As per the Announcement of the Board of Investment No. Sor. 2/2567 (2024) re; the Modification of Digital Industry’s Investment Promotion, which was published on 15^th March 2024, the Board of Investment (so-called “BOI”) duly announced that a business activity in relation to the improvement of existing software for digital services or digital contents (“Software Improvement Activity”) shall be eligible to apply for BOI Promotion Incentives.

BOI CONDITIONS AND INCENTIVES FOR SOFTWARE IMPROVEMENT ACTIVITY

l) BOI’s Conditions

• Having the minimum investment capital of (each) the project at least THB 1.5 million per annum, calculated based on the salary expenses of (a) Thai IT personnel additionally employed after applying for the investment promotion and/or (b) temporary Thai IT personnel;
• The improvement plan shall be submitted as per the BOI’s specification;
• Changing of activity type is NOT allowed;
• Utilization of the existing or used machinery is allowed;
• The commencement of the full operation shall be within 12 months from the date of issuance of the BOI Promotion Certificate;
• NO extension of machinery importation is allowed; and
• NOT allow to own land.

ll)     Essential Incentives

KEY TAKEAWAYS

This update on the BOI’s investment promotion update will create opportunities for all existing software and digital service providers to expand and establish their new companies in Thailand as they will be able to invest and improve their existing software in Thailand without facing the foreign business restriction imposed by the foreign business regulations

For further information, please contact the author:

Mr. Bunnasomboon (Aaron) Chaiparinya

Partner & Head of Corporate Department

+66 95-493-1333

Email: [email protected]