Exploring Visa for Business in Thailand

Visa for Business in Thailand Guide for Foreign Entrepreneurs

Exploring types of Visa for Business in Thailand

Entrepreneurs and investors looking to explore the diverse commercial landscape of Thailand will find opportunities based on a wide range of business considerations. This guide provides insight into obtaining an LTR visa in Thailand, detailing the types of business visas available, their benefits, and the requirements investors need to meet.

Table of Contents

Why foreign entrepreneurs & investors consider a visa for business in Thailand?

The business visa for Thailand is designed to support foreign nationals who wish to engage in business activities or investments within the country. Its primary goal is to contribute to Thailand’s economic growth by attracting entrepreneurs, investors, and skilled professionals. Holders of this visa can expect extended permission to stay, work authorization, and the ability to bring family members. In addition to granting access to the Thai business environment, this visa requires financial proof and comprehensive documentation. These measures ensure that applicants positively impact 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):

    • The Non-Immigrant B visa is the most common choice for business professionals looking to work or invest in Thailand. It is ideal for those employed by or owning part of a Thai company. This visa allows an initial stay of three months, which can be extended up to one year and renewed 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).

3. Smart Visa:

    • 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.

5. LTR Visa

    • This visa is tailored for wealthy global citizens, retirees, skilled professionals, and experts seeking long-term residence in Thailand. It offers a 10-year renewable visa with several attractive benefits, including a work permit waiver under specific conditions, tax exemptions, and relaxed reporting requirements to immigration authorities. Applicants must also have health insurance coverage of at least US $50,000 or maintain 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 may vary, but typically include:

  • Valid Passport: Must have at least six months validity.

  • Visa Application Form: Properly filled out and signed.

  • Recent Passport-Sized Photograph: Must meet 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 required. These documents 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 necessary.

  • Tax and Social Security Payment Compliance: Applicants for a business visa in Thailand must comply with local tax obligations:

    • P.N.D. 1: Used by companies to report and submit taxes withheld from employee salaries. This form is essential for documenting withholding tax deductions, ensuring compliance with tax regulations.

    • P.P. 30: Used by VAT registrants to offset 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 to ensure timely and accurate VAT reporting in accordance with Thai tax laws.

Guide step-by-step for the Visa for Business application process in Thailand : 

  1. Obtain Employment Invitation: Start by obtaining an official invitation letter from your future Thai employer or the company with which you intend to work. This document is crucial as it forms the foundation of your visa application.

  2. Document Collection: Gather all required documentation, including 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 to obtain a 90-day Non-Immigrant Visa at the nearest Royal Thai Consulate or Embassy. Ensure all forms are filled out correctly to avoid delays.

  4. Pay Visa Fees: The visa processing fees are 2,000 THB for a single-entry visa 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: After arriving in Thailand and as your initial 90-day visa nears expiration, apply for an extension to a 1-year Non-Immigrant Business (B) Visa. This is especially necessary if you plan to stay longer and engage in business activities.

  6. Await Approval: Processing time for your Thai Business Visa typically ranges from 5 to 10 business days, depending on the location and workload of the consulate or embassy.

  7. Navigating the complexities of Thai immigration law can be challenging. Benoit & Partners specializes in helping foreign entrepreneurs and investors secure their business visa in Thailand. Our team of experienced lawyers offers comprehensive services tailored to your specific needs

Frequently Asked Questions About Business Visas in Thailand

     1. What is the fastest type of business visa to obtain in Thailand?

  • Many consider the Smart Visa the fastest to obtain, especially for individuals in technology sectors or start-ups, as it attracts highly skilled professionals and executives. Depending on the specifics of the application, the processing time can be as short as 30 days.
  1.  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 restrictions apply to the percentage of foreign ownership, depending on the type of business. Generally, a foreigner can own up to 49% of a Thai company, though some sectors offer exceptions.
  1. 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 at least 10 million THB (approximately 300,000 USD) in Thai property, government bonds, or a combination of both. You must maintain this investment throughout your visa’s duration to qualify for renewals.
  1. 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, can apply for dependent visas. These visas 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.