The Thailand Board of Investment (BOI) is the government agency in charge of attracting and promoting foreign and domestic investment. For a foreign entrepreneur or investor, BOI promotion is often the most advantageous way to set up legally in Thailand. It can allow full foreign ownership in many sectors, offers corporate income tax exemptions of up to 13 years, simplifies work permits for foreign staff and opens the door to land ownership. This guide explains how the system works in 2026: eligible activities, incentives, the application procedure and the obligations that come after promotion.
Last updated: October 2026
What is BOI promotion?
The BOI operates under the Investment Promotion Act B.E. 2520 (1977). It grants tax and non-tax incentives to specific investment projects in targeted activities. Promotion is granted per activity, not per company: a company applies for a precise activity and, if approved, receives a promotion certificate that gives it the incentives attached to that activity.
The BOI’s current five-year investment promotion strategy (2023–2027) focuses on innovation, competitiveness and sustainability. In practice, the BOI steers its incentives towards high value-added industries, digital transformation, clean energy and advanced technologies.
One point is often misunderstood: BOI promotion is not automatic. The BOI is selective, and only projects that meet the criteria of an eligible activity are approved. An application that is poorly prepared will be rejected or sent back for revision.
The incentives of BOI promotion
Non-tax incentives
- Foreign ownership: BOI promotion allows a foreign company to hold all of the shares in activities listed in List Two and List Three of the Foreign Business Act, which are normally restricted. Activities in List One of the Act are different: they still require Thai nationals to hold at least 51% of the registered capital, even under BOI promotion.
- Land ownership: under Section 27 of the Investment Promotion Act, the BOI can allow a promoted company to own land for its promoted activity. A separate BOI measure also allows majority foreign-owned promoted companies with paid-up capital of at least 50 million baht to own up to 5 rai for offices, 10 rai for housing for executives and experts, and 20 rai for staff housing. The land must be sold or transferred within one year after the company stops receiving investment incentives. For the details, see our article on BOI vs IEAT land ownership.
- Work permits and visas: promoted companies can bring in foreign experts and skilled workers outside the usual quotas. Visa and work permit applications are filed online through the Single Window system and handled at the Thailand Investment and Expat Services Center (TIESC), at One Bangkok, Parade Zone, 6th and 7th floors. See our article on hiring foreigners in a BOI company.
- Remittance of funds: permission to take out or remit money abroad in foreign currency.
- Guarantees: the Act includes state guarantees against nationalisation of the promoted business.
Tax incentives by activity group
The BOI classifies promoted activities into groups, according to their technological level and strategic value for Thailand:
| Group | Type of activity | Corporate income tax exemption |
|---|---|---|
| A1+ | Technology-based activities focused on R&D | 10 to 13 years, no cap |
| A1 | Knowledge-based activities focused on R&D and design | 8 years, no cap |
| A2 | Infrastructure and advanced-technology activities with little or no existing investment in Thailand | 8 years, capped at the amount of investment |
| A3 | High-technology activities important to the country, with some existing domestic production | 5 years, capped at the amount of investment |
| A4 | Activities with lower technology that add value to domestic resources and strengthen supply chains | 3 years, capped at the amount of investment |
| B | Supporting industries that do not use high technology but are important to the value chain | No basic exemption; non-tax incentives and import duty exemptions |
In addition to the corporate income tax exemption, promoted projects can benefit from:
- import duty exemption on machinery
- import duty exemption on raw materials used to produce goods for export
- tax exemption on dividends paid from the profits of the promoted activity during the exemption period
Some incentives depend on the location of the project rather than the activity group. Projects in the 20 provinces with the lowest income per capita, or in Special Economic Zones, can receive a double deduction of transport, electricity and water costs for 10 years, an extra 25% deduction of infrastructure installation or construction costs, and in some cases a 50% reduction of corporate income tax for 5 years after the exemption ends. These are not granted automatically to every promoted project.
Merit-based incentives
The BOI grants additional years of exemption to projects that invest in activities that strengthen Thailand’s competitiveness:
- R&D and innovation: eligible spending on research and development, technology licensing, product design, advanced training of Thai staff, internships or local supplier development. Spending of at least 1% of sales over the first three years, or 200 million baht, whichever is lower, gives 1 extra year. Each extra 1% of sales, up to 5%, gives one more year. This spending also raises the cap on the exemption.
- Location: 1 extra year for a project in a BOI-promoted industrial estate or zone, and 3 extra years in one of the 20 low-income provinces.
Merits cannot push the total corporate income tax exemption beyond 13 years, and some combinations are capped at 8 years. The exact cap depends on the activity group and the merits claimed, so check the conditions that apply to your activity.
Priority sectors
Thailand has used the “S-Curve” framework since 2015 to identify its target industries. The BOI gives its most generous incentives to projects in these sectors.
