BOI s Investment Policies for Thailand 4.0

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1 BOI s Investment Policies for Thailand 4.0 Pannee Chengsuttha Executive Investment Advisor Thailand Board of Investment 7 June 2018

2 Outline Why Thailand Thailand 4.0 Introducing BOI Current Investment Promotion Policy Investment Incentives in the EEC BOI Services +

3 1 Why Thailand

4 Thailand s Competitiveness 20% Corporate Income Tax THAILAND Low Cost of Living Low Cost Office Space Well-Equipped Industrial Estates Well- developed Infrastructure Source: Compiled from Ministry of Commerce, Center for Economic and Business Forecasting (UTCC), Ministry of Finance and Thailand Board of Investment

5 Thailand Ranks High in International Surveys Thailand was ranked at 3rd for Ease of doing business among ASEAN countries and 26th globally in Country Rank Singapore 1 Malaysia 2 Thailand 3 Brunei Darussalam 4 Vietnam 5 Indonesia 6 Philippines 7 Cambodia 8 Laos 9 IMD World Competitiveness ranks Thailand 27th in its global competitiveness index for 2017 Country Rank China Hong Kong 1 Singapore 3 Taiwan 14 China 18 Malaysia 24 Thailand 27 South Korea 29 Philippines 41

6 2 Thailand 4.0

7 Thailand 4.0: a Next Step for Thailand s Economy THAILAND 1.0 Low Income THAILAND 2.0 Middle Income Light Industry THAILAND 3.0 Middle-High Income Heavy Industry / Advanced Machinery THAILAND 4.0 High Income Creativity + Innovation Smart Thailand Agriculture 7

8 10 Targeted S-curve Industries 5 New S-Curve Biofuels and Biochemical Digital Economy Medical Hub Automation and Robotics 5 First S-Curve Aviation and Logistics Agricultural and Biotechnology Smart Electronics Affluent Medical and Wellness Tourism Next-Generation Automotive Food for The Future 8

9 3 Introducing BOI

10 BOI s Core Functions Enhancing Competitiveness and Investment Facilitation Offers an attractive and competitive package of tax incentives. Imposes no foreign equity restrictions on manufacturing activities or on some service. Provide assistance in the provision of visas and work permits to facilitate entry and subsequent operation for a foreign-owned business. Waives restrictions on land ownership by foreign entities. Business Support Services Provides comprehensive information and advice on establishing operations in Thailand. Arranges site visits. Identifies potential suppliers, subcontractors, joint-venture partners. Provides useful contacts with key public and private organizations. Coordinates between the foreign business community and other public agencies

11 4 Current Investment Promotion Policy

12 BOI s Investment Policy Framework Policy Tax Incentives Facilitation 100% Foreign ownership No local content requirements No export requirements No restriction on foreign currency Exemption of import duties on machinery / raw or essential materials imported for use in production for export and for R&D Corporate income tax exemption up to 13 years 50% CIT reduction within 10 years Sector-based Incentives Up to 8-yearTax holiday for targeted industries in accordance with the Seven-Year Investment Promotion Strategy ( ) Technology-based Incentives Up to 13 year Tax holiday for core technologies or R&D projects Land ownership rights Work permit & Visa facilitation

13 New Chapter of Investment Promotion Thailand 4.0 Core Technology Industrial Cluster Bio-tech Bio-Med Mechatronics Embedded Technology Service Design & Technology Agriculture & Food Health & Wellness Smart Devices & Robotics Digital & IOT Creative, Culture and High Value Services From Volume-based Capital-driven Physical capital Manufacturing Sector-based & Standard Tax Incentive Investment 4.0 Value-based To Innovation-driven Human capital High value services Whole tailored packages & negotiations Prioritizing human resources and technology Targeted Industries Technology Investment-led Transformation Enterprise Infrastructure Human Resource 13

14 BOI Investment Incentive Scheme Activity-based Bio Industries Creative & Digital Industries High Value Business & Service Advanced Manufacturing Basic & Supporting Industries Technology-based + Biotechnology Nanotechnology Advanced Material Technology Digital Technology Area-based EEC 3 provinces SEZ 10 provinces Southern Border (4 provinces, 4 districts) 20 Provinces with the Lowest per Capita Income Industrial Estates/Zones Science and Technology Parks (Science Park, Food Innopolis, Space Krenovation Park: SKP) Merit-based Research & Development (R&D) Support academic/research institutes, or technology and human resource development funds IP licensing fee Advanced technology training Development of Local suppliers Product and packaging design Productivity Enhancement MAI Listing Support Agenda-based

