Setting Up a Yacht Manufacturing Business in Thailand with BOI Support
Are you a yacht builder considering expanding your operations to Thailand? If so, the Thailand Board of Investment (BOI) offers valuable incentives that can help you establish a competitive presence in the region’s burgeoning maritime industry. Under BOI Activity No. 3.15, yacht builders and ship repair businesses can apply for promotional benefits, provided they meet specific conditions.
To qualify, your company must be involved in producing or repairing yachts measured in units, with certain eligibility based on the yacht’s weight. For vessels under 500 gross tons, they should be made from steel or fiberglass, equipped with engines and necessary onboard systems. Additionally, companies must achieve ISO 14000 certification within two years of beginning full-scale operations.
What Are the Benefits of BOI Promotion?
BOI promotion offers several compelling incentives that can greatly reduce the cost of setting up and operating your yacht-building business in Thailand. These include:
- Corporate Income Tax Exemption: A tax holiday of up to eight years.
- Exemption of Import Duties: No import duties on machinery, raw materials used for research and development, and raw materials for production intended for export.
- Non-Tax Benefits: Foreign companies can enjoy the ability to own land for their business and secure work permits and visas for expatriate employees.
These benefits not only provide financial relief but also make it easier for foreign companies to establish and operate businesses in Thailand. The BOI’s supportive policies are designed to encourage foreign investment and develop Thailand into a leading maritime and logistics hub in Southeast Asia.
Why Choose Thailand?
Thailand is more than just a tropical paradise; it’s also a strategic location for businesses looking to expand into Asia. The country’s government actively supports industries like yacht building, which contributes to Thailand’s robust maritime ecosystem.
With a proven track record in providing legal guidance for businesses across diverse sectors, Sukhothai Interlaw is your reliable partner in navigating the BOI application process. Our team of experienced lawyers has been assisting companies for over three decades, helping them leverage Thailand’s favorable investment climate.
If you are interested in learning more about how BOI incentives can benefit your yacht-building business, feel free to reach out to us:
Sukhothai Interlaw
17 Chan 35 Chan Road, Sathorn, Bangkok 10120, Thailand
Phone: +662 212 6866-7
Fax: +662 213 3124
Email: info@sukhothaiinterlaw.com
Website: www.sukhothaiinterlaw.com
Our team is ready to help you navigate the path to successful business operations in Thailand!
