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The SMART VISA S – Everything you need to know
02/10/2023
The SMART Visa S is a unique visa category in Thailand designed to attract highly skilled professionals, entrepreneurs, and investors to contribute to the country’s economic growth. If you’re considering applying for this visa, it’s essential to understand what it entails, its benefits, application requirements, and how to extend it.
This comprehensive guide will cover everything you need about the SMART Visa S.
Key points
- SMART Visa S is available in three categories: Experts, Investors, and Startup Entrepreneurs, aimed at attracting highly skilled professionals, investors, and entrepreneurs to Thailand’s strategic industries.
- SMART Visa S is exclusively for targeted industries known as the S-Curve industries, including technology, medical services, and more.
- SMART Visa S offers various benefits, such as longer stays, exemption from work permits, and fast-track services at select international airports.
What is the SMART Visa S?
The SMART Visa S, part of Thailand’s SMART Visa program, is a category specifically tailored to individuals with expertise in targeted industries. It aims to attract professionals, investors, and entrepreneurs to enhance Thailand’s competitiveness in technology, medical services, and more sectors. This visa provides a pathway for foreign talents to live and work in Thailand for extended periods, fostering economic development and innovation.
SMART Visa S is typically available in three categories:
Smart Visa S (1) – Experts: This category is for highly skilled professionals and experts in specific industries, such as technology, medical services, and more.
Smart Visa S (2) – Investors: This category is for investors who make significant financial contributions to qualifying businesses in Thailand.
Smart Visa S (3) – Startup Entrepreneurs: This category is for individuals looking to establish startup companies in Thailand.
Holders of SMART Visa S are exempt from obtaining a work permit and are eligible for various benefits, such as longer stays, work flexibility, and family inclusion.
For more information about SMART Visas, please look at our blog post here.
What are the target industries eligible for SMART Visa S holders?
The SMART Visa is an innovative visa category specifically crafted to incentivize highly skilled professionals and talents to contribute their expertise and investments to Thailand’s strategic S-Curve industries, which include:
(1) next-generation automotive,
(2) smart electronics,
(3) affluent medical and wellness tourism,
(4) agriculture and biotechnology,
(5) future-oriented food,
(6) robotics,
(7) aviation and logistics,
(8) biofuels and biochemicals,
(9) digital technologies, and
(10) the medical hub sector.
What are the benefits of a SMART Visa S?
The SMART Visa S offers numerous advantages, making it an attractive option for eligible applicants:
- You can initially obtain a 6-month visa, which can be renewed for up to 2 years if you meet the necessary criteria.
- If you’re establishing a startup based on an approved plan and working for it or participating in a startup promotion activity that has been endorsed, you won’t need work permits. However, further approval or endorsement will be necessary if there are changes or additional activities.
- SMART Visa S holders working for a business certified by relevant agencies also do not need a Work Permit.
- 90-day reports are not required, only once a year.
- There’s no need for a re-entry permit.
- You’ll have access to a fast-track service at select international airports in Thailand, where this service is available
How long is a SMART Visa S valid for?
As mentioned above, the SMART Visa S has 3 different options; each visa has a different length of validity:
2-year SMART Visa S: This is available to foreigners who have already established a certified startup company in Thailand.
1-year SMART Visa S: This is available to foreigners who have attended an incubation or accelerator program or any other similar program in the targeted industries or received joint venture funding from the public sector or endorsed by relevant government agencies are eligible for this opportunity.
6-month SMART Visa S: This is available to applicants who intend to establish a startup enterprise in Thailand or participate in initiatives promoting startups, including Startup Camps.
What are the application requirements for a SMART Visa S?
The requirements for each type of SMART Visa are as follows:
Requirements for a 2-year SMART Visa S
To qualify for the 2-year SMART Visa S, the applicant must:
- Have founded a startup in Thailand, endorsed by relevant government agencies like the National Innovation Agency (Public Organization) and the Digital Economy Promotion Agency.
- Hold at least 25% of the company’s registered capital or serve as a director.
- Maintain a deposit of at least 600,000 Baht or equivalent in a bank account in Thailand or your home country, held for at least 3 months.
- Ensure you have health insurance that covers your stay in Thailand, including coverage for yourself, your spouse, and your children.
If the applicant will have their spouse and children accompany them, an additional deposit of no less than 180,000 Baht per person or equivalent must be deposited in a bank account (in Thailand or your home country) for a minimum of 3 months. Please note this deposit of 180,000 Baht should be in either the husband or wife’s bank account.
Requirements for a 1-year SMART Visa S
To be eligible for a 1-year SMART Visa S, applicants must satisfy the following requirements:
- Participation in an incubation, accelerator, or analogous program endorsed by relevant government bodies such as the National Innovation Agency (Public Organization) and Digital Economy Promotion Agency within the targeted industries is a prerequisite.
- If not partaking in an incubator or a similar program, the applicant must secure joint venture funding with the public sector or obtain endorsement from pertinent government agencies like the Digital Economy Promotion Agency.
- A minimum deposit of 600,000 Baht or equivalent in a bank account (in Thailand or the applicant’s country of residence) for at least 3 months.
- Health insurance coverage for the entire stay in Thailand is required for both the applicant and accompanying spouse and children.
Again, suppose the applicant has their spouse and children accompany them. In that case, an additional deposit of no less than 180,000 Baht per person or equivalent must be deposited in a bank account (in Thailand or your home country) for at least 3 months. Please note this deposit of 180,000 Baht should be in either the husband or wife’s bank account.
