About Board of Investment (BOI) in Chiang Mai, Thailand
The Board of Investment (BOI) in Chiang Mai, Thailand is a governmental body that promotes foreign and domestic investment within the country. The organization provides various benefits like tax incentives, corporate income tax exemptions, tariff exemptions, and others to qualifying business entities. BOI has an extensive network in Thailand with one of the branches located in Chiang Mai, catering to the needs of investors in Northern region of Thailand.
Why You May Need a Lawyer
While navigating the investment environment in Thailand, you may need a lawyer to aid with legal and regulatory complications. Here are few situations where you might need one:
- Understanding the BOI regulations and processes
- Applying and obtaining BOI promotions
- Handling legal matters related to investments, such as contractual agreements or disputes
- Complying with local and national laws related to your investment
Local Laws Overview
In Chiang Mai, as with all of Thailand, the Foreign Business Act is the prevailing law that governs foreign investments. It restricts foreign entities from engaging in certain types of businesses without obtaining special permission. However, a BOI-promoted company can be completely foreign-owned and operate in areas otherwise inaccessible to foreign businesses. Additionally, laws related to labor, taxes, environmental regulations and protection of intellectual property rights may also apply.
Frequently Asked Questions
- What are the benefits of registering under the BOI in Chiang Mai?
Benefits include tax exemptions or reductions, permits for foreigners to own land and work in Thailand, and simplified customs procedures.
- Are there any sectors that BOI Chiang Mai focuses on?
Yes, the BOI in Chiang Mai favors sectors such as technology, digital, creative, and design industry, and agro-industry.
- How long does it take to get BOI approval?
The approval process commonly takes between 4 - 8 months, depending on the complexity of your project and whether all required information is provided.
- What happens if I violate the terms of BOI?
Violating BOI terms can lead to the cancellation of all promotions and benefits, fines, and in serious cases, business closures and legal action.
- Can a foreigner own a BOI approved company?
Yes, a foreigner can own 100% of a BOI approved company.
Additional Resources
The BOI is your primary source of information. Their website and offices offer extensive resources, including guides to the application process, lists of eligible sectors, and the conditions of promotion. Local law firms specializing in BOI and Thai investment law can also prove valuable.
Next Steps
If you need legal assistance, consider engaging a local lawyer specializing in Thai investment law. A good lawyer will guide you through application to the BOI, ensuring you meet all requirements and help you understand your obligations under the promotion. They can also assist in other areas of setting up a business in Thailand, protecting your interests, and ensuring compliance with all relevant laws and regulations.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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