Conducting Business or Investing in Thailand: The Visas You’ll Need

Thailand is a popular country among entrepreneurs, investors, and professionals looking to explore new horizons. The cost of living and doing business is relatively low, and the government provides incentives and subsidies for a variety of business activities.

Whether you’re looking to invest in or start a company, or just want to bring your expertise to Thailand as a professional employee, there will be different visas to consider depending on your plans. For those coming to Thailand for business purposes, they will likely need one of three common business visas: The non-immigrant B Visa, one of the SMART visas, or the Long-Term Resident (LTR) visa. 

Each visa category is designed to cater to different business activities, and each has unique eligibility criteria, but which one should you consider and eventually apply for? Let’s take a closer look. 

What Visas Do You Need to Work in Thailand? 

Which visa you need to do business in Thailand depends on what kind of business activities you plan on taking part in. These fall into three broad categories: working at an existing company, investing in Thai companies and other assets, and starting your own company.

Working for an existing company

If you are planning on joining an existing company as an employee, there are several visas to choose from depending on your role and level of expertise.

Non-Immigrant B Visa

If you are getting a job in Thailand, you will need to get a Thai business visa, ideally before arriving in the country. You must secure a 90-day Non-Immigrant B visa under the employment category from your home country.

The visa application will be sponsored by your employer in Thailand. During the first 90 days provided by this visa, you must apply for a work permit, which your company should help you do. Upon getting a valid work permit, you can then request a 1-Year Non-Immigrant B visa extension of stay at a local immigration office within Thailand. 

On this visa, you are required to report your address every 90 days at the Thai Immigration Office. If you decide to leave Thailand, a re-entry permit is required, but the 90-day reporting period will reset upon your return. 

If you are in Thailand when you get your job, you may have to leave Thailand to acquire the Non-Immigrant B visa before returning to acquire your work permit.

SMART 

The SMART Visa is targeted at highly skilled professionals, investors, executives, and entrepreneurs to develop and boost a strategic selection of Thailand's industries. 

They include: 

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

If you are planning to work in Thailand under the SMART Visa, and the field you are in is part of the listed industries, you can apply for the SMART Visa

Talent Visa

SMART (T) is valid for four years, and if you’re a science and technology expert earning 200,000 THB per month or more, you’re able to apply for this visa. 

Executive Visa

SMART (E) Visa, also spanning four years, targets senior managers with at least a Bachelor's degree, ten years of work experience, and a monthly income of at least 200,000 THB. 

Long-Term Resident (LTR)

The Long-Term Resident (LTR) Visa in Thailand allows you to relocate to Thailand for up to ten years and obtain a work permit. Your LTR is more flexible and convenient, but the downside is the steeper eligibility requirements.

Eligibility requirements for the LTR visa are based on your particular employment situation:

Highly-Skilled Professionals

• An annual income of at least 80,000 USD for the previous two years.
• Applicants earning between 40,000 USD and 80,000 USD annually might qualify if they possess a Master's degree or higher in science and technology or have special expertise relevant to their role in Thailand.
• Applicants aiming to work in higher educational institutions, research centers, specialized training centers, or government agencies face no minimum income requirements.
• The business activity must align with one of the targeted industries.
• The applicant should have a minimum of 5 years of experience in the targeted industries, hold a Ph.D. in relevant fields, or be employed by a Thai government agency.

Work-From-Thailand Professionals

• An annual income of at least 80,000 USD for the past two years.
• Applicants earning between 40,000 USD and 80,000 USD annually could qualify if they hold a Master's degree or higher, possess intellectual property, or have secured Series A funding.
• The current employer must be a public company listed on a stock exchange or a private company that has operated for at least three years, with revenues totaling 150 million USD or more in the last three years.
• The applicant should have a minimum of 5 years of experience in the relevant fields related to their current job within the last 10 years.

Investing 

If you are hoping to invest in the Thai economy, the government provides a few different avenues for getting a visa and staying in the Kingdom long term.

Long-Term Resident (LTR) Visa

As mentioned above, the LTR Visa allows you to invest, work, and live in Thailand for up to 10 years. Besides attracting talented workers, it’s also designed to attract people who have the ability to increase foreign investment and economic growth in the country.

For investment purposes, there are two kinds of LTR visa that could serve, each with distinct eligibility requirements:

Wealthy Global Citizens 

• Assets worth at least 1 million USD.
• An annual income of no less than 80,000 USD over the last two years.
• An investment of at least 500,000 USD in Thai government bonds, foreign direct investments, Thai property, or a mix of these options is required.

Wealthy Pensioners

• Must be a retiree.
• A yearly income of no less than 80,000 USD over the previous two years.
• OR a yearly income of no less than 40,000 USD, in addition to a minimum of 250,000 USD in Thai government bonds, foreign direct investments, Thai real estate, or a mix of these options.

SMART Investor Visa

You can apply for the four-year SMART (I) Visa if you invest 20 million THB in companies that use technology for their manufacturing or services. 

The businesses that you invest in for this visa have to be in one of the 10 approved industries. See the previous section on the SMART visa for the complete list.

