Natural disasters that affect businesses struggling to get started can quickly dash the hopes of companies from becoming profitable as quickly as possible.
Currently, there is a flooding BOI advisory in Thailand for companies that have set up in flood-prone areas. This advisory will help them recover any losses caused by flooding.
Flooding a Seasonal Reality in Thailand
Because of the low elevation of the central plain of Thailand, the country suffers from flooding during the monsoon season. As Bangkok and most of the industrial estates in Thailand occupy this low-lying area, the business sector can be particularly hard-hit during floods.
The Board of Investment (BOI) in Thailand offers support in the form of tax holidays depending on the BOI zones the companies are registered under its promotion.
The flooding advisory provides tax relief to BOI promoted companies that may be suffering from the effects of seasonal flooding in their offices or manufacturing places of business.
Role of the BOI in Thailand
The issuing of this flood BOI advisory in Thailand serves as an illustration of the role the BOI plays in businesses registered under its promotion.
The BOI was established to encourage investment in Thailand-establishment businesses and startups, primarily in the technology sector. They serve as a way to receive tax and other benefits by creating companies that will help the Thai economy prosper from the worldwide focus on technology.
The businesses under BOI promotion include biotechnology, advanced manufacturing, engineering, medical, and digital companies. Companies who enjoy a BOI registration also benefit by having relaxed rules about visa and work permits for skilled foreign employees in addition to the tax benefits they receive.
If your company is registered under the BOI and your business has suffered from the effects of floods in your area, contact the BOI about applying for the tax holidays offered.