First S-Curve (existing industries to upgrade):
- Next-generation automotive (electric, hybrid and hydrogen vehicles)
- Smart electronics (IoT, advanced semiconductors)
- Affluent, medical and wellness tourism
- Agriculture and biotechnology
- Food for the future
New S-Curve (new industries to develop):
- Robotics and automation
- Aviation and logistics
- Biofuels and biochemicals
- Digital industries: software, digital services, data centres
- Medical hub
In 2025 and 2026, the BOI paid particular attention to semiconductors, data centres, digital activities and artificial intelligence. Data centres now follow specific criteria. Since July 2025, high-efficiency data centres can receive an 8-year exemption, and other data centres 5 years. Both are capped at the amount of investment, and the BOI sets conditions on energy and water efficiency and on tangible benefits for Thailand.
The global minimum tax and the new refundable tax credit
This is the most significant change for multinationals. Thailand has implemented the OECD’s 15% global minimum tax (Pillar Two) through the Emergency Decree on Top-up Tax B.E. 2567 (2024), which applies from fiscal years starting on or after 1 January 2025. It covers multinational groups with consolidated revenue of at least EUR 750 million.
For these groups, a tax exemption can now be offset by a top-up tax. The BOI and the Ministry of Finance are therefore introducing a Qualified Refundable Tax Credit (QRTC), compatible with Pillar Two. It would cover R&D, advanced skills development, production efficiency and sustainable investment, and unused credits would be refundable in cash. The Cabinet approved the principle at the end of 2025, and the system is being finalised through an amendment of the National Competitiveness Enhancement Act.
For SMEs and groups with global revenue below EUR 750 million, the classic BOI tax exemptions still apply in full.
Eligibility conditions
To obtain BOI promotion, a project must generally meet the following conditions:
- Eligible activity: it must appear in the list of activities eligible for promotion published by the BOI.
- Minimum investment: 1 million baht, excluding land and working capital. Knowledge-based activities use a minimum annual salary test instead, and some activities have higher thresholds.
- Debt-to-equity ratio: 3:1 maximum for new projects. Expansion projects are reviewed case by case.
- Value added: at least 20% of revenue, or 10% for some activities.
- Machinery: new machinery, or used machinery under strict age and condition rules.
- Environment: the project must comply with Thai environmental regulations, and some activities require specific certifications.
- Feasibility study: required for projects above 2 billion baht.
The application procedure
Step 1: Check eligibility
Before any formal step, check that the project’s activity appears in the current list of eligible activities on the official BOI website (boi.go.th). The activity’s category determines the level of incentives.
Step 2: Prepare the application
The application file typically includes:
- the official BOI application form
- a detailed description of the project, the technology and the machinery
- financial projections and a financing plan
- a feasibility study for projects above 2 billion baht
- the company’s registration documents, or the planned structure for a new company
- regulatory compliance documents for environmentally sensitive projects
The quality of the file is decisive. An incomplete or poorly argued application will be sent back or rejected. Working with a BOI specialist improves the chances of approval and helps secure the right level of incentives.
Step 3: Submit the application
Applications are submitted online through the BOI’s e-Investment system. The BOI usually holds a project clarification meeting with the applicant, at a BOI office or by video conference. For advice before applying, investors can go to the BOI desk at the TIESC at One Bangkok, or to the BOI’s regional and overseas offices.
Step 4: Review and approval
The BOI’s review period depends on the size of the project and runs from the date the complete file is submitted:
- up to 200 million baht: 40 working days
- from 200 million to 2 billion baht: 60 working days
- above 2 billion baht: 90 working days, with a decision by the Board
If the project is approved, the company must accept the decision within one month and apply for its promotion certificate within six months. The BOI then issues the certificate within 10 working days of receiving a complete file.
Step 5: Implementation after approval
BOI approval is not the end of the process. It is the start of the implementation obligations:
- setting up or amending the company at the Department of Business Development (DBD)
- tax registration (corporate income tax and VAT)
- importing the machinery within the set deadlines
- starting operations within the deadline set in the certificate
- reporting progress to the BOI
To set up the company itself, see our guide on setting up a company in Thailand as a foreigner.
Thailand FastPass and the time-limited measures of 2026
Thailand FastPass
Thailand FastPass was officially launched on 23 June 2026 by Prime Minister Anutin Charnvirakul, who handed certificates to 25 projects from 23 companies. FastPass is not an additional tax incentive. It coordinates eight government agencies to cut permit times by 20% to 50% for projects of at least 1 billion baht that have applied for BOI promotion, in sectors targeted by the BOI. Each project must invest at least 20% of its committed amount within six months. See our full article on Thailand FastPass.
Economic Recovery Investment Stimulus measure
This BOI measure is separate from FastPass and is open until the last working day of 2026:
- actual investment of at least 2 billion baht, excluding land and working capital, within 12 months of the promotion certificate
- additional incentive: a 50% reduction of corporate income tax for 5 years after the exemption ends
- open to projects in groups A1 to A4 that already receive a corporate income tax exemption
Measures open until the end of 2027
Other measures announced in January 2026 are open until the last working day of 2027. They cover the expansion of existing production bases, the relocation of regional operations to Thailand, upgrades in the automotive industry and Thai-foreign joint ventures for automotive parts.
