READ & LEARN Thailand’s Start-Up Visa vs. Other Entrepreneur Visas
Thailand’s SMART Visa S empowers tech entrepreneurs with streamlined business setup, no work permits, and family-friendly perks. Paired with hubs like True Digital Park, it’s your gateway to Southeast Asia’s thriving start-up ecosystem.
Thailand is quickly becoming a popular place and a promising destination for entrepreneurs, thanks to its strategic location in Southeast Asia, a vibrant economy, and government support for innovation. With initiatives like tax incentives and investment programs, the country is fostering a business-friendly environment that attracts start-ups from around the globe.
As start-up visas gain popularity worldwide, Thailand has introduced its own version to draw in international entrepreneurs. These visas simplify the process of setting up a business while encouraging economic growth and innovation. Comparing Thailand’s start-up visa to similar options in other countries can help entrepreneurs make informed decisions about where to build their ventures.
Key Features of Thailand’s Start-up Visa (SMART Visa S)
Thailand’s SMART Visa S is designed to attract entrepreneurs who want to start businesses in the country, especially in technology and innovation.
Eligibility Criteria
The SMART Visa comes with clear requirements that aim to attract serious entrepreneurs.
Business Establishment
Applicants must start a certified technology-based startup in Thailand. While the startup can be in any industry, it must focus on technology to qualify for the Smart S Visa. If the business is not established or registered in Thailand, applicants will not qualify for a Smart S Visa extension.
Ownership or Directorship
Applicants must either own at least 25% of the company or hold a director position. This ensures they play a key role in managing and operating the business.
Financial Stability
Applicants must maintain a minimum deposit of 600,000 Thai Baht in their personal bank account for at least three months before applying. The deposit can be with an international bank account but must be under the applicant's name (joint accounts are not allowed). When converted to Thai Baht, the deposit must exceed 600,000 Baht.
Health Insurance
Applicants must provide proof of health insurance with a minimum coverage of 500,000 baht that covers themselves and their family members. This ensures adequate health coverage while living in Thailand.
These requirements ensure that entrepreneurs coming to Thailand are well-prepared to contribute to the local economy and innovation landscape.
Benefits
The SMART Visa is packed with benefits that make it an attractive option for start-up founders:
Longer Visa Duration
The SMART Visa is valid for maximum five years and can be renewed if the requirements are met. For the first application, applicants can receive a visa for six months or one year. A two-year visa is available for those who have already established a business in Thailand. After completing the initial six-month or one-year period, applicants can extend their visa for another two years if their company is registered in Thailand.
No Work Permit Needed
Entrepreneurs can operate their businesses without applying for a separate work permit. This makes the process easier and allows them to focus on growing their startups.
Family-Friendly
Visa holders can bring their family members, who are also allowed to work without needing additional permits. This helps families settle in Thailand together with fewer complications.
Supportive Environment
Entrepreneurs have access to resources like startup hubs and potential funding opportunities. These provide a strong foundation for business growth, along with networking and support to boost their success.
Limitations
While the SMART Visa has many advantages, it’s important to note its limitations:
Comparison with Other Entrepreneur Visas
Thailand’s SMART Visa program stands out for its focus on supporting different groups of entrepreneurs, investors, and professionals. Among these, the SMART Visa S is specifically designed for startup entrepreneurs. It offers unique benefits compared to other entrepreneur visa options in Thailand.
Types of SMART Visas
Thailand’s SMART Visa program is designed to meet different needs:
Cost and Financial Requirements
When it comes to costs, the requirements vary:
Ease of Application
The application process for the SMART Visa S is straightforward:
Business Support
The SMART Visa S is tailored to support entrepreneurs:
Duration and Renewal
The SMART Visa S provides:
Family Considerations
One of the best things about the SMART Visa S is how family-friendly it is:
Who Should Choose Thailand’s Start-Up Visa?
Thailand’s Start-Up Visa is a great option for entrepreneurs looking to build their businesses in a growing market. It works especially well for tech founders launching projects in fields like smart electronics, biotechnology, or digital services. The visa’s focus on supporting innovation, combined with access to startup hubs and networking opportunities, creates a strong foundation for success.
True Digital Park’s Global Startup Program takes it a step further by providing a complete ecosystem for start-ups. From co-working spaces to accelerators, networking events, and mentorship programs, the park helps entrepreneurs settle in and scale their ventures. Pairing Thailand’s Start-Up Visa with the resources available here makes it easier to hit the ground running and achieve long-term succes
As start-up visas gain popularity worldwide, Thailand has introduced its own version to draw in international entrepreneurs. These visas simplify the process of setting up a business while encouraging economic growth and innovation. Comparing Thailand’s start-up visa to similar options in other countries can help entrepreneurs make informed decisions about where to build their ventures.
Key Features of Thailand’s Start-up Visa (SMART Visa S)
Thailand’s SMART Visa S is designed to attract entrepreneurs who want to start businesses in the country, especially in technology and innovation.
Eligibility Criteria
The SMART Visa comes with clear requirements that aim to attract serious entrepreneurs.
