AI-Travel is planning to establish a 100% foreign-owned Thai Co., Ltd. to operate a AI-based tourism and mapping content business in Thailand. The goal is to leverage Thailand’s Board of Investment (BOI) promotion to fast-track setup and enjoy incentives while complying with local laws. This document provides a comprehensive step-by-step guide – from choosing the right BOI promotion category through company formation, BOI approval, and operational kickoff – tailored to AI-Travel’s business model. We take a skeptical, execution-focused approach, highlighting requirements, potential risks, and the critical actions needed to ensure a smooth setup. Key considerations include: selecting the fastest-approval BOI category, meeting capital and hiring conditions, aligning the development roadmap with BOI expectations, and preparing for possible challenges. The tone is intentionally pragmatic, aiming to build client trust by emphasizing compliance and risk management at every stage.
BOI Category 5.10: “Development of Software, Digital Platforms, or Digital Content” is the most suitable and expedient promotion category for AITRAVEL platform. This category (consolidated in late 2021) specifically covers software development and digital content creation – which aligns perfectly with AI mapping and virtual tour services – and it offers A2-level incentives (a high tier of BOI incentives). Key features of this category:
Priority Status & Fast-Track Approval: Digital technology projects are a priority sector for Thailand. Category 5.10 was introduced to streamline all “software, e-commerce, and digital services” under one umbrella, signaling the BOI’s commitment to fast-track these investments. AI-Travel content platform squarely fits this definition, which should facilitate a smoother and quicker evaluation (as opposed to ambiguous categories or those requiring special ministry approvals).
100% Foreign Ownership Allowed: Under BOI promotion, the company can be fully foreign-owned from day one without needing a Thai shareholder. This is a critical advantage, as normally a foreign-majority service business would require a Foreign Business License. BOI promotion serves as an exemption under the Foreign Business Act, effectively allowing 100% foreign shareholding and control as soon as the promotion is granted. (This benefit is a standard BOI non-tax incentive, even if not explicitly labeled in the category description.)
Tax Incentives: Category 5.10 projects receive up to an eight-year corporate income tax (CIT) exemption (capped) as an A2 incentive This means AI-Travel could pay 0% corporate tax on qualifying income for 8 years, up to a cap determined by its expenditures (explained later). Such a long tax holiday is extremely valuable for a growing tech company. We note that the CIT exemption is “capped” based on certain expenses – specifically, the cap is calculated from the company’s qualifying expenditures (e.g. salaries of Thai IT staff, relevant training, etc.) after promotion. In practice, this encourages reinvestment into local operations (like hiring Thai talent) to maximize tax benefits.
Non-Tax Incentives: In addition to tax breaks, BOI promotion confers vital non-tax incentives. AI-Travel’s Thai entity will not be subject to foreign ownership restrictions for the promoted business activities, meaning it can legally operate its AI tourism service as a foreign entity. The company will also gain expedited visa and work permit processing for foreign employees (through BOI’s One-Stop Service Center), and the ability to repatriate funds freely. (While land ownership is a BOI privilege for some projects, office-based digital companies typically lease premises – owning land is neither necessary nor assured under this category.) These non-tax benefits will greatly simplify establishing the core team of 5–8 foreign experts in Thailand.
Why Category 5.10 is the Fastest Route: This category is a well-defined path for tech/digital companies, which means the BOI is very familiar with businesses like AI content platforms. The criteria are straightforward (focused on hiring Thai IT staff and doing the development locally), and no additional sectoral regulators need to weigh in (unlike, say, healthcare or infrastructure projects). Importantly, the scale of AI-Travel’s project (THB 4–6 million capital and <10 expat staff) is relatively small, which keeps it below thresholds that would trigger lengthy board deliberations. BOI projects with modest investment value and no environmental or national security implications are often approved at the departmental level, potentially cutting down approval time. In summary, Category 5.10 offers the optimal mix of relevance, high incentives, and procedural efficiency for AI-Travel’s Thailand venture.
To succeed under Category 5.10, AI-Travel must be prepared to meet specific BOI requirements from day one. The BOI’s promotion comes with conditions that ensure the project contributes to Thailand’s economy and skill base. The main requirements for the “software/digital content development” category include:
Local Development in Thailand: The core software/platform development or content creation must be carried out in Thailand under BOI oversight. In practice, this means the development work for the AI-Travel platform should commence after the BOI application is filed and must primarily occur in Thailand.. AI Travel cannot simply use a fully-developed AI product from abroad and only set up a sales office in Thailand; there must be a substantial development or tech improvement activity happening locally. This is important not only for compliance but also to justify the BOI incentives (which are aimed at fostering local tech innovation).
Risk Note: BOI regulations explicitly list certain “development” activities that do not qualify as value-added development. For instance, purely cosmetic computer graphics work or basic digital art might be excluded from promotion. AI-Travel should ensure its AI content involves complex software development or innovation (e.g. interactive AI platform features, ML technology, etc.), rather than just straightforward media production. Emphasizing the technical complexity of the AI experience will be key in the application.
Hiring Thai IT Personnel – Minimum Salary Expense: A promoted project must hire Thai information technology personnel such that their combined annual salaries are at least THB 1.5 million (approximately USD 45,000). These should be “new” Thai IT hires brought on board after the BOI application date (to ensure the project is creating new jobs). In practical terms, AI-Travel will need to employ a few skilled Thai developers or IT staff – for example, this budget could cover 3–4 Thai IT professionals with competitive salaries. This is a minimum requirement to qualify for BOI promotion in this category, and it also directly ties into the tax incentive: the company’s CIT exemption cap will be calculated in part from these Thai salary expenses.
Timeline for Hiring: While the BOI application itself doesn’t require that Thai staff are already hired, AI-Travel must present a plan to recruit Thai IT talent and should budget for at least THB 1.5M/year in local IT payroll. Practically, the Thai hires should be in place by the time the company is operational and certainly in the year it wishes to start using the tax exemption. Failing to meet this hiring threshold means the project would not be approved or (if approved with a plan) could later lose the tax benefits. We strongly advise beginning the search for qualified Thai developers early, so that they can be onboarded as soon as BOI approval is obtained.
Foreign-vs-Thai Staff Mix: Notably, BOI does not impose a strict foreign-to-Thai employee ratio (the typical 4:1 ratio under general law is waived for BOI companies). However, the expectation is that the company will blend foreign expertise with Thai talent, especially in IT roles. AI-Travel plans 5–8 foreign employees initially (for core AI development and design). To satisfy BOI and operate effectively, the company should plan to have at least 2–3 Thai IT staff within the first year. This will demonstrate knowledge transfer and local capacity building – points BOI often looks for. It also mitigates operational risk (relying solely on expats can be costly and may raise questions from officials about local benefits).
