The Kingdom Island is booming in the promise in the jewelry market. Thailand is a country blessed with natural resources. It possesses the world’s largest natural reserve of silver and has been a significant supplier to various countries for about fifty years. In 2019, it produced 50,000 metric tons of silver. Jewelry Business Gems and Jewelry
Not surprising, Thailand is the world’s largest supplier of silver, contributing 23% to the world market. This means that you will only have qualified materials; you would get them at cheaper rates. Because most of the materials are sourced in Thailand. You don’t have to worry about import duties. Jewelry Business Gems and Jewelry
The Thai government makes policies in favor of this sector which produces much of Thailand’s exports have been made. For instance, it grants duty exemption and tax benefits for many materials used in jewelry, as it sees gemstones and jewelry manufacturing as very beneficial to the economy. And with good reason. The general revenue created by the jewelry industry in Thailand amounts to almost a billion baht, employing more than a million workers! Jewelry Business Gems and Jewelry
The Commerce Department of Thailand said that the jewelry trade in Thailand is lucrative, that in 2015 alone, it exported jewelry worth 371 billion BTN across the world. It is, therefore, safe to say that Thailand is brimming with potential. It’s very desirable to do a jewelry business in Thailand. Gems and Jewelry It is possible if you are a manufacturer interested in investing in Thailand by setting up a business there. The Thailand Foreign Business law doesn’t exclude foreigners from carrying out jewelry production in Thailand. Not only can you set up a base, but you can even branch out your business throughout Thailand, taking advantage of the Thailand BOI Law.
Can You Set up a Gems and Jewelry Business in Thailand
What is Thailand’s BOI?
BOI stands for Board Of Investment. BOI Law is a promotional policy of the Thai Government. It was created in 1954 as the government declared its Industrial Promotion Act. Then the government began to subsidize, offering encouragement for Foreign businesses to invest and operate in Thailand. Jewelry Business Gems and Jewelry
The Board of Investment Law guarantees that the government will not attempt to nationalize or disrupt foreign business. The Prime Minister of the Kingdom of Thailand oversees the Office of the Board of Investment as it is a government agency. In essence, Thailand is widely open to all foreigners to come and open businesses in jewelry, provided that they operate under the law. There is every guarantee that the government will not interfere with the trade. Jewelry Business Gems and Jewelry
Below are some of the content of the Investment Promotion Act that empowers the Office of the Board of Investment to protect the foreign business in Thailand. Note: in the statute, a promoted person refers to a Promoted person as” means one who is granted a promotion certificate under the Act (Section 4 of the Investment Promotion Act) Gems and Jewelry
Section 24. Subject to the law on immigration, only in so far as it is not otherwise provided herein, the Board shall have the power to grant permission to foreign nationals for entry into the Kingdom to study investment opportunities or perform any other act benefiting investment for such period to stay in the Kingdom as the Board may deem appropriate.
An application for permission shall be in accordance with the rules, procedures, and forms prescribed by the Board. In granting approval, the Board may stipulate such conditions as deemed appropriate. Jewelry Business Gems and Jewelry
Section 26. Subject to the law on working of foreign nationals, only in so far as it is not otherwise provided herein, foreign nationals who are granted permission under section 24 and foreign nationals who are skilled workers or experts and who are permitted to stay in the Kingdom under section 25, shall be given a work permit for a specific position approved by the Board for the period of permitted stay in the Kingdom. Jewelry Business Gems and Jewelry
Section 27. A promoted person shall be permitted to own land to carry on the promoted activity to such an extent as the Board deems appropriate, even in excess of the permissible limit under other laws….In essence, registering your business under the Board Of Investment gives you rights and privileges such as Jewelry Business
- No payment of corporate tax for three years. Jewelry Business Gems and Jewelry
- Exemption from raw materials tax for a year. This can be extended. Jewelry Business
- No payment of tax on imported machines. Jewelry Business Gems and Jewelry
- Permission to bring in foreign experts Jewelry Business Gems and Jewelry
- Ownership of land Jewelry Business Gems and Jewelry
- Remitting foreign currency abroad is allowed. Jewelry Business Gems and Jewelry
The government provides guarantees that are enshrined in Chapter 5 of the Investment Promotion Act. Some are as follows:
Section 43. The State shall not nationalize the activity of the promoted person. Jewelry Business Gems and Jewelry
Section 44. The State shall not undertake a new activity in competition with the promoted person. Jewelry Business Gems and Jewelry
Section 45. The State shall not monopolize the sale of products or commodities of the same kind as or similar to those produced or assembled by the promoted person. Jewelry Business Gems and Jewelry
Where Are The Favourable Places In Thailand To Set Up Gem And Jewellery Business?
Thailand has several jewelry districts that boast of world popularity. These include areas like the duty-free zone of Chanthaburi Gem and Jewelry Center and Gempolis.
There is also the Mae Sot Gem Market. The trading areas at Silom Road, Silom, Yaowarat Road, and Charoenkrung Road. Jewelry Business Gems and Jewelry
Visit these sights to find out which is more convenient and to your liking. While you are at that, you may want to visit the gem and jewelry fairs that take place in Bangkok twice a year. In February and September subsequently. This attracts thousands from around the globe. It would help you appreciate the jewelry industry in Thailand more. Jewelry Business Gems and Jewelry
Also, the relatively cheaper cost of labor in Thailand means that labor is available. You shouldn’t find it too hard to settle in. The Thai government has been taking long strides in bettering the jewelry sector as it produces significant exports. Opening a business in Thailand means you get to enjoy those privileges. The language barrier might offer a slight problem as the number of Thai affluent in English increases. Jewelry Business Gems and Jewelry