Foreign own business is subject to the Foreign Business Act B.E. 2542 (1999) or Investment Promotion Act B.E. 2520 (1977) (known as “BOI Approval”) or Petroleum Act B.E. 2514 (1971) or Industrial Estate Authority of Thailand Act B.E. 2522 (1979).

 The fully paid-up capital is required when only can apply work permit with paid-up capital of every 2 million THB.

 BOI tax incentives: 3 years corporate tax exemption for Zone 1 and outside Zone 2. For Zone 2, 7 years of corporate tax exemption (Electronic Industry in Zone 2 [both inside & outside] enjoys 5 years exemption). Whereas tax incentives of 8 exempt & 5 reduce for Zone 3, 8 exempt outside. All BOI entities in Zone 1-3 are required to obtain ISO9000 or relevant international certificates within 2 years, otherwise the corporate tax exemption period will be reduced 1 year.

 For small and medium enterprise (SME) with paid-up capital not exceeding 5 million THB, corporate income tax can be divided into 3 categories: 15% (net profit less than 1 million), 25% (net profit between 1,000,001-3,000,000), 30% (net profit more than 3 million).

 For all BOI entities, withholding tax can be exempted during the tax exemption period but 10% will be imposed after the tax exemption period.

 Personal income tax is applicable at five-stage tax rates: 0%(<150,000 THB/Y), 10%(100,001 THB/Y to 500,000 THB/Y), 20%(500,001THB/Y to 1,000,000 THB/Y), 30%(1,000,001 THB/Y to 4,000,000 THB/Y), 37% (> 4,000,000 THB/Y).

 Documents should be approved only by Ministry of Commerce in Thailand. The process will last approximately 6 months.