Minimum Capital Investment: Unlike manufacturing projects, digital service companies have modest tangible capital needs. BOI category 5.10 does not mandate a high fixed asset investment, but the project should be well-capitalized to support its software development process and personnel. Typically, BOI expects a minimum registered capital of at least THB 1 million (excluding working capital and land costs) for such projects. This capital will be critical for covering startup expenses (office setup, equipment, and salaries) until the business generates revenue.
Capital Injection Milestones: Thai law generally requires at least 25% of registered capital to be paid in at the time of company registration. For a THB 5 million capital, that means ~THB 1.25 million initial paid-in capital (the remainder can be called in over time as needed). AI-Travel should be prepared to inject funds promptly according to the business plan submitted to BOI. The BOI may ask for proof of capital availability during the application (e.g., bank statements of the investors) to ensure the project is financially viable. After approval, timely remittance of capital into the Thai company’s bank account will be necessary to actually execute the project plan (and to satisfy work permit authorities that the company is sufficiently capitalized).
Development Infrastructure (Equipment and Tools): The BOI expects that the company will have the necessary machinery and software tools to carry out the development work. For an AI business, this means computers, software licenses, servers/cloud services, etc. AI-Travel doesn’t need to make massive equipment purchases, but it should allocate part of the budget for development infrastructure. Notably, BOI has relaxed rules to allow the use of used equipment or existing software for digital projects (unlike some sectors where only new equipment counts as investment), which gives flexibility. Still, the company should document what tools/tech it will deploy for development, as this may be described in the application to demonstrate readiness.
Project Scope Limitations: The BOI promotion will cover only the activities related to software platform and digital content development as described in the application. AI-Travel must focus on its AI tourism platform and related services (e.g. AI tour content creation, platform subscription or licensing to clients). Activities outside this scope will not be protected by BOI status. For example, acting as a tour operator or travel agency is not covered under this category – those are considered general services (or specific tourism business) and would normally be restricted for foreign companies. In fact, the BOI explicitly states that pure trading or service activities like retail e-commerce are excluded from this promotion. AI-Travel should be mindful to keep any traditional tourism business models (such as organizing physical tours, booking hotels/flights, etc.) separate or pursue additional permissions if needed. The BOI-approved Thai company should primarily be a tech/content provider (an “AI tourism tech company”), not a conventional tour service provider. Keeping this clarity will avoid regulatory issues and ensure the company’s revenue qualifies for the BOI incentives (see next point).
Revenue from Promoted Activities: To enjoy corporate tax exemption, the company’s revenues must derive from the promoted activities – in this case, sales or service income related to the AI software/platform or content developed under BOI promotion. Acceptable revenue streams would include, for instance, subscription fees from users of the AI tourism platform, licensing fees from business clients, in-app purchases, advertising or sponsorship within the AI platform, or fees for custom AI-educational content creation If the company were to earn income from unapproved activities (say, commissions from real-world bookings or selling travel merchandise), those revenues would not be tax-exempt and could even violate the Foreign Business Act if not covered by the BOI certificate. Thus, AI-Travel should clearly delineate its business model around the VR/digital services in both planning and operations. If later the company wants to expand into new revenue streams, it should consult advisors to see if a separate BOI promotion or a license is needed.
Meeting these requirements is critical for BOI approval. The application and subsequent operation must be structured to prove compliance with each point above. BOI officials will scrutinize the business plan for evidence that AI-Travel will hire Thai talent, conduct genuine development work in Thailand, invest adequately, and focus on the approved scope of business. Any weakness or vagueness in these areas could slow down approval or lead to conditions. Therefore, upfront preparation is essential – the next sections of this document will detail how to set up the company under these conditions, the step-by-step process to obtain BOI approval, and how to execute the plan in alignment with BOI expectations.
Establishing a BOI-promoted company involves several stages, each requiring careful execution. Below is a full detailed roadmap of how AI-Travel will go from an initial BOI application to a fully operational Thai company. We outline each step in sequence, indicating responsibilities, documents needed, and pitfalls to avoid. Following this process diligently is key to achieving a 100% foreign-owned setup from day one under BOI promotion.
Step 1: Initial Planning and Preparation
Project Scoping & Feasibility: Confirm that the business activities align with BOI Category 5.10. AI-Travel’s management should articulate the core elements of the AI tourism platform – e.g. the technology to be developed, target users, and how it’s innovative. This forms the basis of the BOI project description. If any aspect of the plan seems outside the promoted scope, decide whether to exclude or adjust it now (to avoid complications in the application).
Engage Advisors: It is highly advisable to engage a local consulting firm or advisor experienced in BOI applications for tech companies. While not mandatory, their expertise can speed up document preparation and anticipate BOI’s questions. Given the aggressive timeline desired, professional guidance will help prevent costly mistakes or delays.
Document Gathering: Start assembling all necessary documents. Key documents include: passports and personal details of all founders/investors, a draft business plan, financial projections, information on the technology (e.g. whitepaper or pitch deck explaining the AI platform), and any references for the investors’ financial standing (to show they can fund the THB 4–6M investment). If AI-Travel already has an overseas entity, some incorporation documents from that entity might be needed to show the relationship. Additionally, prepare outlines of roles for each of the 5–8 foreign staff and any identified Thai positions – this helps in the organizational plan section of the BOI application.
Financial Plan: Prepare a 3-year financial forecast for the Thai operation, including projected revenue, expenses, and capital injections. The BOI will want to see how the THB 4–6M will be utilized and when the company expects to break even or profit. Emphasize spending that aligns with BOI’s criteria (for example, specify at least THB 1.5M/year under “Local staff salaries” in the projections to meet the Thai IT personnel requirement). Also outline investment in equipment/software for development and any planned R&D expenditure.
Development Roadmap Draft: Map out a high-level development timeline for the AI platform – e.g. Phase 1: develop core platform and sample AI tours support and eductaion (Months 1–6), Phase 2: expand content library and features (Months 7–12), etc. This demonstrates to BOI that there is a clear plan to commence and carry out the project. (This roadmap will also be refined and used internally; see later sections.)
