- Increased Capital Requirement for Some Employers Filing Long-Term Visa Applications at the One Stop Service Center
- May 10, 2017
- Law Firm: Fragomen Del Rey Bernsen Loewy LLP - New York Office
Effective immediately, employers must now prove that they have a registered capital of THB 30 million or provide Audited Financial Statements showing net assets of THB 30 million before they are allowed to file a long-term visa application with the One Stop Service Center (OSSC). Net assets are computed by deducting total current liabilities from the total current assets. Companies registered with the Board of Investments are exempt from this requirement.
Previously, there was no need to prove net assets of THB 30 million. A company with registered capital of THB 30 million or total assets of at least THB 30 million could file long-term visa applications at the OSSC.
Background of Announcement
There was no advance notice or written announcement concerning the implementation of this policy. Instead, the policy is communicated verbally to applicants when long-term visa applications are reviewed by the OSSC. So far, there is no indication whether this policy will apply to work permit applications in the future.
What This Means for Employers and Foreign Nationals
Employers who are unable meet the stricter financial requirements must file their long-term visa applications through the regular process at the Changwattana Immigration Center. They should expect to provide additional company documents to support their employees’ visa applications.
Preparation of the necessary documents should be done well in advance to avoid any potential delay. However, lead times are unaffected by the policy change since the current process allows work permits to be obtained prior to filing the long-term visa application.
Foreign nationals whose companies do not qualify for the OSSC should expect some delay in obtaining their long-term visas due to the need to prepare additional documents for submission. Also, applications filed with the Immigration Center take longer to complete as they must undergo a more rigorous vetting process.