinary income. However, those obtained from the sale of securities listed on the Stock Exchange of Thailand or any other ASEAN stock exchange are tax exempt, though certain exceptions may apply.
Thailand does not have controlled foreign companies (CFC) regulations, so profits retained in foreign entities owned by tax-residents may not be attributable.
A 12.5% real property tax is levied annually on the rental value of the property. Inheritances over THB100,000,000 are taxed at a 10% rate, though reductions may apply under certain circumstances. A gift tax applies on donations of assets exceeding THB20,000,000 (10 million in the case that recipient is not a descendant, ascendant or spouse).
There are no taxes on net wealth in Thailand.
The V.A.T. standard rate is 10%, reduced to 7% until 30 September 2019).
Regarding corporate taxation, resident entities are taxed on their worldwide income at a 20% rate. SMEs may be subject to lower progressive rates, provided that paid-in capital and net taxable profits do not exceed certain amounts.
Entities approved by the Board of Investment may have tax holidays up to 8 years. Companies under The International Headquarters (IHQ) and International Trade Center (ITC) regimes may be exempted from CIT for up to 15 years, among other tax incentives.
To learn more about Thai corporate taxation, legal framework and tax treaties, check out incorporations.io/thailand.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | Yes |
| Transfer tax | Yes |
| Inheritance tax | No |
| Net worth tax | No |
| CFC law | No |
| Tax residency days | 180 |
| Personal income tax rate | 35% |
| Capital Gains tax rate | 35% |
| Investment income tax rate | 15% |
| Territorial taxation | Yes |
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