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Ongoing Compliance for BOI Companies in Thailand

Transcript of the above video:

As the title of this video suggests we are discussing BOI, that is Board of Investment. For those who are not familiar with this, we have many videos on this channel specifically discussing BOI, Board of Investment promotion, and companies which have received BOI certification and the benefits associated therewith.

Specifically with respect to this video, we are discussing ongoing compliance issues associated with a BOI company. What are we talking about? Well companies in Thailand which receive certification from the Board of Investment and receive certain privileges and benefits, for example things like increased work permit quotas, tax holidays, various exemptions from the Foreign Business Act here in the Kingdom, all of those types of things, BOI does continue to monitor the corporate activities of the underlying company and for that reason, companies here in Thailand need to go ahead and be cognizant of that even after BOI certification has occurred.

There is some mis-perception perhaps with respect to post BOI certification, “It is sort of "Happy Days" and we don't have to worry about things anymore”. No, actually BOI does take steps to ensure that those companies that have received the benefits associated with the promotion from BOI, they do take steps to go ahead and make sure that those benefits are still warranted and that the company is operating in such a way that it adheres to the original reason the company was certified to begin with. There are certain corporate activities that may fall outside the sort of bailiwick of the BOI Certificate itself, sort of the scope of the perhaps corporate activities, there may be certain things that fall outside the scope of the BOI certification, those activities probably will not be granted the same sort of benefits as the activities that occur within the scope of the BOI Certification.

So this can have major ramifications especially from a tax standpoint so those who are watching this video, it is probably a good idea to go ahead and call a legal professional here in Thailand. Go ahead and get assistance, not just with BOI Certification which is certainly a rather daunting prospect in its own right, but also to contact somebody with respect to ongoing BOI compliance as maintaining compliance can require rather substantial amount of administration and legal assistance even in the accounting division actually it can require assistance, and for this reason it may be a good idea to contact professionals to assist in an ongoing basis.