Thailand Smart Visa -The Visa You Need to Set Up a Business in Thailand

Along with pristine beaches, calm blue water, and beautiful tropical weather, Thailand also has a great environment for startups, a booming economy, and a low cost of living. It’s a good place to start a business in medicine, smart electronics, next-generation automotive biofuels, and many other such industries.

Recognizing this as an opportunity to attract talent to the country, Thailand started the Smart S visa program. Unlike other startup visas, the Thailand startup visa has three tiers with varying validity timeframes.

Read: How To Get Thailand Citizenship?

Thailand Smart Visa Program

There are 5 categories of the Thailand Smart Visa program. The category relevant to entrepreneurs is the Smart S visa. Individuals with an idea for a business they would like to set up in Thailand as well as those who already have a business in any other country that they want to move to Thailand are eligible for this visa.

Read: How to Apply for Thailand Tourist Visa

Thailand Startup Visa – Targeted Industries

To be eligible for this visa, the applicant’s business idea or existing business must be in one of the following targeted industries:

• Aviation and Logistics
• Next-Generation Automotive
• Affluent, Medical and Wellness Tourism
• Smart Electronics
• Agriculture and Biotechnology
• Medical Hub
• Food for the Future
• Automation and Robotics
• Biofuels and Biochemicals
• Digital
• Human Resource Development in Science and Technology
• Alternative Dispute Resolution
• Environmental Management and Renewable Energy

Thailand Smart Visa Types

There are three types of Thailand Smart S visas:

1. 6-month visa for individuals with a startup business plan

This visa is for new startup founders with a business proposal in one of the targeted industries or those who want to engage in promotional activities for startups. The visa is valid for 6 months and renewable for up to 2 years if required.

Eligibility:

• Having the plan to set up a tech startup in one of the targeted industries
  • Having a startup plan endorsed by relevant agencies
  • Health insurance that covers the entire stay in Thailand

2. 1-year visa for individuals who have participated in an incubation/ accelerator program 

A 1-year Thailand Smart S visa allows the applicant to live in Thailand for up to 1 year and set up a business within this time frame. It is renewable for up to 2 years. The applicant’s spouse and dependent children can also stay in Thailand along with the Smart S visa holder. The spouse may also be granted permission to work in the country.

Eligibility:

• Attending an accelerator/incubation program in the targeted industry

Or

• Having received joint venture funding

Or

• Having been endorsed by relevant government agencies
  • Proof of maintaining at least 600,000 Baht in their bank account for 3 months
  • In the case of being accompanied by spouse/ children, an additional 180,000 baht per person must be maintained in the bank for the past 3 months
  • Health insurance for the entire stay in Thailand

3. 2-year visa for individuals who own at least 25% of an existing startup

Foreigners who hold at least 25% of a certified startup company in Thailand are eligible for a 2-year Smart S visa. The visa holder’s spouse and dependent children can also stay in Thailand. The spouse may be granted permission to work without requiring a work permit.

Eligibility:

• Having an established startup company in Thailand in one of the targeted industries
  • Owning at least 25% of the company or being one of the directors of the company
  • Proof of maintaining at least 600,000 Baht in their bank account for 3 months
  • In the case of being accompanied by spouse/ children, an additional 180,000 baht per person must be maintained in the bank for the past 3 months
  • Health insurance for the entire stay in Thailand

Documents Required For A Thailand Smart Visa

Before applying for the Smart S visa, the following documents must be brought together:

• Valid passport with at least 2-3 blank pages
• Completed visa application form
• Valid notification Letter from the Board of Investment to the Thailand Trade and Economic Office
• Medical certificate
• Health insurance policy
• Shareholding list
• Existing startup company’s annual report, catalogs or brochures (if any)
• Evidence of attending an incubator/accelerator program
• Proof of financial subsistence
• One 2×2 inch recent passport-sized photograph against a white background

How To Apply For The Thailand Smart Visa Program

The first step in applying for a Smart S visa is registering online at https://smart-visa.boi.go.th. AQ confirmation email will be sent to the applicant to activate the account. The application form must then be completed. PDF versions of the required documents can be uploaded to the account.

The application will be evaluated in the next 30 days. If approved, the applicant can proceed to the Royal Thai Embassies/The Royal Thai Consulate Generals/ Immigration at One Stop Service Center for Visa and Work Permit (OSS)/ EEC Labour Administration Center in Chonburi to apply for a Smart Visa issuance.

This must be completed within 60 days of receiving an endorsement letter. A visa processing fee of 10,000 baht is payable.

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