Thailand has long been one of the most attractive destinations for international businesses in Asia. A stable economy, well-developed infrastructure, access to Southeast Asian markets, and strong government support for investors make the country appealing for both manufacturing enterprises and technology-driven projects.

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At the same time, foreign investors often face restrictions on business ownership in Thailand. As a result, many international companies turn to a BOI Promoted Company — a special business structure that provides access to a range of investment and tax incentives and, in certain cases, allows for 100% foreign ownership.

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What is a BOI promoted company and who can apply for BOI promotion?

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The key government authority responsible for granting investment incentives in Thailand is the Thailand Board of Investment (BOI). The activities of the BOI are governed by the Investment Promotion Act B.E. 2520 (1977), which establishes the legal framework for promoting investments in sectors considered beneficial to Thailand's economic development.

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A BOI-promoted company is not a separate legal form of business. Rather, it is a company that has received investment promotion privileges from the Thailand Board of Investment and is therefore entitled to operate under a special incentive regime.

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Under Section 16 of the Investment Promotion Act, the BOI has the authority to approve eligible investment projects and grant investment promotion to qualified applicants. In other words, the BOI may provide investment incentives to projects that satisfy the requirements established by the applicable legislation and BOI policies.

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Formally, any individual may submit an application for BOI promotion, an existing Thai or foreign company, or an investor planning to establish a company in Thailand. However, the right to submit an application does not automatically mean that investment promotion will be granted.

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The decisive factor is the nature of the proposed business activity. The BOI operates based on a list of promoted activities (Eligible Activities) that focus on sectors that contribute to Thailand's economic development, technological advancement, and competitiveness.

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The promoted sectors currently include:

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• Agriculture and agricultural products;
• Mining, ceramics and basic materials;
• Light industry, machinery, automotive and transportation equipment;
• Electronics and electrical appliances;
• Chemicals and petrochemicals;
• Services and infrastructure;
• Technology, digital business and innovation-related activities.

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Only projects that fall within the BOI's promoted categories and satisfy the applicable investment criteria may qualify for BOI promotion and the associated incentives.

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Key criteria for obtaining BOI promotion in Thailand

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Obtaining BOI promotion is not automatic, even if a company's activities formally fall within a promoted sector. When reviewing an application, the Thailand Board of Investment evaluates not only the type of business activity but also the overall economic value of the project, its contribution to Thailand's development goals, and its ability to generate long-term benefits for the country.

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One key consideration is value creation. The BOI generally supports projects that develop products, technologies, or services rather than those focused solely on trading, brokerage, or simple resale. For certain promoted activities, applicants are expected to demonstrate a sufficient level of value added relative to their projected revenue.

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Another important factor is the project's contribution to the Thai economy. The BOI assesses how the proposed investment will support economic growth, attract additional investment, create employment opportunities, strengthen local industries, and enhance Thailand's competitiveness in global markets.

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Particular attention is given to the project's technological content. For software companies, digital businesses, research centers, and innovation-driven enterprises, the BOI considers the use of advanced technologies, the presence of innovative elements, research and development activities, and the project's potential to facilitate technology transfer and knowledge sharing.

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The BOI also evaluates the scale and feasibility of the proposed investment. Applicants must demonstrate that the project is financially viable and supported by adequate resources. The assessment focuses not only on the declared investment amount but also on the practical ability to implement the project and achieve its stated objectives.

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In addition, the BOI reviews the project's business model. Applicants are generally expected to provide a realistic business plan that includes financial projections, market analysis, demand forecasts, competitive positioning, and funding sources. Large-scale projects may require more detailed technical and economic feasibility studies.

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Employment creation and workforce development are also significant considerations. The BOI favors projects that create jobs for Thai nationals, support skills development, and contribute to the transfer of expertise, particularly in technology-intensive sectors.

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Furthermore, the project should align with Thailand's current economic development policies. Priority is often given to businesses operating in areas such as the digital economy, innovation, automation, advanced manufacturing, research and development, and industries supporting the Thailand 4.0 strategy.

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For manufacturing, infrastructure, and certain industrial projects, environmental compliance may also play an important role. Where a project is likely to have an environmental impact, applicants may be required to demonstrate compliance with applicable environmental standards and, where necessary, complete an Environmental Impact Assessment (EIA).

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Ultimately, the BOI evaluates not only whether a project satisfies formal eligibility requirements but also whether it delivers meaningful economic value to Thailand. As a result, successful BOI applications typically depend on the quality of the project, the credibility of its business model, and its ability to demonstrate a sustainable long-term contribution to the country's economy.

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BOI application process: from project submission to obtaining the promotion certificate

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Obtaining BOI promotion is a structured process that involves several stages, from preparing the application and supporting documentation to receiving the final investment promotion certificate. The review process is designed to allow the Thailand Board of Investment to assess not only whether a project falls within a promoted activity category but also whether it is commercially viable, financially sustainable, and capable of contributing to Thailand's economic development objectives.

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Submission of the application

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Applications for BOI promotion are submitted electronically through the BOI e-Investment system. At this stage, applicants are required to provide comprehensive information about the proposed project, including its business model, products or services, operational processes, investment plans, and expected economic impact.

