When it comes to Thailand’s Board of Investment (BOI) promotion application, one of the most challenging aspects is completing and presenting a persuasive feasibility study. To help increase your chances of BOI Thailand promotion approval, here are six key elements that should be included in your feasibility study.
1. Preliminary analysis
This is where you assess if your feasibility study is even worth doing. You’ll need to consider things like the time frame, costs, risks, and benefits of the project. Because BOI applications can be time-consuming and expensive, you’ll want to make sure that it’s worth your while before moving forward.
2. Project scope
Before you can assess the potential impact of your project, you have to establish its scope. This involves creating a comprehensive list of the project’s goals, what needs to be done to achieve these objectives, when each task should be completed, estimated costs, and those who will benefit from or have input in the results.
The scope should be direct to the point, realistic, and achievable. It should also be clear how your project relates to BOI’s objectives.
3. Market research
In order for the BOI to see the potential of your project, you’ll need to do your homework and present a convincing market analysis. This includes understanding your target market, your competition, and what needs to be done to make your project successful.
Your market research should show that you have a good understanding of the industry and market trends. It should also demonstrate that there’s a demand for your product or service and that you have a solid plan for reaching your target market.
If you can show that your project has the potential to be profitable, it will go a long way in getting BOI Thailand approval.
4. Financial assessment
This is where you’ll need to provide a detailed analysis of the project’s financial feasibility. This includes creating financial projections for the project’s first three years, as well as an analysis of the risks and potential return on investment.
Your financial assessment should show that the project is financially viable and that you have the necessary funding in place to make it happen. The BOI will also want to see that you have a solid understanding of the project’s financial risks and how you plan to mitigate them.
5. Roadblocks and alternative solutions
No feasibility study is complete without a discussion of potential roadblocks and alternative solutions. This is where you’ll need to identify any risks or challenges that could impact the project’s success and present a plan for how you’ll overcome them.
You should also have a contingency plan in place in case your original solution doesn’t work out. By showing that you’ve thought of everything and have a plan B (and possibly even a plan C), you’ll increase your chances of getting a positive BOI decision.
The final element of a good feasibility study is a reassessment. This is where you’ll have someone independent of the project review your feasibility study to make sure that it’s complete and accurate.
A reassessment is a great way to catch any errors or omissions that you may have missed. It’s also an opportunity to get feedback from an unbiased third party and make sure that your feasibility study is as strong as it can be.
By including these six key elements in your feasibility study, you’ll increase your chances of getting approval for your project. BOI Thailand promotion is a complex process, but if you take the time to do your homework and put together a strong feasibility study, you’ll be one step closer to getting your project off the ground.