Are you looking to start a technology company in Thailand? Learn how you can apply for a Thailand SMART Visa as an entrepreneur for your startup.
In the technology business, Thailand has a fast-developing ecosystem of both established companies and startups. Thailand’s government is making it easier for international entrepreneurs to join this lively and forward-thinking group. For foreigners interested in joining this rewarding society, obtaining a Thailand smart visa is the first step.
You may be eligible for a smart visa if your startup idea is in one of the following industries:
- Next-Generation Automotive
- Medical and Wellness Tourism
- Agriculture and Biotechnology
- Aviation and Logistics
- Biofuels and Biochemicals
- Digital Technology
- Medical Hub
- Smart Electronics
- Food for the Future
- Automation and Robotics
- Alternative Dispute Resolution
- Human Resource Development in Science and Technology
- Environmental Management and Renewable Energy
Your visa will be one of five types of Smart Visas available in Thailand right now. The initial letter of the targeted applicants determines their type. (T)alent, (I)nvestor, (E)xecutive, (S)tartup Entrepreneur, and (O)ther are the categories. Smart visa holders’ spouses and legitimate children are covered by the ‘O’ Visa.
You must meet several requirements in order to apply for a smart S visa for startups.
Qualification for SMART (S) Visa
You must have a plan or start a business in one of the industries listed above, and your business must be certified by the competent government agency in charge of that industry. The National Innovation Agency (NIA) and the Digital Economy Promotion Agency will be the primary ones (DEPA). Depending on whether you’re applying for a 6-month, 1-year, or 2-year visa, there are different requirements.
6-month SMART Visa
Your startup plan must be legally certified by either the NIA or DEPA for a 6-month visa, and you must have health insurance that covers the duration of your visa.
When you apply for a 6-month visa, your family is not eligible for type O smart visas.
1-year SMART Visa
To be eligible for a one-year visa, you must participate in an accelerator or incubation programme, or a similar sort of programme, such as the TDPK Startup camp, that has been certified by the NIA or DEPA to be in one of the targeted industries. You can also qualify if you receive private-sector support or are endorsed by the NIA or DEPA.
Those seeking a one-year or two-year visa must meet the following requirements.
You must keep a minimum of THB 600,000 (or the equivalent local currency in your home country) on deposit at a Thai bank or a bank in your home country. Before submitting your application, you must have kept this amount on deposit for at least three months.
If you’re applying for a one-year or two-year visa and intend to bring family members into Thailand as residents, you’ll need to deposit an extra 180,000 THB (or equivalent local cash) for each of your relatives.
Before filing applications, you must maintain these amounts for three months. For the duration of the validity of your visa, you must also have valid health insurance plans for yourself and all members of your family.
2-year SMART Visa
In addition to the credentials listed above, a 2-year visa has a few more requirements.
Entrepreneurs who have formed a startup in Thailand that fits the criteria of the targeted industries and is verified by the NIA or DEPA are eligible for a two-year visa.
You must also own at least 25% of the startup’s registered capital or be a director on the board of directors.
Privileges of Thailand SMART Visa
Aside from being able to work in Thailand’s thriving technological community, the successful applicant for a Smart S Visa will reap a slew of other benefits.
Working in startups certified by the relevant agencies in the thirteen categories listed above does not require a work visa. If your position or the nature of your startup’s operation changes, you’ll need to get new approvals from the appropriate agencies.
Your spouse and children will be allowed to stay in Thailand for the term of their visas, and your spouse will be able to work without a work permit for the smart visa’s tenure.
Most foreign visa holders must report to Thailand after 90 days. This obligation is increased to a one-year reporting requirement under the smart visa.
If you leave Thailand, you will not need re-entry permission when you return. For as long as you have a valid Thailand smart visa, you can freely cross the Thai border. In Thailand, you will also have access to a fast-track immigration service at airports that provide it.
Smart Visa holders are entitled to an extended time during which they must report to the Immigration Bureau at the BOI’s one-stop centre once a year instead of every 90 days, with a maximum stay of four years.
Your Take!
Are you looking for advice on how to start a business in Thailand? Communicating with Konrad Legal is a great way to start. We have all the methodologies, manpower and excellence to assist you in launching your business in Southeast Asia.
Have you been to Thailand yet? You don’t even need to be in the country to take advantage of our services, so don’t be concerned. We can assist anyone with a brilliant concept for a business located in Thailand, regardless of where they are in the globe right now. After a successful application, you can get a 1-year Smart Visa endorsement. This greatly increases your chances of being approved by Thai immigration, making it easier and faster for you to enter Thailand. COVID can never stop you or your idea to yield desired results.
