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ResourcesCorporate and Tax AdvisoryThailand Corporate LawThai BOI and Commerce Ministry Increasingly Coordinated

Thai BOI and Commerce Ministry Increasingly Coordinated

Transcript of the above video:

As the title of this video suggests we are discussing the BOI; that is the Board of Investment in Thailand and we are also discussing the Ministry of Commerce. 

In a recent article titled Four More Businesses to be Removed from Foreign Business Act Annex.  This was in the Nation, that is nationthailand.com. I thought this was interesting toward the end of the article. It was just sort of a little side note to a different type of article and I urge those watching this video to go check that article out. There is some interesting information about the easing of certain restrictions of the Foreign Business Act but at the end of the article this paragraph was noted. "The Department and the Department being the Department of Business Development within the Ministry of Commerce, the Department will also connect its database with the BOI with the aim of awarding business certificates to foreign investors within one day. Under current rules, it is required to do so within 30 days.” 

Now one thing I can say from experience dealing with the Board of Investment and dealing with the relevant certifications associated with foreign businesses looking to do business in Thailand under the auspices of the Board of Investment, it can be a quiet Byzantine process and I think that this is good news that they are coordinating better between these different agencies that have jurisdiction over different aspects of the process of BOI certification. I also think it is also in line with the overarching evolution of the Thai Bureaucracy. We are definitely seeing more and more coordination within various aspects of the Thai Government and the Thai Government apparatus that operate here in the Kingdom of Thailand. For example we have seen much more coordination between the Labor Department and the Immigration Department here in Thailand in the last few years. We have also seen a great deal more coordination with respect to financial documentation and tax documentation as it relates to Thai Immigration.  

So while I wanted to make this video primarily to show that there is increasingly positive coordination going on with respect to things like presumably the promulgation of foreign business certificates associated with BOI approval, that will occur more quickly in the future. This is just sort of an overarching trend toward more coordination within the Thai Government with respect to providing services to the public.