Requirements for a 6-month SMART Visa S
Obtaining a 6-month SMART Visa S involves satisfying the following specific criteria:
- Plans to establish a tech startup in Thailand: Applicants must either have a plan endorsed by pertinent organizations like the National Innovation Agency (Public Organization) or be actively involved in activities that promote startups. These activities include participation in initiatives like Startup Camp, which should be endorsed by government bodies such as the Board of Investment and the National Innovation Agency (Public Organization).
- Health Insurance: SMART Visa S applicants must have comprehensive health insurance coverage during their stay in Thailand.
Frequently asked questions about the 6-month SMART Visa S
Is the company being established for the SMART Visa S required to have Thai shareholders?
It is entirely possible to have a 100% foreign-owned company in Thailand. However, the
nature of your business must align with the provisions outlined in the Foreign Business Act (FBA).
The FBA restricts foreigners or foreign-owned companies from undertaking over 50 categories of business activities in Thailand. Should the company in question undertake a restricted activity, it must obtain a Foreign Business License (FBL) or a Foreign Business Certificate (FCT) to ensure the lawful operation of the business.
Please note Thailand’s Board of Investment offers eligible companies the opportunity to have 100% foreign ownership and avoid the complexities of the FBA. For more information, please see here.
Can you apply for the 6-month visa without registering a company yet?
Yes, applying for a 6-month Smart “S” visa is possible without incorporating a company yet. However, it’s essential to include the pitch deck detailing your initial business establishment plan as part of the application. This plan should convincingly demonstrate that your business operates within the technology or innovation sector.
What are the requirements for health insurance?
The health insurance policy should cover the entire duration of the applicant’s stay in Thailand. Specifically, it must include hospitalization treatment with a minimum coverage limit of 500,000 Baht. Alternatively, if the applicant has a travel insurance policy that includes the stipulated conditions, it can be utilized instead of a separate health insurance policy.
Frequently asked questions about the 1 and 2 year SMART Visa S
If I hold less than 25% of the shares in a startup, am I still eligible for the 2-year SMART Visa S?
If you do not own 25% of the shares in an eligible startup, you cannot apply for a 2-year Smart “S” visa. You must increase the number of shares that you hold at least 25% or be registered as the director of the company.
Can I extend my one-year SMART Visa S?
After receiving a 1-year Smart “S” visa, the visa holder must register and establish a company in Thailand as a prerequisite for applying for a 2-year Smart “S” visa. If they do not register a company within this time frame, they cannot extend their SMART Visa S.
Is the company being established under my SMART Visa S required to have Thai shareholders?
Much like above, for the 6-month SMART Visa S, it is not a requirement to have Thai Shareholders. The company must satisfy and comply with the requirements of the Foreign Business Act or apply for a BOI promotion.
Can my 2-year SMART Visa S be extended?
Holders of the 2-year Smart Visa S may apply for a 2-year extension if they satisfy the initial qualifications, criteria, and conditions. Alternatively, they can request different visa types like Smart “T” or Smart “E” if they fulfill all the requirements.
What is considered by the relevant authorities when requesting endorsement for a startup?
Entities like the National Innovation Agency (NIA) will be responsible for evaluating startup endorsement applications. Assessments will be based on innovation, technology utilization, and revenue scaling. The proposed business plan or pitch deck will be scrutinized during evaluation.
How can Belaws help?
For more information about SMART Visas in Thailand, why not talk to one of our experts now?
Please note that this article is for information purposes only and does not constitute legal advice.
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Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our legal experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.
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Frequently asked questions
How do you qualify for a Smart Visa in Thailand?
The qualifications for a Smart Visa in Thailand depend on the specific category, such as Experts, Investors, or Startup Entrepreneurs. Each category has its own set of requirements.
How much is a Thai Smart Visa?
The cost of a Thai Smart Visa varies depending on the category and length of validity. The article provides details on the different options available, such as 2-year, 1-year, and 6-month Smart Visas.
What is a Smart Visa?
A Smart Visa is a category of visa in Thailand designed to attract highly skilled professionals, investors, and entrepreneurs to contribute to strategic industries, such as technology and medical services. It offers benefits like longer stays, exemption from work permits, and fast-track services.
What is the best visa for Thailand?
The best visa for Thailand depends on your specific circumstances and goals. If you are a highly skilled professional, investor, or entrepreneur looking to contribute to targeted industries, a Smart Visa, particularly Smart Visa type S, may be a suitable option.
What are the target industries eligible for SMART Visa S holders?
SMART Visa S is designed to incentivize professionals and talents to contribute to Thailand’s strategic S-Curve industries, which include next-generation automotive, smart electronics, affluent medical and wellness tourism, agriculture and biotechnology, future-oriented food, robotics, aviation and logistics, biofuels and biochemicals, digital technologies, and the medical hub sector.
What are the benefits of a SMART Visa S?
SMART Visa S offers numerous benefits, including the ability to obtain a 6-month, 1-year, or 2-year visa, exemption from work permits, reduced reporting requirements, and access to fast-track services at select international airports in Thailand.
How long is a SMART Visa S valid for?
The validity of a SMART Visa S varies depending on the specific category:
- 2-year SMART Visa S
- 1-year SMART Visa S
- 6-month SMART Visa S
What are the application requirements for a SMART Visa S?
The application requirements for a SMART Visa S depend on the category:
- Requirements for a 2-year SMART Visa S
- Requirements for a 1-year SMART Visa S
- Requirements for a 6-month SMART Visa S
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