Starting a Company 

To start a new company in Thailand, one of the better avenues is the SMART visa. If you are hoping to start a business that is not in one of the SMART-approved industries, you may have to consider starting the business with a Thai partner or partners, as Thai law protects certain local industries by restricting foreign expansion.

SMART S

The 1-2 year SMART (S) Visa caters to entrepreneurs who want to open a business in Thailand. To be eligible, you need to start a company in one of the ten specified areas during the first year (see above for SMART-approved industries). You will also need to get health insurance and a bank deposit of 600,000 THB. 

Non-Immigrant B Visa

If a SMART (S) Visa isn’t for you, then you should consider a Non-Immigrant B Visa. To set up or run a company in Thailand, any foreign national must apply for this. 

• 90-Day Non-Immigrant Visa (Single-Entry)

This visa permits a continuous 90-day stay in Thailand and will be issued by the Thai embassy or consulate in your home country.

• 1-Year Non-Immigrant Visa (Multiple-Entry)

Designed for anyone engaging in business activities who needs to travel frequently to and from Thailand. This business visa can be extended once the work permit is obtained.

What are the requirements for these visas?

As each of these visas are distinct programs, they have unique eligibility criteria.

Long-Term Resident Visa (LTR)

Each of the four categories previously mentioned comes with its own requirements, and you must meet all criteria of that category to be considered eligible. As a reminder, these categories are: 

• Highly-Skilled Professionals
• Work-From-Thailand Professionals
• Wealthy Global Citizens 
• Wealthy Pensioners

You will need to submit documents to prove your eligibility in one of these categories. While the list of required documents is unique for each category, applicants for all categories are required to either have health insurance covering a minimum of 50,000 USD, or a deposit of at least 100,000 USD in a Thai bank account.

Business Visa Application 

To get the Non-Immigrant Business Visa to Thailand, you must prove you aren’t a public or security risk to the Thai government by providing a series of documents. Also, you will need to apply for a visa in the country where you are physically present. If you are currently in Thailand, you will have to leave for a different country to begin the application process.

The basic requirements for this visa include:

• A passport is valid for at least 6 months from the planned arrival date in Thailand.
• An invitation or confirmation letter detailing the business purpose of the applicant from the relevant Thai organization, person, or company they will work for.
• Any applicable Embassy fee (may vary by country).
• The Royal Thai embassy or consulate may request further supporting documents.
• Evidence of sufficient financial funds and a travel itinerary.

Visa applicants should submit their application via mail or in person at the Royal Thai embassy or consulate in their home country.

SMART Visa

For a SMART Visa application, you'll need the following documents:

• The printed SMART Visa application form. This should be for the visa type you're applying for.
• Your passport.
• A Police Certificate showing a clean criminal record, issued by police authorities in your country of nationality and certified by a Notary Public. If you're currently in Thailand, include a Police Certificate from Thai police authorities.
• A Health Certificate issued within the last three months, confirming you do not have Leprosy, Tuberculosis, Elephantiasis, Drug/Alcohol Addiction, or Third Phase Syphilis, certified by a Notary Public.
• Copies of academic qualifications, certificates, or endorsements related to your expertise area.
• Documentation of publications, research endeavors, intellectual property, and accolades.
• Proof of previous employment, like a letter from your past employer 

*These documents are not required for SMART (O) visa applications, as these visas are for dependents of the primary visa holder.

There will be additional documents that you will have to hand in, but it will depend on which SMART visa you will be applying for. 

For the SMART Visa (T), you'll need:

• Your work or service agreement, which must last at least one year and detail your role and pay.
• The hiring firm's yearly report.

For the SMART Visa (I), the required documents include:

• A shareholder list from the company, updated within the last three months, or a document showing share ownership and company value.
• The firm's yearly report, promotional materials, and the most recent annual financial statement (if available).

For the SMART Visa (E):

• Your work or service agreement, indicating a minimum one-year term and details like your position and salary.
• The business's organizational chart.
• The firm's yearly report, promotional materials, and the most recent annual financial statement (if available).
• A recent (within three months) shareholder list.

For the SMART Visa (S):

• A brief of your business plan.
• A recent (within three months) shareholder list or transfer notice.
• The firm's yearly report, promotional materials, and the most recent annual financial statement (if available).
• Confirmation of entry into an incubation or accelerator program.
• Evidence of involvement in startup promotion activities.
• A bank statement showing a balance of at least 600,000 THB, held for three months. For each dependent, add 180,000 Thai Baht.

Making the Right Choice

Thailand is a great place for entrepreneurs, investors, professionals, and people aiming to start a new career, but Thai immigration laws and regulations must be followed to the letter or these business activities will fail, or worse, prosecuted. 

With the different requirements and advantages of each visa type, choosing the right path and meeting all requirements are key to achieving business success in Thailand. To ensure you have all the correct information and your visa application is successful and free of any troubles with the Thai government, it is recommended that you seek professional guidance from a Thai immigration attorney or visa consultant when planning to do business in Thailand.