15 Activity-based Incentives Incentives are largely based on several key factors i.e. level of technology, role in supply chain Bio-based & Medical Advanced Manufacturing Basic & Supporting High Value Business & Service Creative & Digital A1 A2 A3 A4 B1 B2 Incentives 8 years CIT exemption 0 year

16 Dashboard of Activity-Based Basic Incentives A1 A2 A3 A4 B1 B2 Exemption of Corporate Income Tax 8 years (w/ Cap) + Merit 8 years + Merit 5 years + Merit 3 years + Merit 0 year + Merit* - Exemption of Import Duty on Machinery - Exemption of import duty on raw material imported for use in production for export * Tax exemption will depend on the investment amount/ expenditure for enhancing competitiveness Non-tax

17 Technology-Based Incentives (1/2) Additional incentives for investment in the development of Core Technologies in which Thailand has potential to enhance the country s overall competitiveness and industries. Projects must be engaged in technology transfer by cooperating with educational/research institutions as stipulated by the Board, e.g. Technology Research Consortium CIT Exemption for 10 years + Merit (1-3 years) = Maximum of 13 years Targeted Core Technologies Biotechnology Nanotechnology Advanced Material Technology Digital Technology Enabling Services 1. Research and Development (R&D) 2. Vocational Training Centers (only in S&T) 3. Electronics Design For 2-6, only projects that utilize advanced technology, as approved by the Board 4. Engineering Design 5. Scientific Laboratories 6. Calibration Services

18 Productivity Enhancement Measure Invest or spend in R&D / advanced engineering designs Replace or upgrade machinery for energy conservation, alternative energy utilization, reduction of environmental impacts Upgrade production line to acquire international agricultural industrial standard Replace or upgrade machinery for efficiency enhancement, e.g. Automation, Digitalization 18

19 Productivity Enhancement Measure Eligibility Applicants must be existing businesses, whether BOI or non-boi promoted (except certain businesses). - In the case of non-boi status, the company must conduct a BOI-eligible activity. - In case of BOI status, CIT exemption must have already expired or has never been granted. Minimum investment of 1 million Baht (excluding cost of land and working capital) or 0.5 million for SMEs Incentives Exemption of import duties for machinery 3-year CIT exemption on the revenue of an existing project with the total tax exemption amount capped at 50% of investment in productivity enhancement (In case of investment in automation, the cap will be raised to 100% if minimum 30% local industrial linkages are reached.) Corporate income tax exemption period starts from the date of investment promotion certificate. Requirements Investment must be completed within 3 years from the date the promotion certificate is issued. Required KPIs include such productivity indicators as reduced unit direct costs, reduced processing time, reduced waste and reduced cycle time. Applications must be submitted by the end of

20 List of Activities Eligible for Promotion Agriculture and Agricultural Products Mineral, Ceramics and Basic Metals Light Industry Metal Products, Machinery and Transport Equipment Electronic and Electrical Appliances Industry Chemicals, Plastics and Paper Services and Public Utilities Technology and Innovation Development

21 5 Investment Incentives in the EEC

22 Enhancing Investment in the EEC Application deadline for 30 th December Must collaborate with education and research institutions to develop technology or personnel. Area 1. Area to encourage specialist businesses such as area of innovation for specialist economy (Eastern Economic Corridor of Innovation: EECi), area to encourage industry growth and digital innovation (Digital Park Thailand: EECd), Cities for Eastern Thailand Flights (EEC Aerotropolis: EEC-A) 2. Area to enhance business industry targets Currently 21 Industrial Estates. 3. Estates/industrial area within EEC including areas which the EEC committee has not announced as enhanced areas, according to provision 2. Please note: Businesses which benefit from this measure cannot receive further benefits from project 3, in which a business is established in a development area. 22

23 Investment Promotion Scheme for the EEC Targeted Industries in the EEC Promoted Zones for Specific Industries Targeted Industries: Additional 2 years of CIT exemption (could be more than 8 years) + 50% CIT reduction for 5 years Other Industries: Additional 3 years of 50% CIT reduction Targeted Industries Activities Supporting S&T Promoted Zones for Targeted Industries Targeted Industries: Additional 5 years of 50% CIT reduction Other Industries: Additional 3 years of 50% CIT reduction Basic Infrastructure Around 118 BOI Activities Other Industrial Estates / Industrial Parks Targeted Industries in the EEC: Additional 5 years of 50% CIT reduction 23

