In 2018 the Thai government approved a new type of Visa for professional that is still pretty much unknown to most of the Thai expats. It is called SmartVisa and it includes 4 categories: experts, investors, startups, executives. Let’s have a look at the startup category.
Advantages of this Visa type:
– no bureaucracy: no need to apply for a work permit to work in Thailand. No need to report your address every 90 days. You don’t need a re-entry permit to leave Thailand and come back. And you get access to a special simplified process for the application (online).
– duration: in most cases, it’s a 2 year Visa
– immigration fee: 10,000 baht per year (to be paid after the approval)
– VIP service: fast lane at the airport when you enter the country and no need to deal with the immigration (the point of contact for the SmartVisa is the SmartVisa team at the BOI office for foreign companies. If you are in Bangkok, it is located in Chamchuri Square, Silom area)
– Spouse and children of SmartVisa holder are granted permission to stay in Thailand under the SmartVisa, too.
Better be aware that some government agencies and banks are still not aware of what the SmartVisa is. The Department of Transportation for example, will consider you like a tourist when you apply for a Thai driving license. The SmartVisa team will provide you with a government letter explaining the SmartVisa to banks and offices.
What are the requirements for a Startup SmartVisa? The company must be a startup, which means it’s less than 5 year old. If the company has not been setup yet, the founder has 1 year to do so. The company must be in one of targeted industries (i.e. Food of the Future, Environment, Digital, etc). Finally, the startup must be in an acceleration/incubation program or be endorsed by a relevant government agency. The SmartVisa office will help you with this certification process.
The person applying for the SmartVisa must provide proof of:
– Fixed deposit of at least 600,000 baht on a Thai bank account (photos of the bank booklet are accepted)
– Health insurance. Any coverage will do, a copy of the insurance contract must be attached to the application
– Holding no less than 25% of the company’s registered capital or being one of the board directors
If you need help with the application, feel free to contact Tanawat.