Planning to run a business in Thailand? Do you have a business abroad but plan to live in Thailand? Wanting to set up a company here in order to get a visa?
Being a business owner, you have several long-term visa options. Each comes with different advantages and disadvantages. They also come with different requirements and are suitable for different types of business owners.
Let’s take a look at visa options you have as a business owner living in Thailand.
Contents
Business Visa
A Business Visa is the most common visa to use to live in Thailand as a business owner.
To get this visa, you need to set up your own company in Thailand, and then use it to provide supporting documents for a Thailand Business Visa.
Advantages
The main advantage is that the government fees for the visa and work permit are usually only a few thousand baht per year, before re-entry permits and professional service fees.
In addition, if your company is promoted by Thailand Board of Investment, you can handle all of your visa-related issues at the One-Stop Service Center instead of the Immigration Department.
It’s less crowded and more conveniently located.
Some BOI-promoted companies may also be able to get longer visa and work permit permissions, depending on BOI and immigration approval.
Disadvantages
Unless you are serious about doing business in Thailand, the Business Visa isn’t a great idea.
Setting up a company in Thailand can be complicated for expats. For example, foreign ownership is restricted in many business activities under the Foreign Business Act, so you may need Thai shareholders for a normal limited company.
If you want to hold 100% of the company shares in a restricted business, your company may need to be promoted by the Thailand Board of Investment, which is limited to certain business industries.
Alternatively, you can take a look at the US-Thailand Treaty of Amity. It’s only available to US citizens and comes with a long list of documents and procedures. It can take several months to set up a company under these conditions.
Also, you should normally prepare at least THB2,000,000 in registered capital per foreign work permit, although some cases, such as being married to a Thai citizen, may have a lower capital requirement. If you use the US-Thailand Treaty of Amity, the minimum registered capital is generally at least THB2,000,000, and it can be higher for some restricted activities.
After you set up the company, there will be additional accounting and administration costs, including regular tax filing.
You might have heard about some services offering you the ability to have a company in Thailand for a small price per year. It isn’t legal and we don’t recommend you to go with this route.
How to Start
To start setting up a business in Thailand, you need a Business Visa (Non-B) which can be done at a Thai embassy or consulate in your home country.
You should contact the Thai embassy/consulate for the exact list of required documents rather than searching the internet, since each place may require different documents. Also, these requirements can change over time.
Your Business Visa will first be valid for three months. You can extend it once you get a work permit in Thailand.
If you need a lawyer to help set up a company, you can fill out this form here. You should note that the lawyer fees will be at least THB30,000 to set up a normal limited company.
It is much more expensive for a BOI-promoted company and the US-Thailand Treaty of Amity, since they are much more complicated and take a lot longer to do.
LTR Visa
The Long-Term Resident Visa, or LTR Visa, is a long-term visa promoted by the Thailand Board of Investment. It’s one of the best visa options in Thailand, and it’s available for business owners in Thailand. The recommended option is under the Highly Skilled Professionals category, which comes with the following requirements:
- Personal income: You normally need to have an average personal income of at least US$80,000 per year for the past two years.
- Lower income option: If your income is between US$40,000 and US$80,000 per year, you may still qualify if you have a master’s degree or higher in science and technology, or special expertise related to your work in Thailand.
- Type of work: You need to work in one of Thailand’s targeted industries, or have expertise in a field that the BOI considers important to Thailand.
- Employer or business: You should work for a Thai or foreign company, a higher education institution, a research center, a specialized training institution, or a government agency in Thailand.
- Health insurance: You need to have health insurance with at least US$50,000 in coverage, Thai social security benefits, or a deposit of at least US$100,000.
Advantages
The LTR Visa is one of the most convenient long-term visa options in Thailand. Once approved, you can
- Stay in Thailand for up to 10 years and don’t need to apply for a re-entry permit every time you leave the country
- Do a yearly reporting instead of 90-day reporting
- Handle your visa and work permit matters through the One Stop Service Center, which is usually more convenient than visiting a regular immigration office.
- Get a reduced personal income tax rate of 17%
Disadvantages
There are two main disadvantages of the LTR Visa:
- The high requirements, which aren’t for everyone.
- The application process requires a lot of documents and takes more time than a regular visa. Many people spend around 2-3 months getting it. The good thing is that you have a BOI officer to help you through the process.
In addition to that, you also need to maintain the required conditions throughout the validity of the visa. For example, you need to maintain your employment status, health insurance, and income.
How to Do It?
To obtain the LTR Visa, you first need to apply for qualification endorsement through the Thailand Board of Investment. The application can be submitted online through the LTR Visa website.
After submitting your application and documents, your application will be reviewed by the relevant government agencies. According to the BOI, it can take 20 working days for the BOI to notify you of the result.
Once approved, you can use the endorsement letter to apply for the LTR Visa at a Thai embassy or consulate overseas, or at the immigration office in Thailand. You can also apply for a digital work permit after your LTR Visa is issued.
Thailand Privilege Visa
The Thailand Privilege Visa is a popular option for business owners and entrepreneurs who have a business outside of Thailand but want to live in Thailand.
It gives you a 5- to 20-year visa, with one-year permission to stay per entry. If you stay longer than one year without leaving, you normally need to extend your permission to stay at immigration. Depending on the membership package and available benefits, it can also come with perks such as the privilege lane at the airport, airport pick-up, 90-day notification service, and discounts on golf courses and spas.
Advantages
The Thailand Privilege Visa is one of the easiest long-term visas to obtain in Thailand, but approval is still subject to background and immigration checks.
You won’t need to deal with visa hassles like with other visas. You need only to scan a few documents, send them to your visa agent, fly to Thailand, and get your visa. That’s it.
If you stay in the country continuously, the main routine immigration matters you still need to deal with are the 90-day notification and, when applicable, extending your permission to stay before your one-year stay expires. You can either do the 90-day notification yourself or drop your passport off to a visa agent and ask them to do it on your behalf.
Disadvantages
The Thailand Privilege Visa is expensive. The lowest-priced listed package is the 5-year Bronze membership at THB650,000.
In addition, you can’t work in Thailand with it. If your business is abroad and you do not conduct it in Thailand, this usually isn’t a problem.
If you want to conduct business in Thailand, then you should get the Business Visa (Non-B) instead.
You should note that if you stay in Thailand for over 180 days a year, you might be deemed a Thai tax resident and need to pay personal income tax in Thailand.
Rules and taxable amounts depend on many factors. You should talk to an accountant to plan your taxes.
If you need more information, read our in-depth Thailand Privilege Visa review.
Other Visa Options
In addition to those three visa types that are aimed specifically at business owners and entrepreneurs in Thailand, it’s possible to live in Thailand with other types of visas – the marriage visa for those who marry Thai citizens, and the retirement visa for those who are over 50 years old (but you can’t make a work permit with a retirement visa.)
Since 2024, the Destination Thailand Visa (DTV) has also become an option for some people who work remotely for overseas clients or companies. It is a five-year multiple-entry visa that allows stays of up to 180 days per entry, but it does not allow you to take employment with a Thai company.
Another popular option is the guardian visa. It’s for those who have a child who is younger than 20 years old and is now studying in Thailand.
If you are not qualified for any of the visas mentioned above, many people come to Thailand with a Tourist Visa and then change to an Education Visa by taking Thai language courses at legit Thai language schools.
However, you should note that the main drawback of the Tourist Visa and Education Visa is that you can only use them for a year or two. After that you might be denied entry by immigration officers. It’s not a legal option.
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