Step 2: BOI Application Submission
Online Application (e-Invest): Thailand’s BOI applications are submitted via an online system (the BOI e-Invest portal). AI-Travel (or its appointed consultant) will need to create an account and fill out the investment promotion application form. This form covers details such as: company name (you may use a tentative name if not yet incorporated), project description, investment amount, equity structure, number of employees (Thai and foreign), and a detailed project plan. Attach the business plan, financial projections, and any supporting documents prepared in Step 1. Ensure that every BOI requirement is explicitly addressed in the application – for instance, state: “The company will hire X Thai software developers with combined annual salary of ~THB 1.8M, exceeding the BOI requirement of THB 1.5M” – this preempts questions and shows proactivity.
Application Fee: Pay the required BOI application fee (if any – BOI may charge a small fee for processing, depending on the project). Confirm the submission and keep a copy of the application summary. The submission date is important since, as per BOI rules, any hiring of Thai IT staff or purchase of equipment after this date can count towards the project – and development work should ideally start after this point, not before, to be compliant.
Initial BOI Screening: After submission, the BOI officers will do an initial review. They may reach out within a couple of weeks for additional information or to schedule a meeting. During this period, it’s crucial to respond quickly to any BOI inquiries. Common requests at this stage include clarifications on the technology (they might ask for a presentation or more technical details) or on financials (ensuring the investors have the capability to inject the capital). Being prompt and thorough here keeps the process on a fast track.
Step 3: BOI Interview/Presentation (if required)
Preparation for Q&A: It’s typical (especially for tech projects) that BOI will invite the applicant to a meeting or call. This is not an adversarial interrogation, but rather a discussion for BOI to fully understand the project. AI-Travel’s founders should be ready to present the business plan succinctly and highlight how it meets all promotion criteria. Anticipate questions like: “What makes your AI platform innovative?”, “Why do you need foreign experts – will there be knowledge transfer to Thais?”, “Who are your potential customers and revenue sources?”, and “What is the timeline for hiring and investment?”. Have clear, honest answers emphasizing long-term commitment to Thailand and contributions (jobs, technology) locally.
Demonstration: If possible, prepare a visual demo or slides of the AI-Travel concept. BOI officers may not be familiar with AI travel aplications, so a short demo can excite interest and clarify the concept. However, ensure it’s clear the product is still under development (or will be further developed in Thailand) – you don’t want to give the impression the product is fully finished abroad, which could undercut the need for a Thai development operation. Instead, stress that Thailand will be your development hub for improving and expanding the AI content library and technology.
Meeting Outcome: In many cases for small projects, the BOI officers can make a recommendation decision shortly after the interview. They might even give informal feedback in the meeting (e.g., “Your project sounds suitable; we will proceed to submit it for approval”). Alternatively, they may request additional documentation following the meeting – for example, if any detail was lacking, they might ask for a revised financial plan or a letter confirming something. Respond to these requests rapidly. The faster you satisfy their queries, the sooner your project moves to the approval stage.
Step 4: BOI Approval Decision
Approval Process: Once the BOI is satisfied with the application and any follow-ups, the project will be up for official approval. For an investment of THB 4–6M in the digital sector, the decision is typically made by the BOI Office (the Secretary General or a sub-committee) rather than waiting for a full BOI Board meeting. The target timeline for approval of projects in this size/category is often around 40–60 working days from complete application. (In practice ~3–4 months is common for tech startups.) AI-Travel should keep track of this timeline and maintain gentle contact through their consultant or BOI contact for status updates if it nears the upper end of the estimate.
Approval Letter: Once approved, the BOI will issue an approval letter (decision letter) outlining the granted promotion and any specific conditions. This letter will explicitly state the BOI promotion category (5.10), the incentives granted (e.g., 8-year CIT exemption capped by expenses, import duty exemptions on specified items, etc.), and the key conditions to maintain (such as hiring Thai IT staff with 1.5M baht in salaries, etc.). It may also include deadlines – for instance, a deadline to establish the legal entity and apply for the BOI promotion certificate. Carefully review this letter to ensure all details align with what was expected.
Accepting Conditions: Typically, the investor must formally accept the BOI conditions. This might involve signing a form or simply acknowledging the terms via the e-Invest system. It’s usually a formality, but an important one – the promotion isn’t fully active until you accept and commit to abide by the conditions. Do this promptly. At this stage, AI Travel can confidently move into executing the project on the ground, as BOI approval is in hand.
Step 5: Company Incorporation (Thai Company., Ltd. Registration)
Structure and Shareholding: With the BOI approval secured, AI Travel can now register the Thai company with the Department of Business Development (DBD) as a 100% foreign-owned entity. The company’s structure (shareholders, directors) should reflect what was stated in the BOI application. All founders (foreigners in this case) will be shareholders – ensure their names, nationalities, and share amounts are exactly as per the plan. Any deviation might cause later hiccups when issuing the BOI certificate or the Foreign Business Certificate.
Capital Registration: Register the company with the authorized capital that was committed (e.g., THB 5,000,000). As noted, at least 25% (THB 1.25M) must be paid in initially – usually, the directors sign a declaration to that effect. In practice, shortly after incorporation, those funds should be deposited into the company’s new bank account to show the capital is injected. The DBD will not verify the fund transfer at registration, but other agencies might later, so it’s good practice to do it.
Document Filing: The incorporation process involves reserving the company name, filing the Memorandum of Association, and submitting the Articles of Association, list of shareholders, and director details. A key advantage of having the BOI approval letter now is that when filling out the company’s objectives in the registration forms, you can include business objectives that normally would be restricted (like “service business related to software development and tourism technology”). If the DBD officials see foreign shareholders with such objectives, they will expect to see a BOI reference. Typically, attaching the BOI approval letter or referencing the BOI promotion in the application can ease the process. It tells DBD that this company will be getting a Foreign Business Certificate via BOI, so the registration of a foreign-owned service company is acceptable.
Timeline: Company registration in Thailand is relatively quick – it can be completed in 3–7 days once all paperwork is ready and signed. AI Travel’s representatives (or appointed consultant) will need to sign documents and possibly be present (or give power of attorney) for registration. It’s important to use the same spellings for names and addresses as in the BOI documents to avoid any clerical mismatches. After registration, the company will receive a company affidavit, certificate of incorporation, tax ID, and shareholder list.
Step 6: BOI Promotion Certificate Issuance
Formal BOI Certificate Application: After the company is incorporated, the next step is to obtain the official BOI Promotion Certificate in the company’s name. The BOI approval letter is like an in-principle approval for the project, but the certificate is the formal document that solidifies the incentives and permissions. To get the certificate, AI Travel must submit an application to BOI attaching the newly issued company registration documents (affidavit, tax ID, list of shareholders, etc.), and evidence that the BOI conditions are being followed so far. Since little time has passed since approval, this is mostly a formality; however, BOI will check that the company’s registered objectives match the promoted activity and that the registered capital meets or exceeds what was promised.
