Can two foreigners obtain 1-year multiple entry Non-Immigrant B visas for working in a Thai Limited Company?

Oh that's good to know! No that wouldn't work as Thai regulations require companies to be 51% Thai owned. So you could only have 1 foreign shareholder at 40%

Thank you Robert Lagas this is very helpful as it was not an option I was yet aware of.

I suppose our situation is a little different to that of Mark as we do have the option to obtain director status and 20% shares as we intend to set up our own company.

So just trying to weigh up the cost, convenience and certainty that we can both get a 12 months permission to live and work in Thailand by looking at 3 options: 1) Setting up 1 company with 4M capital and both becoming directors with 24% shares each (if that is even possible, part of my question :-) ) 2) Setting up 2 companies with 2M capital each, director status and 49% shares 3) The option you propose - which I imagine would involve one of us being a director and applying for a 12M Non-B multiple entry visa and one of us holding employee status and applying for a 1 year extension of stay and multiple-entry permit.

(Just to say that I am also seeking legal advice about this and will of course be happy to feed discussions back to this group, however the 2 lawyers I spoke with so far gave conflicting advice so just doing a bit of background research myself :-) )