Business Establishment
Applicants must start a certified technology-based startup in Thailand. While the startup can be in any industry, it must focus on technology to qualify for the Smart S Visa. If the business is not established or registered in Thailand, applicants will not qualify for a Smart S Visa extension.
Ownership or Directorship
Applicants must either own at least 25% of the company or hold a director position. This ensures they play a key role in managing and operating the business.
Financial Stability
Applicants must maintain a minimum deposit of 600,000 Thai Baht in their personal bank account for at least three months before applying. The deposit can be with an international bank account but must be under the applicant's name (joint accounts are not allowed). When converted to Thai Baht, the deposit must exceed 600,000 Baht.
Health Insurance
Applicants must provide proof of health insurance with a minimum coverage of 500,000 baht that covers themselves and their family members. This ensures adequate health coverage while living in Thailand.
These requirements ensure that entrepreneurs coming to Thailand are well-prepared to contribute to the local economy and innovation landscape.
Benefits
The SMART Visa is packed with benefits that make it an attractive option for start-up founders:
Longer Visa Duration
The SMART Visa is valid for maximum five years and can be renewed if the requirements are met. For the first application, applicants can receive a visa for six months or one year. A two-year visa is available for those who have already established a business in Thailand. After completing the initial six-month or one-year period, applicants can extend their visa for another two years if their company is registered in Thailand.
No Work Permit Needed
Entrepreneurs can operate their businesses without applying for a separate work permit. This makes the process easier and allows them to focus on growing their startups.
Family-Friendly
Visa holders can bring their family members, who are also allowed to work without needing additional permits. This helps families settle in Thailand together with fewer complications.
Supportive Environment
Entrepreneurs have access to resources like startup hubs and potential funding opportunities. These provide a strong foundation for business growth, along with networking and support to boost their success.
Limitations
While the SMART Visa has many advantages, it’s important to note its limitations:
- Industry Focus: The SMART Visa is available only for specific industries, mainly focusing on technology-based startups. Entrepreneurs in other industries may not qualify, which could limit options for some applicants.
- Financial Requirements: Applicants must show strong financial stability, which can be difficult for early-stage entrepreneurs. This ensures they have enough resources to support their business in Thailand.
- Mandatory Health Insurance: Applicants must have health insurance for themselves and their family members. Despite its importance, this requirement adds additional costs and increases the overall financial commitment required to obtain the visa.
Comparison with Other Entrepreneur Visas
Thailand’s SMART Visa program stands out for its focus on supporting different groups of entrepreneurs, investors, and professionals. Among these, the SMART Visa S is specifically designed for startup entrepreneurs. It offers unique benefits compared to other entrepreneur visa options in Thailand.
Types of SMART Visas
Thailand’s SMART Visa program is designed to meet different needs:
- SMART Visa S: For startup founders aiming to build businesses in targeted industries like technology or innovation.
- SMART Visa I: For investors, especially those putting money into tech companies or startups.
- SMART Visa T: For highly skilled professionals in industries needing specialised expertise.
- SMART Visa E: For senior executives taking leadership roles in key businesses.
Cost and Financial Requirements
When it comes to costs, the requirements vary:
- SMART Visa S: Applicants must deposit 600,000 baht in a personal savings account, either in a Thai or international bank, for at least three months. An additional 180,000 baht is required for each family member joining.
- SMART Visa I: Applicants must invest 20 million Baht in technology companies or 5 million Baht in startups.
- SMART Visa T: Applicants must earn a monthly salary of at least 200,000 Baht and have an endorsed employment contract.
Ease of Application
The application process for the SMART Visa S is straightforward:
- A single application covers both the visa and work authorisation, saving time and hassle.
- Other SMART Visas, like Investor and Talent, may require additional endorsements and more paperwork.
Business Support
The SMART Visa S is tailored to support entrepreneurs:
- Access to startup hubs, resources, and mentorship opportunities.
- Tax incentives that reduce the cost of doing business.
Duration and Renewal
The SMART Visa S provides:
- The SMART S Visa can be granted for up to five years, depending on the applicant's qualifications.
- Renewal options as long as the requirements are continuously met.
Family Considerations
One of the best things about the SMART Visa S is how family-friendly it is:
- Family members can relocate with the visa holder and work without needing additional permits.
- This makes moving to Thailand smoother for entrepreneurs bringing their families.
Who Should Choose Thailand’s Start-Up Visa?
Thailand’s Start-Up Visa is a great option for entrepreneurs looking to build their businesses in a growing market. It works especially well for tech founders launching projects in fields like smart electronics, biotechnology, or digital services. The visa’s focus on supporting innovation, combined with access to startup hubs and networking opportunities, creates a strong foundation for success.
True Digital Park’s Global Startup Program takes it a step further by providing a complete ecosystem for start-ups. From co-working spaces to accelerators, networking events, and mentorship programs, the park helps entrepreneurs settle in and scale their ventures. Pairing Thailand’s Start-Up Visa with the resources available here makes it easier to hit the ground running and achieve long-term succes
