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Incorporation
Opening a bank account for your company in Thailand
06/12/2022
Upon the completion of incorporating your company in Thailand, opening a corporate bank account is essential. It is important to do this as quickly as possible as it will be required in order to release the company’s capital.
In this article, we will take a look at the requirements and process for opening a bank account for a company in Thailand.
Key points
- It is possible for foreigners and non-residents to open a corporate bank account in Thailand.
- Corporate bank accounts cannot be opened abroad or online.
- A company director is required to physically attend the bank in order to open an account.
Things to think about when choosing a bank in Thailand?
When opening a corporate bank account, you will need to decide which bank is best for your needs. Thailand has numerous different options available but each one will offer slightly different services and have different fees and processes for certain tasks. Before choosing a bank it is important to consider certain questions such as:
- Do I need a Thai baht or a foreign currency account?
- Will the company need internet banking?
- Will the company be undertaking many international fund transfers (to which countries?)
- Are there any special banking facilities or services that are required?
- What are the company to obtain a loan?
- Are there any monthly fees?
What banks are there in Thailand?
Below is a list of some of the more popular banks in Thailand for foreigners:
- Bangkok Bank
- Kasikorn Bank
- Siam Commercial Bank (SCB)
- Krung Thai Bank
- Bank of Ayudhya (Krungsi)
- HSBC Bank
- Standard Chartered Thailand
- UOB Bank
- Citibank
Can foreigners and non-residents open a corporate bank account in Thailand?
Yes, it is entirely possible for foreigners and non-residents to open a corporate bank account in Thailand. However, the process and openness for doing so depends on which bank and branch of that bank you use.
Please also be aware that there may be some restrictions on the range of services available to foreign or non-resident customers.
Can I open a corporate bank account from abroad?
Typically it is not possible to open a corporate bank account from abroad because an assigned director will have to visit the branch in person.
Can I open a corporate bank account online?
No, a corporate bank account cannot be opened online as you will need to physically submit the required documents in person at the bank.
What are the requirements for opening a corporate bank account?
Typically the following will be required for opening a corporate bank account:
- Copy of the company’s registration certificate
- Stamped minutes of the board of directors meeting authorising the opening of the account and designating the signatories for payments and closure of the account
- The tax ID card of the company
- ID card or passport of every member of the board of directors and shareholder who holds more than 25%
- Copy of the articles of association and memorandum of association
- Shareholder’s list
- A minimum deposit of THB 500 (may differ between banks)
Please be aware that the following additional documents may be required:
- a work permit,
- company records,
- tax details and
- personal financial information
What is the process for opening a corporate bank account in Thailand?
The process for opening a corporate bank account in Thailand is relatively simple,
Step 1: prepare the required documents listed above and any additional documents that may be requested by the bank.
Step 2: Complete the bank’s application form
Step 3: Visit the local bank to submit the documents and hold a meeting with the manager at the bank’s local branch.
Typically the process for opening the account takes approximately one week.
How can Belaws help?
For more information about opening a corporate bank account in Thailand, why not talk to one of our experts now?
Please note that this article is for information purposes only and does not constitute legal advice.
Our consultations last for a period of up to 1 hour and are conducted by expert Lawyers who are fluent in English, French and Thai.
Consultations can be hosted via WhatsApp or Video Conferencing software for your convenience. A consultation with one of our legal experts is undoubtedly the best way to get all the information you need and answer any questions you may have about your new business or project.
USD 150
Up to 1 hour
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Legal consultation can be conducted in English, French or Thai
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Frequently asked questions
Can a foreigner open a company in Thailand?
Yes it is possible for a foreigner to open a company in Thailand. There are also options available which allow 100% foreign owned companies as well.
How much does it cost to set up a company in Thailand?
The official fees for registering a company in Thailand are THB 7,500.
How do I start a limited company in Thailand?
- Step 1: Choose and register a company name.
- Step 2: Draft and file the Memorandum of Association.
- Step 3: Call and hold a Statutory Meeting of the shareholders
- Step 4: Register the Company with the Ministry of Commerce.
- Step 5: Register the company for Value-Added Tax (VAT) and Income Tax
Is it good to start a business in Thailand?
Thailand is an attractive option for those wishing to start a business. Thailand has a great infrastructure in place and scheme such as the BOI provide great incentives for companies to take advantage of.
How much money do you need to start a business in Thailand?
Typically, it costs between THB 40,000 to THB 60,000 (excluding VAT and Government fees) to start a business in Thailand.The official fees for registering a company in Thailand are THB 7,500.
How can a foreigner start a small business in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
What is the biggest problem in Thailand?
The biggest problem facing foreign owned companies is being able to undertake their desired business activity as a 100% foreign owned company. Many business activities are protected by the Foreign Business Act and in order for a company to operate in these protected industries, they will be required to be majority owned by Thai Shareholders (unless a BOI promotion has been obtained).
Why is it hard to do business in Thailand?
The Foreign Business Act limits to the business activities a 100% foreign owned company can undertake. This means Thai Shareholders will need to be sought or a BOI promotion obtained in order for a company to legally operate.
Can I own a company in Thailand?
Yes, foreigners can start a business in Thailand. However, certain business activities are restricted by the Foreign Business Act and in order for businesses to undertake them they must obtain a Foreign Business Licence/Certificate which can be time consuming and complicated.
Open a business bank account in Thailand?
Upon the completion of incorporating your company in Thailand, opening a corporate bank account is essential. It is important to do this as quickly as possible as it will be required in order to release the company’s capital.
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