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ResourcesCorporate and Tax AdvisoryThailand Corporate LawForeign Remittances From BOI Companies in Thailand

Foreign Remittances From BOI Companies in Thailand

Transcript of the above video:

As the title of this video suggests we are discussing BOI Companies. For those unfamiliar, those are companies which are promoted under the Board of Investment scheme here in Thailand.  The BOI has various tools at its disposal to facilitate business activity here in the Kingdom, encourage business start-ups to come here to the Kingdom and encourage certain types of businesses to come here to the Kingdom. As we have gone over in more than one video on this channel  there are all types of specific types of benefits which can be garnered as a result of BOI promotion but the one thing that I find rather interesting is foreign remittances; various exemptions from the restrictions on foreign remittances out of Thailand.

As some folks may be aware, there are various restrictions on being able to remit funds to offshore entities or individuals from Thailand and there are various possible tax liabilities that may arise as a result of transferring funds to an offshore entity or individual. With BOI promotion it may be possible to gain certain exemptions from these restrictions, most notably possibly from the tax associated with transfer to an offshore individual or entity or also there may be a lack of restriction on the remittance itself, depending on how the circumstances sort of shape up in a given case.

So the thing to take away from this video is, not only are there tax holidays associated with BOI Companies possibly, depending on if they are qualified, and various other benefits like landholding, foreign business licenses, various work permit benefits; notably an increased number of work permits which can be issued on a given company, BOI promotion may also inherently provide, depending on the terms of the BOI promotion, it may be provide for the company to be able to remit funds out of the country without the same kind of restrictions and the same kind of tax liabilities that are associated with similar remittances on a company not BOI  promoted.