Compliance Check: BOI may ask for an update on the project implementation. At this point (very early stage), the main thing is that the company exists and has the means to start the project. They might inquire if any Thai staff have been hired yet or when hiring will commence. It’s okay if the hires are still in process; you can reaffirm the hiring plan and timeline. If any Thai IT personnel are already identified or onboard, mention it as a positive.
Issuance of Certificate: Once everything is in order, BOI will issue the Investment Promotion Certificate (essentially the BOI license). This document will enumerate the granted rights (e.g. permission to operate a software/content development business with foreign ownership, CIT exemption for 8 years up to X amount, duty exemptions, etc.). It will also list key requirements and the validity period of the promotion. For instance, it might state that the company must commence operations by a certain date (often within 1 year of issuance – more on this in the next section on timeline) and that annual reports on the project progress must be submitted. The certificate is a crucial document and will be needed for subsequent steps, so handle it carefully (multiple certified copies should be made).
Foreign Business Certificate: In parallel with or immediately after receiving the BOI Promotion Certificate, the company should apply for a Foreign Business Certificate (FBC) from the Ministry of Commerce. This is effectively the document that formalizes the company’s exemption from the Foreign Business Act restrictions due to BOI promotion. The application for an FBC is simpler when backed by BOI – one submits the BOI certificate and company details, and the Ministry of Commerce issues the certificate typically within 15–30 days. In many cases, BOI coordinates with the Ministry to streamline this step. Once the FBC is obtained, the company is fully licensed to operate its service business in Thailand as a foreign-owned entity without any local equity requirement. (Note: The FBC is distinct from the BOI certificate; the BOI cert gives the incentives, while the FBC is the legal operating license under FBA. Both are important to have on record.)
Step 7: Post-Registration Setup and Compliance
Tax and Accounting Setup: With the company and BOI in place, ensure all tax registrations are completed. If the company will generate revenue soon or spend above threshold, register for VAT (Value Added Tax) – likely yes, since service businesses must register for VAT if revenues exceed THB 1.8M/year, which is expected. Social security registration is needed once you start hiring employees (must register as an employer within 30 days of hiring the first employee). Set up accounting systems and engage an accountant to handle monthly filings. These administrative tasks, while routine, must be done to stay in good standing.
Office Lease: If not already done, secure an office space or co-working facility that will serve as the company’s registered address and operating location. Having a physical office is important for work permit inspections and for where employees (especially foreigners) will be based. The address should match what’s on the registration documents (if you used a temporary address, update it). Ensure the office contract is in the company’s name or that you have proper lease agreements; these may be required when foreigners apply for work permits (to show a legitimate place of work).
Equipment Procurement: Begin procuring the necessary equipment and software for the project. Since BOI status grants import duty exemption for certain equipment, if you plan to import any specialized hardware (AI devices, high-end computers, etc.), now is the time to prepare documentation to import under BOI privileges. You’ll need to follow BOI procedures to get import duty waivers (usually by applying through BOI’s system listing the items). Many software tools might be cloud-based or purchased locally, but keep receipts and records of significant spends, as these could contribute to your investment report and even to your CIT exemption cap (certain training or R&D expenses might count extra).
Step 8: Hiring and HR Deployment
Recruitment of Thai IT Staff: As a top priority, initiate the hiring of the Thai IT personnel if not already in progress. Given the BOI requirement (THB 1.5M in Thai IT salaries/year), aim to hire the key Thai team members as soon as the company is operational. This could include roles like a AI developer, a software engineer, or a 3D artist with tech background – importantly, they should have the IT qualifications BOI recognizes (BOI will count them as “IT personnel” if their education/experience is in relevant fields, as they may verify degrees or certificates later). Document their hiring dates and salaries clearly for BOI compliance.
Foreign Experts Deployment: The 5–8 foreign employees (founders and core team) can now officially join the Thai company and work legally, but they each need work authorization (next step). Prepare employment contracts for each expat, delineating their position (e.g. CTO, Lead Developer, UX Designer, etc.) and salary/benefits. These contracts might be needed for visa/work permit applications. Also, brief the foreign team about Thai work culture and any legal dos/don’ts (for example, foreigners on BOI work permits can only do the job role specified, etc. – though in a small company, roles can be broad, it’s fine). Setting expectations early ensures compliance and smooth integration with any Thai staff.
Step 9: Visas and Work Permits (BOI One-Stop Service)
Visa Initiation: If the foreign team is not already in Thailand, they should apply for BOI-sponsored non-immigrant visas. Typically, after the BOI certificate is issued, the company can get a BOI visa approval letter. This letter can be sent to a Thai embassy/consulate abroad where each foreigner will obtain a Non-Immigrant “B” visa with a reference to BOI. If some team members are already in Thailand on tourist or initial business visas, they can often convert to a Non-B visa by exiting and re-entering with the BOI paperwork, or sometimes through an immigration office procedure. This step should be coordinated such that all key foreign staff have a valid Non-B visa tied to the company when applying for work permits.
Work Permit Application: One of the BOI’s most practical benefits is the streamlined process at the One Start One Stop Investment Center (OSOS) in Bangkok. There, BOI-promoted companies can process work permits and visa extensions in a single window. AI Travel’s company (through an HR representative or agent) will submit work permit applications for each foreign employee. The requirements (since the company is BOI-promoted) are more relaxed: there’s no pre-imposed 4 Thai : 1 foreign ratio, no massive capital per work permit rule (the general rule of THB 2M capital per work permit is usually waived for BOI companies). Instead, approval is based on the roles being within the scope of the BOI project and the company’s actual need for those expats as stated in the BOI plan. Since the application already listed 5–8 foreign experts, BOI and labor authorities expect that. Ensure that the job titles for work permits match what was described in the BOI application for foreign personnel (e.g., if you said you’d bring in a AI Technology Expert, use a similar title).
Processing Time: BOI work permits and visa extensions are typically fast – often issued within 1–3 business days at OSOS once all documents are in order. Each foreign employee will receive a work permit booklet and a one-year visa (extendable annually through BOI as long as the promotion is valid). Coordinate to have all foreigners attend for signatures and any necessary in-person steps. After this, the foreign team is legally employed by the Thai company and can commence full-time work.
