Did you know that Thailand is gaining popularity as a medical tourism destination? This is in part because the country offers high-quality medical treatments at significantly lower costs than in Western countries. Given the industry’s growing importance, there are many opportunities for foreign investors and entrepreneurs.
This article will give you an overview of the medical tourism industry in Thailand. We’ll also explore the requirements and process for registering a foreign-owned Thai medical tourism company.
Overview of the Medical tourism industry in Thailand
Thailand’s medical industry features JCI-accredited hospitals with advanced medical technology, highly skilled English-speaking doctors, and a focus on patient-centered care. Additionally, Thailand provides a holistic approach to healthcare, merging a traditional preventative approach with modern medical practices.
Generally, medical tourism involves people traveling to another country to receive medical treatment. Thailand’s medical tourism industry provides several benefits for foreign investors and medical tourists:
- Cultural Exploration: Businesses have the option to capitalize on the scenic and cultural richness of the country and draw in more tourists. By promoting traditional tourism with high-quality medical treatments, businesses can reel in new clients and build their reputation with existing clients.
- Health and Wellness Integration: Investors can take advantage of Thailand’s wellness sector and integrate medical services to traditional retreat businesses to attract medical tourists.
- Health Insurance Acceptance: Thai hospitals accept major international health insurance plans, facilitating access to services for foreigners.
- Wide range of visa options: Thailand offers several different types of visas with simplified application processes to encourage the tourism sector.
Common business models for foreign investment in Thailand’s medical tourism industry
Due to the versatility of the medical tourism industry in Thailand, there are several common business ventures for foreign investors and entrepreneurs. Below you will find an overview of the most popular industries for foreign company registration in Thailand:
- Medical device and pharmaceutical manufacturing: There is a high demand for medical devices and pharmaceuticals in Thailand. Furthermore, the Thai government is actively encouraging investment in the medical device sector, offering incentives such as exemptions on import duties and corporate income tax.
- Hotels and accommodation: Due to the medical tourism industry’s growth, there is a significant need for comfortable and convenient accommodation options which include post-treatment care.
- Wellness and Rehabilitation services: Thailand’s focus on holistic wellness extends beyond post-treatment rehabilitation. Investing in wellness retreats is an effective way of blending traditional tourism with health and personal well-being.
Emerhub can guide you through setting up operations in all the key industries. Our services extend to properly licensing your business through Medical Device Registration in Thailand or securing a Hotel License in Thailand.
How to set up a medical tourism company
While there are several benefits to investing in Thailand’s medical tourism industry, you must first and foremost establish a legal entity in the country if you want to expand your foreign operations. When setting up a medical tourism company, there are different factors that Emerhub can help you navigate:
1. Setting up a Limited Liability Company in Thailand
The most common legal entity for setting up a medical tourism company in Thailand is the Limited Liability Company (LLC). This business model allows up to 49% foreign ownership, which can be extended via BOI promotion or through certain international treaties.
Emerhub can help you navigate the company registration process as well as provide insights on how to retain company control despite foreign ownership limitations through preferential and ordinary shares. We’ll also help you ensure compliance with key requirements for working in the medical tourism industry in Thailand:
- Licenses and Permits: Emerhub will help you secure mandatory licenses for running a medical tourism business. If you’re arranging travel services, you may also need additional tour operation licensing.
- Medical Tourism Certification: Certification from reputable organizations, such as the Medical Tourism Association (MTA)demonstrates adherence to industry standards and best practices.
- Insurance Coverage: liability insurance can protect you from potential claims related to the medical services you provide.
- Partnerships with Healthcare Providers: Establishing agreements with accredited hospitals and healthcare professionals can ensure quality services for medical tourists.
If your activities fall within Thailand’s promoted industries, Emerhub can also help you apply for Board of Investment (BOI) promotion, which offers additional tax incentives. If you want to offer regulated products through your company, consider our guide to FDA registration in Thailand for assistance.
2. Secure the Necessary Licenses for a Medical Treatment Facility
One of the most common businesses for foreign investors is setting up a medical treatment retreat. This is usually an added service included within a hotel or accommodation business.
Operating a medical treatment facility means adhering to specific regulations. This usually involves acquiring the proper licenses and documentation to ensure compliance and valid treatments. Emerhub can help you secure key licenses for your business:
- Clinic License: Mandatory for any business that provides medical treatment. The license ensures that your services meet regulatory standards for patient safety in terms of personnel, equipment, and infrastructure.
- Medical Personnel Licenses: All healthcare professionals on staff must possess valid medical licenses issued in Thailand. This ensures that all staff members are qualified and competent to provide medical care.
- Drug License: A required license for dispensing or administering medication. This license regulates the handling of pharmaceuticals, ensuring that all medications provided to patients are safe, effective, and properly stored.
- Medical Equipment Registration: All medical equipment utilized on your premises must be registered. The registration verifies that the equipment meets the safety and efficacy standards required for medical devices.
3. Apply for Visas or work permits
By securing the right visa, your company can provide legal access for prospective patients to enter the country to receive medical treatment. Furthermore, assisting your clients in navigating the visa application process can significantly improve the overall customer experience. Thailand offers several visas for medical tourism:
- Tourist Visa: This visa allows you to stay in Thailand for up to 60 days, with the possibility of a 30-day extension.
- Medical Treatment Visa: A non-renewable one-year visa designed for patients needing extended medical care.
- Spouse/family visa: This visa lets the holder stay with a Thai spouse or family member.
Emerhub can help you navigate the visa application process for your clients through our visa and relocation service. Our local team can also help you secure work permits for hiring foreign employees and specialists.
Want to set up a medical tourism company in Thailand? Contact us via the form below to get in touch with one of our local experts!
