Capital required to be able to hire / sponsor Work Visa ?
Posted On July 24, 2019
In the case that the company would be required to support a foreigner’s visa and work permit, the company must meet the following conditions:
1. Have two million Thai Baht in registered capital to support each foreigner’s work permit – this amount will not need to be shown in cash unless it exceeds 5 million Baht;
2. Register for VAT, after which the company will have the obligation to submit monthly VAT filings with the Revenue department;
3. Have four Thai employees registered for social funds whereby you also pay monthly contributions based on the amount of salary the employees receive at 5% from the company and 5% to be deducted from the employee’s salary (but not exceeding a total of 1,500 Baht/month); and
4. Have all licenses necessary to operate your business activities.
Once the company is incorporated and registered with the above mentioned government authorities, it will have tax & accounting obligations to comply with on a monthly and annual basis.