Family Visas (if any): If any foreign staff have dependents (spouse, children), BOI also facilitates dependent visas. Those can be handled at the same OSOS visit by providing marriage/birth certificates. It’s another perk – no need for separate quota or income proof that normally applies to bringing family – BOI covers it as long as the main work visa is in place.
Step 10: Commencement of Operations
Start Development Activities: At this point (roughly 3–4 months in, based on timeline we will outline next), AI-Travel’s Thai company should be fully set up with the necessary licenses, staff, office, and equipment to begin its core business. The development of the AI tourism platform and content can now proceed at full speed in Thailand. This means writing code, creating AI environment mappings, testing tours, etc., as per the development roadmap. All such activities are within the scope of the BOI promotion and in fact required – remember, BOI expects the project to be actively executed, not shelved.
Internal Milestones: Implement an agile project management approach to meet the development targets promised. For example, if the BOI application said the platform would launch in 12 months, create internal targets for each quarter leading up to that. While BOI may not micromanage your progress, they do require an Annual Progress Report on the investment promotion. In those reports, you must update on things like number of employees (Thai and foreign), amount of capital invested to date, and operational status. It’s important by the first year report to show that operations have indeed commenced. In fact, under new BOI rules, the company must commence operations within 12 months of the promotion certificate issuance – no extensions allowed. “Commence operations” generally means the business is up and running (not necessarily profitable, but active). AI-Travel should treat this as a hard deadline to have the AI platform functional or at least the project actively in development with results.
Revenue Generation: With operations underway, the company can start generating revenue as soon as it’s ready (e.g., launching the service to customers or signing contracts with clients for AI tour content). There is no BOI prohibition on starting revenue-generating activities once you have the BOI certificate and FBC. In fact, you want to start earning within the incentive period to take advantage of the tax holiday. Ensure all early revenues are indeed related to the promoted business (as discussed, stick to AI/digital services). Also double-check if any specific licenses are needed for certain revenue modes (for example, if streaming content online, that’s fine; if selling something else, verify legality). But generally, at this stage, you are free to operate commercially. We will discuss in the next section how revenue activities were handled during the application wait – the key is that now, post-setup, the company can fully function like any normal business, just with BOI perks and obligations.
By following the above steps methodically, AI-Travel can establish its Thai entity correctly under BOI promotion. Each step builds on the previous, ensuring that at no point does the foreign-owned company step outside legal bounds or BOI criteria. Next, we’ll break down the expected timeline for these steps, to set realistic expectations and allow for precise planning. We will also address what can (and cannot) be done in terms of business activities while the BOI approval is pending, as that is a critical compliance matter.
Setting up a BOI-promoted company involves multiple phases, and while Thailand’s BOI process is efficient, it still requires time for approvals and paperwork. Below is a timeline breakdown with realistic expectations for each phase of the project. This assumes that AI-Travel moves pro-actively and that there are no major unexpected hurdles. We also include some buffer in estimates to account for back-and-forth communications:
Weeks 1–2: Preparation Phase – Key tasks: Engage advisors, prepare documents, financial forecasts, draft BOI application.
Expected duration: ~2 weeks (it can be done faster if all information is at hand, but allowing two weeks ensures the business plan and projections are polished for submission).
Risks/Notes: Rushing this phase can lead to omissions in the application that cause delays later. It’s worth taking the time to get it right. Use this period also to start informally scouting Thai talent.
Weeks 3–4: BOI Application Submission – Key tasks: Submit the application on BOI e-Invest, respond to any immediate clarification requests.
Expected duration: The submission itself is quick, but expect about 1–2 weeks for BOI to acknowledge and schedule a meeting.
Risks/Notes: If documentation is incomplete, BOI might ask for corrections, which could push your schedule by a week or more. Having all info organized (as per Step 1 above) mitigates this.
Week 5–6: BOI Meeting/Interview – Key tasks: Attend BOI meeting, present project, answer questions, provide any additional documents.
Expected duration: The meeting is a one-day event, but preparation and any follow-up requests might span another week. Typically by end of week 6 or 7, you should have done everything BOI asked for in the interview.
Risks/Notes: Ensure key founders are available in Thailand (or via video conference) for this meeting around this time frame. A delay in scheduling (e.g., due to unavailability) could push approval into the next BOI committee cycle.
Weeks 7–10: BOI Approval Waiting Period – Key tasks: Wait for the BOI decision, check in periodically. In the meantime, prepare for company registration (draft incorporation documents, decide on company name, etc.).
Expected duration: ~4 weeks from the interview to official approval is typical for a small project. It could be sooner (even 2 weeks) if BOI processes quickly and there are no external approvals needed. We estimate by around week 10 (2.5 months from start) the approval letter will be issued.
Risks/Notes: Though BOI aims for ~40 working days, external factors (holidays, BOI board meeting scheduling, etc.) might extend this. If no word by week 10, follow up. Use any lull productively by continuing back-end work (e.g., refining the product or recruiting quietly – but do not start actual operations with clients yet).
Week 11: BOI Approval Received – Key tasks: Receive and accept the BOI approval conditions. Immediately proceed to incorporate the company.
Expected duration: Within the same week of approval, you should acknowledge acceptance to BOI and initiate incorporation steps (name reservation can even be done in advance to save a couple of days).
Risks/Notes: BOI typically gives a timeframe like 1–3 months to get the company set up and apply for the promotion certificate. Don’t procrastinate – start the registration process right away to demonstrate compliance and enthusiasm.
Weeks 11–12: Company Registration – Key tasks: Register Thai Co., Ltd. with DBD, capital THB 4–6M, 100% foreign ownership.
Expected duration: ~1 to 2 weeks including preparation and approval. Often can be completed in just a few days if all signatories are in Bangkok to sign forms. We allocate up to 2 weeks in case of any document translation needs or postal delays (if remote signing).
Risks/Notes: Minor issues like name rejection (if the chosen name conflicts with existing companies) can cause a few days’ delay – have a couple of backup names ready to avoid this. Also ensure the registered address is sorted out (some use lawyer’s office temporarily). Any glitch here could bump things by a week or so, but generally this step is straightforward.
Week 13–14: BOI Promotion Certificate & FBC – Key tasks: Submit documents to BOI for the issuance of the Promotion Certificate; apply for Foreign Business Certificate at MOC.
Expected duration: ~2 weeks. BOI might take a week to issue the certificate after receiving all info. The Foreign Business Certificate might take another week (sometimes processed in parallel or even faster if coordinated). By the end of week 14, the company should have both the BOI certificate and the FBC.
