Launching Your Startup in Thailand: A Guide to The SMART (S) Visa

For scientists, developers, and founders in the decentralized science (DeSci) space, Thailand’s SMART Visa program offers an exciting opportunity to establish your startup in a burgeoning tech ecosystem. The SMART (S) Visa, specifically designed for startup entrepreneurs, provides a streamlined path to founding and registering your DeSci venture in Thailand.

The SMART (S) Visa program, combined with Thailand’s supportive ecosystem and high quality of life, presents an excellent opportunity for DeSci entrepreneurs to grow their ventures in Southeast Asia’s emerging innovation hub.

This guide outlines the benefits, eligibility criteria and application process of the SMART Visa program. Remember to consult legal experts for full compliance with Thai regulations, and make sure to also read our interview of Rod Mamin, an Aerospace Engineer and DeSci pioneer who has successfully relied on the Smart (S) visa to launch Lunco.

Why Choose Thailand?

Thailand offers a compelling blend of professional opportunities and quality of life factors that make it an attractive destination for DeSci entrepreneurs. The combination of a supportive business environment, high quality of life, and nature makes Thailand an ideal base for innovators looking to push the boundaries of decentralized science:

1. A Growing Startup Ecosystem: Increasing access to venture capital, angel investors, and government grants.
2. High Quality of Life: Low cost of living, excellent healthcare, and work-life balance.
3. High Trust Society: Thailand has very low criminality and is known for its welcoming culture and high levels of social trust.
4. Natural Beauty: Year-round tropical climate, diverse landscapes, and rich biodiversity.
5. Thriving Expat Community: A large, diverse expat population means you’ll find like-minded individuals and potential collaborators from around the globe.
6. Digital Nomad Haven: Well-developed infrastructure for remote work, including high-speed internet and numerous co-working spaces, perfect for the distributed nature of many DeSci projects.
7. Strategic Location: Gateway to Southeast Asia with excellent global connectivity.
8. Thriving Expat and Digital Nomad Community: Easy networking and collaboration opportunities.
9. Blockchain-Friendly Environment: Thailand’s progressive stance on blockchain and cryptocurrencies aligns well with the decentralized ethos of many DeSci projects.

Areas of Focus of the Smart Visa

Thailand’s government is actively fostering innovation and technological growth, making it an ideal location for cutting-edge DeSci projects. The SMART Visa program is a key initiative in attracting global talent to contribute to the country’s S-Curve industries, which include:

1. Digital technologies
2. Biotechnology
3. Automation and robotics
4. Medical innovation
5. Future food technologies
6. Aviation and aerospace

These sectors align perfectly with the goals of many DeSci startups, offering a supportive environment for your venture.

SMART (S) Visa Benefits for DeSci Founders

The SMART (S) Visa comes with several advantages that make it attractive for DeSci entrepreneurs:

1. Flexible Stay Duration: Options for 6 months, 1 year, or 2 years, depending on your startup’s stage and circumstances.
2. Work Permit Exemption: No separate work permit required for your endorsed startup activities.
3. Simplified Reporting: Annual reporting to Immigration instead of every 90 days.
4. Family Inclusion: Bring your spouse and children, with work rights for your spouse.
5. Ease of Travel: Multi-entry visa eliminates the need for re-entry permits.

Eligibility Criteria

To qualify for the SMART (S) Visa, your startup should meet the following criteria:

1. Industry Alignment: Your startup must be in a targeted industry, which can include digital technologies, biotechnology, or other tech-focused fields relevant to DeSci.
2. Endorsement: Obtain endorsement from a relevant government agency such as the National Innovation Agency or the Digital Economy Promotion Agency.
3. Financial Requirements:

• Maintain at least 600,000 THB in a savings account for 3 months.
• Additional 180,000 THB per family member if bringing dependents.

4. Health Insurance: Comprehensive coverage for your entire stay in Thailand.

5. Participation or Funding: Either join an approved accelerator/incubator program or secure joint venture funding with a public sector company.

6. Company Structure (for 2-year visa): Hold at least 25% of your company’s shares or a director position.

Application Process

1. Create an account on the SMART Visa section of the Board of Investment website.
2. Complete the online application with all required documents.
3. Wait for screening by the One Stop Center for Visas and Work Permits (OSS).
4. If approved, receive a Letter of Qualification Endorsement.
5. Apply for the SMART Visa at a Thai Embassy or Consulate abroad, or a designated center in Thailand.