Congratulations! Receiving the approval letter from the Thailand Board of Investment (BOI) is a major milestone in your investment journey. It’s a clear signal that your project has significant potential and has earned the confidence of the Thai government.
However, the most dangerous mistake an investor can make at this stage is to think, “the job is done.” In reality, the approval marks the beginning of a new phase, one governed by strict conditions and compliance requirements. Overlooking these obligations can lead to the revocation of all the valuable privileges you have worked so hard to secure.
This checklist is your strategic map for the next 6-12 months. It is designed to ensure you navigate the critical post-approval steps correctly, securing your benefits for the long term and maximizing the full potential of your investment.
Phase 1: The First 60 Days – Acceptance and Certification
The period immediately following your approval is critical, with time-sensitive actions that form the foundation for all subsequent steps.
- Checklist Item #1: Accept the Resolution. You must formally notify the BOI of your acceptance of the promotion decision. This is typically required within 30 days of receiving the approval letter.
- Checklist Item #2: Apply for the Promotion Certificate. The approval letter is not the final document. You must submit a separate application, along with your updated company registration documents, to be issued the official Promotion Certificate. This certificate is the legal instrument that details all your rights, benefits, and conditions. The process usually takes about 10 working days after document submission.
- Checklist Item #3: Fulfill Initial Conditions. The BOI may have stipulated certain conditions to be met before the certificate is issued. A common requirement is to register an increase in your company’s share capital to meet the amount specified in your approved project plan.
Phase 2: The First 6-12 Months – Activating Your Benefits
Once you have the Promotion Certificate in hand, you can begin the process of activating the specific privileges you have been granted.
- Checklist Item #4: Get Approval for Foreign National Positions (e-Expert System). To bring in foreign experts and technicians, you must use the BOI’s online “e-Expert System” to request approval for specific positions and qualifications. Only after the BOI approves these positions can you proceed with visa and work permit applications.
- Checklist Item #5: Apply for Machinery Import Duty Exemption. Before importing any machinery, you must submit a master list of all equipment you intend to bring in under the duty exemption privilege. The BOI must approve this list before the machinery arrives in Thailand to be eligible for the tax waiver.
- Checklist Item #6: Submit Project Progress Reports. You are required to keep the BOI informed about your project’s implementation. Progress reports are typically due at 6 months, 1 year, and 2 years after the Promotion Certificate is issued. These reports ensure your project is developing in line with the approved plan.
Ongoing Compliance: The Key to Long-Term Success
Securing your benefits is a marathon, not a sprint. Maintaining compliance with long-term conditions is essential to the continued success and legality of your operation.
- Requirement #1: Achieve Full Operation. This is a critical deadline. Promoted companies generally have 36 months from the date the Promotion Certificate is issued to be fully operational (i.e., ready to generate revenue). Failure to meet this deadline without a formal extension can result in the revocation of your promotion.
- Requirement #2: Maintain All Conditions. The conditions listed on your Promotion Certificate—such as export ratios, local sourcing requirements, or investment in R&D—are not one-time hurdles. They must be maintained throughout the entire period you are receiving benefits.
- Requirement #3: Submit Annual Reports. Every promoted company must submit an annual report (Form TorSor 310) detailing its operational and financial results, typically by July 31st of the following year. This, along with your audited financial statements, is used by the BOI to monitor your ongoing compliance.
Conclusion
Think of the BOI approval process this way: you have just won a difficult race to earn a spot on the starting line. The race to long-term success, however, is only just beginning, and winning it depends on disciplined compliance.
Post-approval compliance is every bit as important as the initial application itself. It protects your investment, secures your financial advantages, and builds a foundation of trust with Thai authorities.
Need to review the entire BOI journey again? Read our Complete Guide to BOI Promotion.
Don’t let complex paperwork put your investment at risk. Contact us to inquire about our annual BOI compliance and reporting services.