24 Cooperation with Education Institution, Research Institution, and Centers of Excellence TM Talent Mobility Program (TM) provides collaborative researchmatching services between the public and private sector. WiL DVT Dual CoE Co-operative NEW Work Integrated Learning (WiL) Provides collaborative educational services between educational institutes and the private sector in the form of Public Private Partnerships (PPP). Vocational Training (DVT) vocational educational institutes forming agreements with private firms, to create effective curriculums, training, testing, and evaluation for students to gain practical working experiences. Education (CoE) (for gradate study, university and college) structured method of combining classroom-based education with practical work experience. provides academic credit for structured job experience. Special vocational education project in the Eastern Economic Corridor 24

25 6 BOI Services

26 BOI Offers Manifold Support Services BOI Support Services SMART VISA NEW Interaction with other govt. agencies on behalf of investors Overseas offices 1-Stop for visas & work permits: work permits in 3 hours Subcontracting Development Program by BUILD Unit Country desks

27 One Start One Stop Investment Center (OSOS) More convenience Less time More efficiency! One Start One Stop Investment Center (OSOS) 18th Floor, Chamchuri Square Building, 319 Phayathai Road, Pathumwan, Bangkok Thailand Tel

28 New Services 28

29 Smart Visa launched on February 1, 2018 Smart Electronics Next-Gen Automotive Affluent, Medical & Wellness Tourism Office of the Board of Investment Biofuels & Biochemicals Automation & Robotics Bangkok Taking Thailand to Tel. New : (+66) Heights with Fax : (+66) Foreign Talents and Website : Technology 555 Vibhavadi-Rangsit Road, Chatuchak GPS : , Food for the Future Agriculture & Biotech The Smart Visa Program is intended to attract experts, senior managers, and investors to work or invest in technology companies to help develop the 10 targeted industries which will, in turn, drive technology and innovation in Thailand. Aviation & Logistics Digital Medical Hub

30 Eligibility and Benefits of SMART Visa SMART T Eligibility Science and technology experts Salary 200,000 baht/month Employment contract with remaining validity of 1 year Employing companies being in the targeted industries Rights and Benefits Maximum 4-year visa, but not exceeding the employment contract term No work permit required for working in the endorsed companies 90-day reporting to the Immigration extended to 1 year No re-entry permit required Spouse and children granted permission to stay and work in Thailand with no work permit required SMART I Minimum direct investment of 20 million baht Investing in companies using technology in manufacturing or delivering services and being in the targeted industries Maximum 4-year visa No work permit required for working in the endorsed companies 90-day reporting to the Immigration extended to 1 year No re-entry permit required Spouse and children granted permission to stay in Thailand Spouse granted permission to work with no work permit required

31 Eligibility and Benefits of SMART Visa SMART E SMART S Eligibility Holder of Bachelor s degrees or higher with work experience 10 years Salary 200,000 baht/month Employment contract with remaining validity of 1 year High-levels executives Working for companies using technology in manufacturing or delivering services and being in the targeted industries Fixed deposit of 600,000 baht with the remaining maturity term of 1 year Health insurance Participating in an endorsed incubation, accelerator program or a similar program/or obtaining joint venture with or being endorsed by a relevant government agency Must set up a company in the targeted industries in Thailand within 1 year with at least 25% ownership or being a board member Rights and Benefits Maximum 4-year visa, but not exceeding the employment contract term No work permit required for working in the endorsed companies 90-day reporting to the Immigration extended to 1 year No re-entry permit required Spouse and children granted permission to stay in Thailand Spouse granted permission to work with no work permit 1-year visa for the first time, renewable for <2-year if requirements are met No work permit required for working in the endorsed companies or projects 90-day reporting to the Immigration extended to 1 year No re-entry permit required Spouse and children granted permission to stay in Thailand Spouse granted permission to work with no work permit

32 Where to contact Smart Visa SMART Visa Unit One-Stop Service Center for Visas and Work Permits 18th Floor, Chamchuri Square Building, 319 Phayathai Road, Pathumwan Bangkok ext

33 Where to contact BOI Office of the Board of Investment 555 Vibhavadi-Rangsit Road, Chatuchak Bangkok Thailand Tel. : (+66) Fax : (+66) Website : GPS : ,

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