BOI’s Measures to support start up businesses
24 August 2022
by Ishan Shah and Thitikarn Phatwiroon
The Office of Thailand Board of Investment has issued and announced the new measure for supporting start-up business. This is a special measure separate from a regular BOI promotion. The applicant for this measure must have following qualifications:
1. The Juristic Person is established under the laws of Thailand for not more than 5 years
2. The Promoted Activities must be in the targeted Industries, as follows:
- Agriculture and biotechnology
- Affluent and wellness tourism
- Biofuels and biochemicals
- Medical hub
- Smart electronics
- High value-added food processing
- Next-generation automotive
- Industries facilitate the Circular Economy
- Human Resource Development & Research and Development for Targeted Industries
3. Raised funds from Venture Capital and/or Corporate Venture Capital of not less than THB 5 million.
4. Has not received any support for personnel’s wages from other agencies.
5. Must offer the returns to the Competitiveness Enhancement Fund, or suitable organization, or the country, in order to generate high externalities such as technology transfer, stocks, cash, and other items.
Incentives scheme for the start up
1. Support for personnel’s wages for not less than THB 5 million.
- Not exceeding 50% of the personnel’s wages specializing in technology and management.
- Expenses used for calculation should not exceed THB 100,000/person/month
- Incentive period not exceeding 2 years
2. Permit to bring in foreign skilled workers under BOI Investment Promotion Act (Section 25/26).