On 15 July 2024, the Thailand Board of Investment ("BOI") unveiled a funding scheme under the Competitiveness Enhancement Policy Committee for Target Industries (the “Committee”) (Announcement No. 2/2567¹ ), aimed at accelerating the growth of high-potential startups. This newly introduced framework supersedes the previous program established under Announcement No. 2/2564 and its subsequent amendment.

Eligibility Criteria

Corporate Structure Requirements
The program supports early-stage startups by matching investments received from accredited investors, up to Baht 50 million per startup. The applicant must be an entity registered under Thai law, and have 51% or more of its total issued shares held by Thai individuals and/or Thai entities. Additionally the founding team (“Startup Founder”) must collectively hold 60% or more of the company’s total issued shares. However, any company or Startup Founder that has been declared bankrupt, placed under receivership, or found guilty of a criminal offence are ineligible to apply for the scheme.

In addition, the eligible applicant must operate within an industry designated as ‘targeted industries’ (as described below) and have previously secured a minimum funding of Baht 15 million from venture capital or corporate venture capital registered with the National Innovation Agency (the "NIA").

Targeted Industries²
The program is exclusively available to applicants operating in key industry sectors identified by the Comittee. These sectors include:

1. Next Generation Automotive    
2. Smart Electronics
3. Affluent, Medical and Wellness Tourism    
4. Agriculture and Biotechnology
5. Food for Future     
6. Automation and Robotics
7. Aviation    
8. Biofuels and Biochemicals
9. Digital    
10. Medical Hub
11. National Defence    
12. Industries directly supporting the Circular Economy significantly e.g. waste fuel production, water resource management
13. Human Resource Development and R&D for Targeted Industries    
14. Other Targeted Industries aligning with the 20-year National Strategy as approved by the Committee 

Funding and Disbursement

The financial support ranges from Baht 20 to 50 million per applicant, having the total funding limited to the actual amount secured from the NIA’s registered investors . The disbursement of funds may occur over a period of up to three years and in multiple stages:

• Initial Disbursement: 50% of the approved funding is provided upon verification that the startup has received investment from an NIA-registered investor; and
• Subsequent Disbursements: the remaining balance is released based on performance milestones determined by the Committee on a case-by-case basis.

Additional Support Measures

In addition to the above financial support, applicants benefiting from this program are also eligible for the following incentives:

• Tax privileges granted by the BOI; and
• Expedited visa and work permit processing for foreign professionals employed during the funding scheme.

Significance for Thailand’s Startup Ecosystem

The BOI’s recent funding framework is strategically designed to elevate the capabilities of Thai startups by facilitating access to capital through investor partnerships. By bridging funding gaps, this program aims to stimulate business expansion and enhance the ability of Thai enterprises to compete regionally and globally.
For further information on eligibility and application procedures, interested parties are encouraged to refer to the official BOI announcement.

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1.    Announcement of the Competitiveness Enhancement Policy Committee for Target Industries No. 2/2567 Subject: Measures to Promote High-Potential Start-Up Businesses
2.      This list remains dynamic and subject to revision as economic priorities evolve. The Committee may revise, add, or remove industry categories at any time as deemed appropriate from time to time.
3.     The list of NIA’s registered-investors is published on the NIA’s website.


This document is solely intended to provide an update on recent development in Thailand legislation and is not purported to provide a legal opinion, nor a legal advice to any person.