BOI to provide incentives to certain start-ups

As a result of the government’s policy to increase competitiveness in certain industries, such as agriculture and biotechnology, aviation, biofuel and bio-chemicals, smart electronics, digital businesses, and automobiles, the BOI will establish the Increasing Competitiveness Fund to provide incentives to 30 start-ups in the targeted industries in 2022.

Keywords: Mazars, Thailand, Legal, BOI, Start-ups, Visa and work permit

18 May 2022

Applicants must meet the following conditions:

Be legal entities incorporated in Thailand less than 5 years previously.
Conduct business in one of the targeted industries.
Have received not less than THB 5 million in corporate or venture capital.
Not have received support personnel from other organizations for the project for which it receives the incentives.
Set and meet certain conditions in return for receiving the incentives, such as the transfer of technology, shares, cash, or in-kind contributions.

Incentives:

Support personnel wages of not less than 5 million baht, but no more than 50% of wages for employees performing technological and management work for a period of no more than 2 years.
Visa and work permit for foreign skilled workers and family.

Reference: The Board of Investment