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Based on the uncertainties impacted by Trump’s Tariff Trade War, foreigners in Thailand still relieve doing business in Thailand. Foreigner who plan to start doing business in Thailand can focus on the promoted businesses.
Foreigner can do business in Thailand with 100% owned business without the licenses:
- Broker or an agent in the sale, purchase or procurement of goods or services necessary for production or the provision of services amongst affiliated enterprises.
- Wholesale of goods with its capital more than Baht 100 million.
Special promotion schemes under BOI permit foreigner to own 100% business in new trend and technology industry enjoying more incentivessuch as:
- Biofuels and Biochemical
- Nanotechnology
- Advanced Material Technology
- Digital Economy
- Medical and Healthcare
- Automation and Robotics
- Aviation and Logistics
- Agricultural and Biotechnology
- Smart Electronics
- Affluent Medical and Wellness Tourism
- Next-Generation Automotive
- Food for The Future
Some examples of incentives for foreigners from these promoted and focus business are:
- Land ownership rights
- Work Permit and VISA facilitation
- Same personal income tax allowances as Thai person
- Other allowances such as Children allowance, Spouse allowance, House installment allowances etc.
- Tax Planning Rights such as Double Tax Agreement (DTA)
- Special allowances from actual payments in Thailand such as donations, insurance, investment funds, etc.
In addition, foreigner can apply for Long Term Resident (LTR) VISA which is a program that provides tax and non-tax benefits. LTR visa adopts “Work from Anywhere” concept and provides foreigner who needs to work in Thailand a relax atmosphere with lower cost of living. The scheme attracts talented foreigners to invest more in Thailand and expand more activities among ASIAN countries.
In general, the incentives are:
- 10 years renewable VISA
- Fast Track Services at International Airport
- Exemption for Thai employment condition
- Exemption of re-entry permit
- Digital Work Permit
- 17% personal income tax for Highly-skill professionals
In addition, the foreigner who has the retirement plan in Thailand can also apply for such LTR to enjoy the same benefits and incentives.
Reference/Citation
Tax Allowances for 2023 and 2024 | Nishimura ＆ Asahi
https://www.nishimura.com/en/knowledge/publications/tax-allowances-for-2023-and-2024
Thailand Investment and Expat Services Center
Issues New Incentives to Attract Foreign Investors, Retirees and Professionals. | UN Trade and Development (UNCTAD)