Risks/Notes: Any missing information (like forgetting to submit a document from the company registration set) can slow the issuance. Double-check the required list. The FBC is usually procedural; however, ensure an application is filed – don’t assume it’s automatic. If the MOC has backlog, it could take up to 30 days (week 18), but in Bangkok it’s often quicker for BOI cases.
Weeks 15–18: Visas and Work Permits – Key tasks: Apply for and obtain work permits and visas for foreign staff; hire initial Thai staff.
Expected duration: ~4 weeks to get all foreign staff legally in place. In best cases, companies have gotten their expat work permits in 1–2 weeks after incorporation, but given 5–8 people to process and the coordination needed (some might still be abroad, etc.), budgeting 1 month is safe. By week 18 (around 4 months from project start), all key personnel should be on the ground with proper visas.
Risks/Notes: If any foreigner has complications (visa denied, documents missing), it could take extra weeks. Starting the visa process immediately after company setup (week 11–12) is wise, to overlap with BOI certificate issuance timeline. Also, if OSOS is handling everything, try to get appointments for multiple employees on the same day or sequential days to expedite.
Weeks 19–24: Operational Ramp-Up – Key tasks: Begin development operations, initial product build, marketing preparations, etc. Essentially the company is now working normally.
Expected duration: This is an ongoing phase. By week 24 (6 months in), AI-Travel should have a working presence in Thailand – office running, a team in place, development in full swing, and possibly early versions of the AI platform ready for testing. Revenue generation might start here if a Minimum Viable Product is ready to pilot with some clients.
Risks/Notes: Keep an eye on BOI’s condition deadlines. Notably, ensure that by the 12-month mark from the BOI certificate (which might correspond to around month 12–13 of the timeline), the company can clearly say “operations have commenced”tilleke.com. In practical terms, by that time the platform should be launched or at least the service is being offered to some users. Missing this deadline could result in the BOI status being revoked or penalties, which would be catastrophic to the plan. So, plan product development and business launch conservatively to meet this.
In summary, a realistic timeframe from the start of preparations to full operation is 4–6 months. Four months is an aggressive but achievable timeline if everything proceeds smoothly and all documents are in order (this would be the optimistic case where approvals come quickly). Six months is more conservative, accounting for possible minor delays or iterative interactions with BOI. AI-Travel should plan for somewhere in that window. It’s important to communicate to all stakeholders (especially foreign staff relocating) that some steps involve waiting for official approvals – patience and compliance are vital. Trying to rush or bypass steps (for example, starting business activities too early) can backfire legally, as discussed next.
One critical consideration is what AI-Travel can and cannot do before the BOI promotion is finalized and the company is fully registered. The question often arises: Do we need to delay revenue-generating activities until BOI approval is complete? The short answer is yes – any formal business operations in Thailand that generate revenue should be held off until the BOI-promoted entity is in place (or at least until approval is secured and the company is incorporated). Below we clarify the dos and don’ts during the interim period:
No Commercial Activities Before Approval: Until the BOI approval is obtained and the Thai company is legally formed (with its Foreign Business Certificate), AI-Travel’s team should not engage in revenue-earning activities in Thailand. Doing so could violate the Foreign Business Act, since a foreign entity (or individuals) would be providing services without a license. For example, signing contracts with clients, issuing invoices from a Thai address, or publically launching the service in Thailand before the BOI company exists would be problematic. It’s essential to resist any urge to “soft launch” early. The risk of non-compliance is high – authorities can impose fines or even shut down unlicensed businesses.
Focus on Preparatory Work: That said, the period during the BOI application processing (the 2–3 months waiting) does not have to be idle. AI-Travel can engage in preparatory activities that are legal for foreign individuals on short-term visas. Founders and key team members can be in Thailand on tourist or business visas to do things like market research, networking, planning, and even recruiting. They can interview Thai candidates (though formal hiring would be done by the company once it exists), scout office locations, and meet potential partners. They can also continue developing the product concept in a personal capacity (e.g., coding on their laptops or working with overseas colleagues). The important distinction is that this work should not be represented as being done by a Thailand-based company offering services yet. It should be groundwork so that once the company is set up, everything is ready to go.
Potential Interim Structuring: If absolutely necessary to conduct some business before the Thai entity is ready (for instance, if there’s a crucial client deal that can’t wait), one strategy is to run that contract through an overseas parent or affiliate. AI-Travel could use its existing company abroad to sign the contract and recognize revenue, then later transition the client to the Thai company once it’s operational. However, caution is advised here: the foreign team in Thailand must still not physically deliver services in Thailand for that contract, as that could still be seen as doing business locally. Practically, this might mean any early revenue should be handled completely offshore. This workaround is complex and ideally should be avoided or at least consulted with lawyers. The simplest approach remains: wait until the BOI company is active to start earning revenue in Thailand.
Hiring During the Wait: The company can’t formally hire Thai staff before it exists, but you can identify and informally secure commitments from key Thai personnel (with a promise that they will be hired once the company is set up). Many startups handle this by having offer letters ready that state “employment is contingent on company incorporation, expected by [date].” AI-Travel Tourism needs Thai IT staff early, starting the recruitment process during the application review period is prudent. Just ensure not to inadvertently start paying them under the table or something – they should only officially join payroll after the company is established. Some candidates may join as “consultants” to help you prepare (which is a gray area legally if not careful), so the preferable route is to time their official start dates right after incorporation.
No Advertising or Public Operations: Avoid launching any public-facing operations (like a Thai website for AI-Travel, marketing campaigns targeting Thai customers, or PR events in Thailand) before you have the legal entity. Publicity could draw attention from regulators or competitors. It’s better to quietly build everything and plan a marketing launch aligned with the company’s legal launch. Keep a low profile in the interim – no one outside the core team and advisors should really know a foreign company is “doing business” yet. Once the BOI is approved and the structure is in place, you can confidently go to market.
Development Work Timing: As per BOI rules, the actual software/AI development work that counts toward the project should commence after the BOI application is submitted (and ideally after approval). This doesn’t mean the team can’t brainstorm or even code prior, but for BOI’s perspective, they want to see that the valuable development process happens under the Thai entity. A practical interpretation: you might begin some preliminary coding to not lose momentum, but be prepared to show most substantial development tasks happening once your Thai office is up. One approach is to time your major development sprints to start right after the foreign experts have their work permits. This both satisfies BOI’s local development intent and ensures your developers are working legally in Thailand (since before the work permits, any work they do in Thailand could be seen as illegal employment).
