Hi!
Does anyone here have in-person experience in setting up a BOI promoted company?
I don’t mean a shell-company, but an actual one.
I’ve been to two legal offices, met two different lawyers and both stated that what I’m willing to do both meets all requirements for BOI promotion and looks well-calculated in terms of business plan, but they proposed two completely different approaches to the process itself.
#1. Suggested filing for the BOI promotion under my name and then, when approved, filing for incorporation
#2. Insisted on starting with renting an actual office and setting up the company first, then applying for the BOI promotion
Option 1. is obviously tempting as it involves substantially less cost hence virtually no financial risk whatsoever(except for processing fees and lawyer’s remuneration) in case my applications gets rejected.
But
Option 2. Although more expensive (paying the rent and accounting fees for a practically idle company for at least several months), seems a bit more intuitive, as an already existing company obviously looks more convincing than a private individual who is only about to set up a company.
Does anyone have any experience in any of the above routes?
TLDR : Answer Summary
The discussion revolves around two different strategies for setting up a BOI promoted company in Thailand. One approach is to apply for BOI promotion as an individual prior to incorporating the company, which is less costly and lower risk if the application is rejected. The other approach suggests incorporating the company first and leasing an office space, which, despite being more expensive, presents a more credible business case to the BOI. The respondent advises reaching out directly to the BOI for guidance tailored to the individual's specific situation.
