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Exploring types of Visa for Business in Thailand
Entrepreneurs and investors looking to explore the diverse commercial landscape of Thailand, attracting entrepreneurs and investors based on a wide-range of business considerations. This guide offers an insight into obtaining a Visa for business in Thailand and the types of business visas available, their benefits, and the requirements that investors need to meet.
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Why foreign entrepreneurs & investors consider a visa for business in Thailand?
The Visa for Business in Thailand is designed to facilitate foreign nationals who wish to engage in business activities or investments within the country. Its primary purpose is to support Thailand’s economic growth by attracting entrepreneurs, investors, and skilled professionals. Those holding this visa can expect permission to stay for a significant duration, authorization to work, and the possibility to bring family members. This visa not only provides access to the Thai business environment but also includes various requirements like financial proof and comprehensive documentation. These measures are designed to ensure that all applicants make a positive impact on the local economy.
Types of Visa for Business in Thailand
Thailand offers a variety of business visas that cater to different types of entrepreneurs and investors. Understanding these options can help you select the one that best suits your business goals.
1. Non-Immigrant Visa Category “B” (Business Visa):
- This is the most common type of visa for business professionals looking to work or invest in Thailand. It is suitable for those who are employed by or own a part of a Thai company. The Non-Immigrant B visa allows for an initial stay of three months, which can be extended up to one year and is renewable annually.
2. Non-Immigrant Visa Category “IB” (Investment and Business Visa):
- This visa is specifically designed for foreign investors involved in investment projects that significantly benefit the Thai economy. These projects typically need to be endorsed by relevant Thai government agencies, such as the Board of Investment (BOI).
- Launched in February 2018, the Smart Visa targets highly skilled professionals, executives, entrepreneurs, and investors who are involved in technology-based industries and start-ups. The Smart Visa offers up to a four-year stay without the need for a work permit.
4. One-Year Investment Visa:
- Available to foreign nationals who invest at least 10 million THB (approximately 300,000 USD) in Thai property, government bonds, or a combination thereof. This visa is valid for one year and can be renewed as long as the investment is maintained.
- This visa is specifically designed for wealthy global citizens, retirees, skilled professionals, and experts seeking long-term residence in Thailand. It provides a 10-year renewable visa, offering several attractive benefits including a waiver for a work permit under specific conditions, tax exemptions, and less stringent reporting requirements to immigration authorities. In addition, all applicants must have health insurance coverage of at least US $50,000 or have at least US $100,000 in a Thai bank account.
What are the benefits for these visas in Thailand?
Opting for a Visa for business in Thailand comes with numerous advantages:
- Long-term Stay: Most business visas, like the Smart Visa, allow for an extended stay, reducing the hassle of frequent renewals.
- Work Authorization: Certain visas, such as the Non-Immigrant B visa, include work permits, allowing investors and entrepreneurs to legally work in Thailand.
- Access to the Thai Economy: These visas provide a gateway to one of Southeast Asia’s most dynamic economies, offering various businesses.
- Family Inclusion: Dependents of business visa holders can also apply for appropriate visas, allowing families to stay together in Thailand.
What are the requirements and step-by-step application process?
The requirements for each type of business visa vary, but typically include:
- Valid Passport: Must have at least six months validity.
- Visa Application Form: Properly filled and signed.
- Recent Passport-Sized Photograph: Must adhere to the specified dimensions.
- Corporate Documentation: For those setting up a business, documents such as company registration and certification by the Board of Directors or a Managing Director are necessary. These should be certified and, if not in English, translated and notarized.
- Employment Details: For those seeking employment, a letter from the employer and details of the employment agreement are crucial.
- Tax and Social Security Payment Compliance: Applicants for a business visa in Thailand are required to fulfil local tax obligations:
- P.N.D. 1 is specifically used by companies to report and submit the tax that has been withheld from the salaries of their staff. This form is essential for documenting the withholding tax deductions made from employee earnings, ensuring compliance with tax regulations.
- P.P. 30: This form is used by VAT registrants who must calculate tax by offsetting output tax with input tax. Businesses must submit this form monthly, even if no VAT is incurred, with a zero tax declaration if applicable. The form must be submitted within 15 days of the following month, ensuring timely and accurate VAT reporting as per Thai tax laws.
Here is step by step procedure for the Visa for Business application process in Thailand, outlining each step comprehensively:
1. Obtain Employment Invitation: To begin, obtain an official invitation letter from your future Thai employer or company you intend to work with. This document is essential as it forms the basis of your visa application.
2. Document Collection: Collect all necessary documentation as specified above your passport, completed visa application forms, financial proof, and any specific papers related to your employment or investment.
3. Apply for Visa: Submit your documents and get your 90-day Non-Immigrant Visa at the Royal Thai Consulate or Embassy nearest to you. Ensure all forms are filled out accurately to avoid delays.
4. Pay Visa Fees: The fees for processing your visa are 2,000 THB for a single entry and 5,000 THB for a multiple-entry business visa. These fees are mandatory and vary based on the visa type.
5. Extend Your Visa: Once you are in Thailand and your initial 90-day visa is nearing expiration, apply to extend this to a 1-year Non-Immigrant Business (B) Visa. This is especially necessary if you plan to remain in the country for longer and engage in significant business activities.
6. Await Approval: The processing time for your Thai Business Visa usually ranges from 5 to 10 business days, depending on the location and workload of the consulate or embassy.
Navigating the complexities of Thai immigration law can be challenging. Benoit & Partners specializes in assisting foreign entrepreneurs and investors with obtaining their Visa for business and our team of experienced lawyers provides comprehensive services tailored to your needs
Frequently Asked Questions About Business Visas in Thailand
1. What is the fastest type of business visa to obtain in Thailand?
- The Smart Visa is generally considered the fastest visa to obtain, especially for those in technology sectors or start-ups, as it is designed to attract highly skilled professionals and executives. The processing time can be as short as 30 days, depending on the specifics of the application.
- Can I own a business in Thailand with a Non-Immigrant B Visa?
- Yes, you can own a business in Thailand with a Non-Immigrant B Visa, but there are restrictions on the percentage of foreign ownership, depending on the type of business. Generally, a foreigner can own up to 49% of a Thai company, although there are exceptions in some sectors.
- How much do I need to invest to qualify for an Investment Visa in Thailand?
- To qualify for a One-Year Investment Visa, you must invest a minimum of 10 million THB (approximately 300,000 USD) in Thai property, government bonds, or a combination thereof. This investment must be maintained throughout the duration of your visa to qualify for renewals.
- Are family members allowed to join me in Thailand if I have a business visa?
- Yes, dependents of business visa holders, such as spouses and children, are eligible to apply for dependent visas. These visas will allow them to live in Thailand for the same duration as the primary visa holder.
With the professional guidance of Benoit & Partners, you can efficiently manage the legal frameworks and focus on growing your business in Thailand. For more detailed information or to start your visa application process, contact Benoit & Partners today.