Board of Investment of the Philippines
The BOI, an agency created under the Department of Trade and Industry. Mandated through the Omnibus Investments Code, it is the leading investment promotion agency in the Philippines. It strives to attract direct investments into the country to contribute to economic growth and jobs creation in the Philippines. The agency is designed to promote inward investments and assist local and foreign investors in their venture of the desirable areas of business, defined in the annually-prepared Investment Priorities Plan(IPP).
The IPP, is formulated annually by the BOI, through an inter-agency committee, and approved by the President, lists the priority activities for investments. It contains a listing of specific activities that can qualify for incentives.
Triple i Consulting has registered numerous projects with the BOI including the first Eco-Tourism Project in the country. Recently the BOI has become more stringent on the companies that it allows for registration. Contact Us to see if your investment can be registered with the BOI and to receive incentives.
Philippine enterprise can register their project with the BOI if the proposed activity is listed as a preferred project in the current IPP. Said enterprise may engage in domestic
ï¿½oriented activities listed in the IPP whether classified as pioneer or non-pioneer.
However, an activity which is not listed may still be entitled to incentives if the following conditions are met:
- At least 50% of the production is marked for export (for 60% Filipino-40% Foreign-owned enterprises); or
- At least 70% of production is marked for export (for more than 40% foreign owned enterprises)
*Any outsourcing company is qualified under 100% export.
For foreign-owned firms or those whose foreign investment exceeds 40% of the outstanding capital stock who engage in domestic-oriented activities, can only be registered with BOI if they propose to engage in an activity listed or classified in the IPP as pioneer.
However, if it fails to meet the pioneer classification, it can likewise opt to be an export-oriented firm to qualify for BOI registration. However, this time, the export requirement is at least 70% of actual production.
- Income Tax Holiday 4-6 years for both pioneer and non-pioneer enterprises
- Reduced duty on Importation of Capital Equipment
- Exemption from Taxes and Duties on Imported Spare Parts
- Exemption from Wharf Dues and Export Tax, Duty, Impost and Fees
- Tax Exemption on Breeding Stocks and Genetic Materials
- Additional Deduction from Taxable Income
- Tax Credit on Domestic Capital Equipment
- Tax Credit on Duty Portion of Domestic Breeding Stocks and Genetic Materials
- Tax Credit for Taxes and Duties on Raw Materials
- Incentives for Necessary and Major Infrastructure and Public Utilities
- Employment of Foreign Nationals
- Simplification of Customs Procedures
- Importation of Consigned Equipment
- The privilege to Operate a Bonded Manufacturing Warehouse
- DTI Registration (Sole Proprietorship)
- SEC Registration Certificate (for a corporation, branch office, regional headquarters)
- Audited Financial Statement and Income Tax Return for the past three years (if applicable)
- Board Resolution to authorized company representative
- Accomplished Application Form 501 and Project Report
- File BOI Form 501 with supporting documents and filing fee
- Evaluation of Application and Preparation of Evaluation Report (incl. Publication of Notice of Filing of Application, plant visit)
- Presentation to the BOI Management Committee;
- BOI Governing Board Confirmation
- Letter advice to Applicant of Board Action
- If Approved, send letter of approval including pre-registration requirements
- Applicant complies with the pre-registration requirements;
- Preparation and issuance of Certificate of Registration upon payment by applicant of Registration Fee;
- Release of Certificate of Registration.
Click Here to find out more information comparing BoI and PEZA Registration process