The Thailand Board of Investment (BOI), at the first board meeting of 2023, chaired by Prime Minister Gen Prayut Chan-o-cha, approved a coordination mechanism to facilitate multinational companies’ applications to set up regional headquarters in Thailand.
To enhance Thailand’s position as a regional headquarters destination, the board approved the setting up of a one-stop service called the HQ Biz Portal. The portal will provide a comprehensive list of consultation and facilitation services for companies considering the establishment of regional headquarters, consisting of an online appointment system and information center allowing access to the four agencies regulating such operations, namely the BOI, the Revenue Department, the Department of Business Development, and the Bank of Thailand.
According to the BOI Secretary General, Narit Therdsteerasukdi, the current geopolitical tensions and global economic outlook are causing investors to look for safe investment areas. This provides an important opportunity for Thailand to attract companies to set up or relocate their regional headquarters here by creating a one-stop mechanism to centralize all necessary information and provide comprehensive consultation and facilitation in the approval and permission processes. The BOI will help investors save time in obtaining a license to establish a regional office and reinforce Thailand’s status as an international business center and regional trade gateway.
The board meeting also gave its approval to three large-scale investment projects worth a combined 15.8 billion baht (US$478 million). The projects include a facility to produce batteries for both pure electric vehicles and plug-in hybrid vehicles; the production of carbon black, which is an additive used to reinforce tires, based on carbon feedstock oil; and a project to produce fuel from waste. (NNT)
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