In essence, revenue-generating operations must be delayed until the BOI-promoted company is fully authorized. AI-Travel should view the BOI application period as a necessary incubation phase – use it to set the stage (plan, recruit, organize) but hold off on execution of services or sales. The slight delay in revenue is a worthwhile trade-off for getting everything legal and incentivized. Once the BOI status is granted, the company can hit the ground running with far more freedom and support. Violating the timing could jeopardize the entire project if the BOI were to find out or if a legal complaint were lodged, so discipline here is part of the “tight execution steps” we emphasize.
A robust plan for capital infusion and human resources is fundamental for a BOI project – it not only fulfills regulatory expectations but also ensures the company’s sustainability. Here we outline the capital requirements, the foreign vs. Thai staffing mix, and key investment milestones for AI-Travel’s Thai entity. We also highlight what the BOI (and other authorities) will expect in these areas and what risks to manage.
Registered Capital and Paid-Up Capital: AI-Travel has committed to a THB 4–6 million registered capital for the Thai company. We recommend finalizing THB 5 million as a round figure, which is well above any minimum requirement and provides a cushion for expansion. The Ministry of Commerce generally requires a minimum of THB 2 million for any foreign-owned company’s capital (to satisfy general company law and visa requirements), so THB 5M is safely above that. At incorporation, at least 25% (THB 1.25M) must be paid in; however, for BOI credibility, it would be wise to inject more (50–100%) of the capital within the first year as the project ramps up. This money will be spent on setting up operations, so it won’t just sit idle. Ensure that by the time you apply for visas or the first year’s BOI report, you can show substantial capital brought into Thailand (e.g., via bank transfer receipts).
Capital Utilization Plan: The capital should be allocated roughly as follows (you can refine in the financial model): a) Infrastructure & Equipment: maybe 10–15% of the budget for computers, AI devices, software licenses, etc., b) Human Resources: likely the largest portion (50+%) will go to salaries for both foreign and Thai staff over the first year or two, c) Operational Expenses: office rent, utilities, professional services (legal, accounting), marketing (once launched), etc., maybe 20–30%, and d) Contingency/Working Capital: reserve 10% for unexpected costs or delays in revenue. This breakdown should be part of the internal plan and was likely summarized in the BOI application’s financial section as well. Hitting these investment milestones (e.g., spending X amount on equipment by Q2, hiring all planned staff by Q3) will be tracked in progress reports. The BOI may not demand proof of every baht, but they will see indirect evidence such as headcount and any capital increases.
Foreign-to-Thai Employee Ratio: While BOI companies are exempt from the statutory 4:1 Thai:foreigner ratio for work permits, the practical workforce composition still matters. AI-Travel will start with 5–8 foreign employees (mostly experts in UI/UX, AI development, and management). To support these expats and meet BOI criteria, the company should aim to have at least 2–3 Thai IT employees in the first year, growing as the company grows. By the second year, you might consider increasing Thai headcount further (perhaps hire additional junior developers or content creators) to show continual commitment to local employment. There’s also an implicit knowledge transfer objective: the BOI expects that the foreign experts will train and mentor Thai staff, upgrading local skills. In fact, one reason BOI waives the usual ratio is because they anticipate a more organic integration where foreigners are there to help build capability, not to take jobs from Thais. Internally, plan for a ratio by end of Year 1 of maybe 1 Thai for every 2 foreigners (i.e., if 6 foreigners, have 3 Thais). By Year 2 or 3, the gap could close further (perhaps 1:1 eventually as the company matures). This will not only look good to BOI but also make business sense cost-wise, as local staff are less expensive over the long run and provide local market insight.
Key Positions and Localization: Identify which roles will be filled by foreigners and which by Thais. Likely, the high-level conceptual roles (CTO, Creative Director, etc.) are foreigners (the founders). But there are several roles that could be filled by Thai talent relatively quickly – for instance: Software Developers, 3D Modelers, Graphic Designers, AI Content Producers, QA testers, or a Project Coordinator. Additionally, consider hiring a Thai office manager/admin or accountant early on. While not an IT person, such a hire helps interface with local authorities (language/culture) and frees the expat team to focus on tech. BOI doesn’t count an admin in the Thai IT salary requirement, but it does show local engagement. Moreover, some BOI categories (like this one) require companies to obtain certain quality certifications eventually (e.g. ISO standards if applicable) – having a Thai coordinator for documentation can be helpful. The exact mix can be adjusted, but plan it deliberately and budget for each role’s salary.
Compensation Strategy: To meet the Thai salary threshold of THB 1.5M/year, ensure the Thai IT staff are paid competitively. For example, 3 Thai developers at ~THB 50k/month each would total THB 1.8M/year, which satisfies the requirement. If you hire only 2 Thai devs, they’d need to average ~75k/month to hit THB 1.5M combined, which might be above market for mid-level developers. It might be easier to hire 3 at moderate salaries than 2 at very high salaries – plus you get more hands on deck. When budgeting the THB 4–6M capital, consider that a significant portion will go into these salary costs over the first year. It’s an investment in people that directly ties into your BOI incentives (remember, those Thai salaries effectively cap how much profit you can shield from tax via the BOI promotiontilleke.comtilleke.com). In other words, if you eventually want to maximize the tax holiday, paying good salaries to Thai staff not only helps operations but also increases your allowable tax-exempt profit.
Milestones for Capital & Hiring: We recommend setting internal milestones such as:
By Month 3: Company registered with at least 25% capital in bank; at least 1 Thai IT staff offer letter signed (to join by month 4 or 5).
By Month 6: All initial 5–8 foreign staff onboarded with work permits; at least 2 Thai IT staff actively working; at least THB 2M of the capital injected (covering setup and a few months of salaries).
By Month 9: If needed, inject additional capital (e.g., the remaining amount up to THB 5M) to fund ongoing operations; hire additional 1–2 Thai staff if workload demands (for example, if the content creation needs scale up).
By Month 12: Review budget vs. actual spend. At this point, likely a BOI progress report is due – ideally show that ~THB 4–5M has been invested (either spent or committed) as planned and that Thai hiring target is met. This will keep BOI confident in the project. If revenue is coming in and more capital isn’t needed immediately, that’s fine, but it should be clear that the initial capital was sufficient and used appropriately.
These milestones ensure the project stays on track financially and in terms of human resources. Keep in mind that BOI does not require additional Thai shareholder capital or any Thai ownership, so all capital can come from foreign sources (the founders or parent company). Make sure to document each capital injection (e.g., TT (telegraphic transfer) slips and bank credit notes) – they may be requested for evidence during work permit extensions or BOI inspections to show you really brought money into Thailand as promised.