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Depending on the nature of the project, the application package may include:

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• financial statements (if the applicant is an existing business);
• information about the applicant's business activities and operating history;
• detailed descriptions of products or services;
• information on production, technological, or service delivery processes;
• details of machinery, equipment, and technology to be used;
• supporting documents required for specific promoted activities.

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In addition, applicants are generally expected to submit:

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• detailed project information;
• product catalogs, brochures, photographs, or technical specifications;
• descriptions of production or service delivery procedures;
• equipment specifications and technical documentation;
• additional supporting documents required under the applicable BOI category.

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For projects with an investment value exceeding THB 2 billion (excluding land costs and working capital), a feasibility study is typically required as part of the application process.

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Applicant Information and authorization documents

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The BOI also requires information regarding the applicant and the persons authorized to act on its behalf.

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Where the application is submitted by an individual investor, supporting documentation may include:

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• investor or shareholder profile;
• passport or identification documents of the authorized person.

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Where representatives act on behalf of the applicant, additional authorization documents may be required, including:

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• a power of attorney;
• certified identification documents of the authorized representative;
• original identification documents for verification purposes.

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Meeting with BOI officials

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Following the submission of the application, the BOI may arrange a meeting with the applicant, either online or in person. During this stage, BOI officers review the proposed business activities, clarify operational details, discuss the investment structure, and assess whether the project satisfies the applicable promotion criteria.

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Project evaluation

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Once the application is complete, the BOI conducts a substantive review of the project. The expected review period generally depends on the investment amount:

• projects with an investment value of up to THB 200 million are typically reviewed within approximately 40 working days;
• projects with an investment value between THB 200 million and THB 2 billion are usually reviewed within approximately 60 working days;
• projects exceeding THB 2 billion may require up to 90 working days.

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The review period may vary depending on the project's complexity and whether the BOI requests additional information

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Notification of the decision

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Once a decision has been made, the BOI notifies the applicant of the outcome. As a general rule, the notification is issued within seven days following approval or rejection of the application.

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Acceptance of the Promotion Conditions

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Applicants whose projects are approved must formally confirm their acceptance of the BOI decision and any applicable conditions. This confirmation must generally be submitted within one month through the BOI electronic system.

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Application for the Promotion Certificate

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After accepting the promotion conditions, the applicant must submit a separate application for the issuance of the BOI Promotion Certificate. This application is typically required within six months from the date of acceptance and must include the full set of supporting documents requested by the BOI.

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Issuance of the BOI Promotion Certificate

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Following verification of the submitted documents and compliance with the approval conditions, the BOI issues the official Promotion Certificate. This certificate serves as formal confirmation that the project has been granted BOI-promoted status and is entitled to receive the incentives and privileges approved under the investment promotion scheme.

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Why International Businesses Choose a BOI Promoted Company

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For many international investors, a BOI-promoted company is not simply a way to obtain tax incentives. In practice, it is one of the most effective mechanisms for establishing and operating a foreign-owned business in Thailand while benefiting from a regulatory framework specifically designed to encourage investment and economic development.

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One of the primary reasons international businesses choose a BOI-promoted company is the possibility of 100% foreign ownership. Under Thailand's Foreign Business Act, foreign investors are subject to various restrictions when conducting business activities in Thailand. However, a company that receives BOI promotion may be permitted to operate with full foreign ownership, depending on the nature of the approved activity. This allows foreign investors to maintain complete control over their business without involving local shareholders solely to satisfy ownership requirements.

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Another significant advantage is access to tax incentives. Depending on the promoted activity and the project's strategic importance, a BOI-promoted company may qualify for corporate income tax exemptions, reductions of import duties on machinery and raw materials, and other fiscal benefits. These incentives can substantially reduce the cost of establishing and scaling operations in Thailand, particularly for technology, manufacturing, and innovation-driven businesses.

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Thailand has also become increasingly attractive as a regional business hub for companies seeking access to Southeast Asian markets. With its strategic geographic location, developed infrastructure, and strong connectivity to neighboring economies, Thailand is often used as a base for regional operations, customer support centers, software development teams, research facilities, and manufacturing activities. BOI promotion provides a framework that supports such expansion by offering regulatory certainty and investment incentives.

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For technology companies, software developers, digital platforms, and research-driven businesses, BOI promotion offers additional value through government support for innovation and high-value industries. Thailand's economic strategy increasingly focuses on digital transformation, automation, advanced technologies, and research and development. As a result, projects operating in these sectors often receive favorable treatment and may qualify for enhanced incentives.

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International businesses also value the simplified immigration and employment procedures available to BOI-promoted companies. In many cases, the process of obtaining work permits and visas for foreign executives, specialists, and technical experts is more streamlined compared to ordinary Thai companies. This can be particularly important for multinational groups that need to relocate management teams or highly skilled personnel to Thailand.

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Another important factor is credibility. Obtaining BOI promotion requires a project to undergo a formal review process and demonstrate its economic value, investment potential, and compliance with Thailand's development objectives. As a result, BOI-promoted status is often viewed positively by banks, business partners, investors, and government authorities, providing an additional level of confidence in the company's operations.

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Ultimately, international businesses choose a BOI-promoted company because it combines several strategic advantages within a single framework: the possibility of full foreign ownership, access to investment incentives, support for innovation-driven activities, simplified employment procedures for foreign staff, and the opportunity to establish a long-term presence in one of Southeast Asia's most dynamic economies.

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