Obligations after promotion
BOI incentives are not permanent. They depend on meeting ongoing obligations:
- Progress reports: until the BOI approves the start of operations, promoted companies must report their progress every quarter through the BOI’s e-Monitoring system, within 30 days of the end of each quarter (BOI Office Announcement Por. 8/2569). Once operations have started, an annual operating results report is due by 31 July each year. See our article on BOI quarterly progress reports.
- Operating conditions: the company must keep the promoted activity, the declared machinery and the conditions of the certificate.
- Social security: since 9 April 2026, all BOI-promoted companies must provide proof of their social security (SSO) contributions. Service companies and manufacturers with fewer than 30 employees provide it once a year, by 28 February. Manufacturers with more than 30 employees provide it every three months.
- Thai workforce: under BOI Announcement Por. 8/2568, manufacturers with more than 100 employees must keep at least 70% Thai staff, and foreign employees must meet minimum salary levels.
- Separate accounting: the accounts of promoted and non-promoted activities must be kept separate.
- Changes: any significant change to the project (activity, capital, shareholders, location) must be reported to the BOI.
Failure to meet these conditions can lead to the suspension or withdrawal of BOI incentives, in some cases with retroactive effect.
BOI and the Eastern Economic Corridor (EEC)
Projects located in the three provinces of the Eastern Economic Corridor (Chachoengsao, Chonburi and Rayong) can receive additional incentives, especially in the promoted zones of the EEC:
- additional years of corporate income tax exemption or reductions, depending on the zone and the activity
- dedicated infrastructure: industrial estates, the Laem Chabang and Map Ta Phut ports, U-Tapao airport
- a one-stop service for administrative procedures in the EEC
The EEC is particularly relevant for manufacturing, logistics and technology projects that need to be close to the ports and airports of the Eastern region.
Key points
- BOI promotion is the main route for foreign investors who want to hold a majority or all of a Thai company while benefiting from significant tax incentives.
- Corporate income tax exemptions range from 3 to 13 years depending on the activity group, with extra years for R&D, training and location.
- The review takes 40 to 90 working days depending on the size of the project, and a well-prepared file is decisive.
- Thailand FastPass speeds up permits for projects of at least 1 billion baht. The 50% tax reduction for investments of 2 billion baht made within 12 months is a separate measure, open until the end of 2026.
- Multinationals subject to the global minimum tax are moving towards a refundable tax credit system.
- BOI incentives depend on ongoing obligations: quarterly reports, proof of social security contributions and compliance with operating conditions.
Frequently asked questions about BOI promotion in Thailand
Can any foreign company obtain BOI promotion?
No. BOI promotion is granted to specific projects in eligible activities, not to companies in general. The project must meet the criteria of the activity, especially technology, minimum investment and environmental compliance. An eligibility assessment is essential before applying.
How long does BOI approval take?
40 working days for projects up to 200 million baht, 60 working days up to 2 billion baht and 90 working days above that, from the submission of a complete file. An incomplete file is sent back, which delays the process.
Does BOI promotion exempt a company from all taxes?
No. It exempts the company from corporate income tax for a set period, and from import duties on machinery and some raw materials. Dividends paid from the profits of the promoted activity during the exemption period are also tax-exempt. However, VAT applies normally (7%, a reduced rate extended until 30 September 2027), as do withholding tax on other payments, personal income tax on salaries and social security contributions.
Can a BOI company also run non-promoted activities?
Yes, but the accounts of promoted and non-promoted activities must be kept strictly separate. Tax incentives only apply to income from the promoted activity, and poor separation can put the incentives at risk.
Can an existing company apply for BOI promotion?
Yes. An existing company can apply for a new project or an expansion. Specific measures, open until the end of 2027, also target the expansion of existing production bases in Thailand.
What is Thailand FastPass?
It is a coordination mechanism launched in June 2026 that speeds up permits across eight agencies for BOI projects of at least 1 billion baht in targeted sectors. It does not give additional tax incentives. The 50% tax reduction for investments of at least 2 billion baht made within 12 months is a separate measure, open until the last working day of 2026.
Do I have to use a consultant to apply for BOI promotion?
It is not mandatory, but it is strongly recommended. The quality of the file is decisive for approval and for the level of incentives, especially the choice of activity category, the financial structure and the case for the project’s value to Thailand. A rejected application can be revised and resubmitted, but this takes extra time.
Where can I find official information on BOI promotion?
The BOI website publishes the list of eligible activities, announcements and the investment promotion guide. The BOI’s investor portal, osos.boi.go.th, covers procedures, visas and work permits.
BOI promotion is part of a wider move: Thailand aims to become a member of the OECD by 2028, and recent measures such as Thailand FastPass show the government’s determination to make the country more attractive to foreign investors.
Conclusion
In 2026, BOI promotion remains one of the most attractive investment frameworks in Southeast Asia. For a foreign investor planning a long-term presence in an eligible sector, it offers a unique combination: foreign ownership, substantial tax incentives, simpler work permits and stronger legal security. The move towards a refundable tax credit for multinationals subject to the global minimum tax does not reduce the appeal of the system. It updates it.
If you want to check whether your project qualifies for BOI promotion, prepare your application or manage your compliance after promotion, contact our team. We support foreign investors with their BOI projects from our offices in Thailand.