Contingency for Expansion: If AI-Travel’s AI platform takes off and needs to expand, consider how that affects BOI commitments. For example, if in two years you double your foreign staff, you might also plan to increase Thai staff and possibly raise capital (through either a capital increase or using revenue) to support that growth. BOI promotions can accommodate scaling up, but any major changes (like significantly altering the business plan, or not meeting an investment milestone) should be communicated to BOI to amend the promotion if required. It’s better to under-promise and over-deliver in the initial application. So far, the plan of 5–8 foreigners, THB 5M capital, and say 3 Thai IT is a conservative, manageable promise. Exceeding it (like hiring 5 Thai staff or investing more capital later) is usually welcomed and can be noted in annual reports. However, be cautious about expanding into new business lines not covered by the BOI certificate (as mentioned, e.g., running physical tour operations) – those would need separate consideration and potentially a new promotion or separate entity.
In summary, AI-Travel’s capital and staffing plan is solid at the proposed THB 4–6M and 5–8 expats initial setup, but it’s crucial to execute that plan exactly as communicated to Thai authorities. Properly funding the company and building a capable local team are not just formalities; they are essential to the success of the venture and to maintaining BOI privileges. The plan demonstrates a commitment to Thailand (through job creation and investment), which is exactly what BOI wants to see in exchange for granting incentives. Next, we discuss why having a clear development roadmap and aligning with BOI’s expectations for progress is so important – essentially tying the capital and HR inputs to tangible outputs.
A clear and realistic development roadmap for AI-Travel’s AI platform is not only a project management best practice but also a critical element in satisfying BOI’s expectations. The BOI has granted promotion on the basis that the company will undertake a certain development project in Thailand. Thus, demonstrating a structured plan and sticking to it is vital for several reasons:
Meeting BOI Milestones and Compliance: BOI promotions come with monitoring. The agency will expect periodic reports (usually annually) and may conduct audits or site visits to verify progress. Having a roadmap with milestones (e.g., prototype ready, platform launch, user acquisition targets) helps in these reports. You can show, “Here is what we planned for Year 1 and here’s what we achieved.” If there are clear milestones, even if some are delayed, you can explain why and show an updated plan. Without a roadmap, the project may appear aimless, raising red flags with BOI. In a worst-case scenario, BOI has the authority to revoke incentives or the promotion certificate if the company seriously deviates from its promised plan or fails to commence operations in a timely mannertilleke.com. For instance, if a year passes and there’s little to show in terms of development, BOI will question the company’s commitment. A roadmap ensures you have targets to hit to avoid such a scenario.
CIT Exemption Utilization: The development roadmap is closely tied to how the company will capitalize on the 8-year CIT holiday. Remember, the CIT exemption has a cap linked to expenditures like Thai salaries, training, etc.. This effectively means the more you develop (with Thai involvement) in the early years, the greater your tax savings potential. A roadmap that plans increasing Thai IT personnel, continuous R&D, and possibly obtaining relevant certifications (like an ISO standard for software processes, which BOI often likes to see for tech companies) will maximize those allowancestilleke.com. Conversely, if the company drifts or stalls, it might not incur enough qualifying expenditures, and hence any profit later might exceed the cap and become taxable – wasting part of the incentive. In short, a strong roadmap helps ensure you fully leverage the BOI incentives by aligning operations (development pace, hiring, training) with the incentive structure.
Resource Planning and Investor Confidence: From an internal perspective, a development roadmap is critical for resource allocation. It tells you when to hire, when to spend on certain features, and when to ramp up infrastructure. But since this document is client-facing, consider how a clear roadmap builds trust with stakeholders (including BOI as a stakeholder in a sense). If AI-Travel’s leadership can show a Gantt chart or timeline of the product development and rollout, it instills confidence that the project is well-managed. This is the kind of professionalism BOI expects from promoted companies – they favor companies that treat the venture seriously and professionally, not a fly-by-night operation. If additional funding or partners are needed down the line, the presence of a roadmap will also reassure them that the Thailand operation has direction and goals.
Risk Management: A detailed roadmap allows for identifying critical paths and potential bottlenecks early. For example, if a certain AI feature needs a specialist and you don’t have one, the roadmap’s timeline will flag when you must have that person hired. Aligning this with BOI’s timeline (like the 12-month commencement rule) ensures no surprises. If halfway through the incentive period you realize you’re off track, you might miss out on incentives or violate terms. So use the roadmap as a tool to regularly check: Are we doing what we told BOI we would do? If not, why, and how to adjust? BOI is not draconian – if you face challenges but communicate and adjust the plan responsibly, they are usually reasonable. But that’s only possible if you know you’re off track, which the roadmap helps to illuminate.
Demonstrating Value Addition: The BOI approved this project on the basis that it brings value (technology and skills) to Thailand. The development roadmap is essentially the storyline of how that value will materialize. For example, if by Month 9 your roadmap shows launching a beta version of the platform with Thai-produced content, that’s a tangible output BOI can point to as a success of the promotion. If your roadmap includes engaging with Thai universities or local AI communities by Year 2 (just an idea), that further shows integration into the ecosystem. Such elements go beyond just meeting minimum requirements and demonstrate a genuine contribution to Thailand’s tech landscape. Companies that do this tend to get smoother support from BOI, especially if you ever need extensions or want to apply for another promotion for an expansion – a track record of following the roadmap and delivering results will make those interactions easier.
No Extensions for Delays: As noted earlier, BOI now explicitly disallows extensions for certain deadlines like the operational commencement within 12 months. This underscores that the timeframe in your plan is not flexible by default. The roadmap should therefore be realistic – don’t promise what you can’t deliver in a year. If anything, aim to be slightly ahead of BOI deadlines. For instance, plan to have operations in full swing by month 9 or 10, not last-minute at month 12. That buffer is your safety net. A well-structured roadmap with conservative buffers can absorb unforeseen delays (like a two-month hiring delay or a development hurdle) and still keep you within compliance.
In conclusion, a clear development roadmap aligned with BOI expectations is critical because it is the blueprint that ties together all aspects of the project – investment, hiring, incentives, and compliance. It keeps the company accountable internally and in the eyes of BOI. AI Travel should treat the roadmap as a living document: share it with the BOI (at least the high-level timeline) during application, then use it internally to drive execution, and refer to it in communications with BOI (in reports or any meetings) to show you are following through. This proactive approach significantly reduces the risk of misunderstandings with regulators and helps Thai-Co (the Thai company) execute the project flawlessly.