March 6, 2026

SGX to launch new index to track companies beyond STI

SGX to launch new index to track companies beyond STI

If you run (or plan to run) a software company in Thailand, the BOI route can make a real difference: foreign ownership, easier visas/work permits, and a cleaner path to scale. Below is a simple, practical plan based on a software development case (commonly aligned with Category 8.1.1). Use it as a checklist before you start drafting the application.


1) Confirm that your activity is eligible

Start at the BOI’s Eligible Activities by Business Category. Read the software/IT section and the project approval criteria. Then compare each line with your business model:

  • What you actually build (custom dev, SaaS, mobile apps, embedded, etc.)

  • Where the work is performed (onsite in Thailand vs. imported work)

  • What you will not do (e.g., pure wholesale/retail trading)

Tip: Picking the right category isn’t always obvious. BOI officers may re-classify your application to a neighboring category. That’s normal and doesn’t usually hurt your case.


2) Check the core conditions for software projects

Conditions vary by activity and can change over time, but for a typical software development project you should expect items like:

  • Minimum investment calculated from Thai manpower costs. As a rule of thumb, plan for ~THB 1.5M per year in Thai personnel salary costs for a small team.

  • Development must happen in Thailand. You can’t just bring finished software and claim benefits; the development process should be here.

  • No trading. BOI for software covers development, support, maintenance, not wholesale/retail.

  • Operational timeline. You’ll usually be expected to start operations within 12 months from the BOI certificate date.

The main commercial question to model early: Does the Thai staffing plan pay for itself? Map which roles must be Thai, which can be foreign, and the salary structure that reaches the required investment threshold without bloating costs.


3) Download the application + document checklist

Get the application form that matches your software category and the document list (checklists are often available alongside the form). Review every requirement line-by-line. After one careful read you’ll understand exactly what the BOI wants from you and what needs polishing in your plan.

Key sections to prepare well:

  • Business plan & scope – what you build, who you serve, revenue model (project, subscription, licensing).

  • Process flow – SDLC in Thailand: planning, coding, testing, deployment, support.

  • Thai vs. foreign staffing – headcount, roles, salary bands, training plan.

  • Timeline – how you hit “operational” within 12 months.

  • Financials – 3–5-year projections tied to the staffing plan and investment.

  • Infrastructure – office/site, equipment, dev/test/staging/production environments, cybersecurity basics.

  • Compliance – IP ownership, data protection approach, and contracts that show real development activity.


4) Build the numbers around manpower

Because investment for software is largely salary-driven, your projections should be people-first:

  1. Define must-have Thai roles (e.g., QA, front-end, junior devs, support).

  2. Define foreign roles (e.g., CTO/architect, product manager) and explain why they are critical.

  3. Show the cost structure that gets you past the minimum Thai salary spend while staying realistic on margins.

  4. Include optional training/upskilling plans for Thai staff—this aligns well with BOI’s intent.

Keep evidence: sample job descriptions, org chart, hiring plan. You’ll reuse these during the interview/site visit stage.


5) Expect questions and possible category tweaks

BOI can ask for clarifications or suggest a category change if your scope fits better elsewhere. Don’t panic—answer clearly, update your plan, and keep your “development in Thailand” story consistent. The quality of your documentation is often what moves the needle.


6) Common pitfalls to avoid

  • Trying to include trading/reselling. Keep the BOI scope to development/support. If you must trade, separate that activity outside the promoted scope.

  • Importing “finished” software. Show real work steps in Thailand, not just local resale or light customization.

  • Under-planning staffing. Thin projections on Thai personnel undermine the investment requirement.

  • Missing the 12-month clock. Track your setup timeline and dependencies (office lease, hiring, equipment, vendor onboarding).


Mini-FAQ

Can I bring a completed product and still get BOI?
Not for a development-focused category. You need demonstrable development work in Thailand.

What if I’m unsure which category fits?
Apply under your best match; BOI may move you to a neighboring code. Have a flexible scope statement that still fits your true operations.

How many foreign staff can I have?
It depends on the project scale and justification. BOI looks for a balanced plan where Thai staff carry meaningful technical roles and spend meets the investment expectation.


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Need a sanity check on your category, staffing plan, and 12-month timeline? Share your draft; we’ll review and flag gaps before you file—neutral, practical feedback.