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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
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