Application process by BOI
The Application process by the BOI takes in total around 10-14 weeks.
The first step is to file an application based on the official government forms. The form that needs to be filled out depends on the type of activity that the promoted company shall engage in.
Second, the BOI officer in charge will invite the applicant for an interview with the BOI. The interview is the most important part of the application, in which the applicant will have to present his proposed business. The applicant will be required to present several aspects of the company, not exhaustive but inclusive of production processes, a marketing strategy and the backgrounds of management staff.
Depending on the impression to the BOI officer at the interview, the officer will give a suggestion to the Board of Investment whether the applicant should be granted BOI privileges or not. In case of a successful application, the company has to be setup within 6 months and 25% of registered share capital have to be paid up. Once the company has been setup, a Foreign Business License application has to be submitted, according to the procedure described in the article on how to obtain a foreign business license. Different to a normal application for a foreign business license, the BOI promotion letter gives a near to 100% guarantee, although not a legal title, to obtain the foreign business license.
Once the foreign business license has been granted, the incorporation and foreign business license documents have to be submitted to the board of investment (BOI). Subsequently, the Board of investment will issue the promotion certificate documents.