Opening a corporate bank account in Thailand.

This is a guide on opening a corporate bank account in Thailand.

After successfully incorporating your company in Thailand, opening a corporate bank account is a fundamental requirement to operate your business.

Let’s take a look at the requirements and process.

What to consider when choosing a bank in Thailand?

Firstly, before visiting banks, you need to ask yourself questions such as:

• Do I need a Thai baht or a foreign currency account?
• Will I require internet banking?
• Will I be undertaking many international fund transfers (and if so, to which countries?)
• Would a foreign bank or a Thai bank be most suitable for my needs? (noting here that some Thai banks have offices in other countries)
• Are there any special banking facilities or services that I must have?
• What are the loan requirements?
• What are the monthly fees?

The answer to each of these and other relevant questions will then either push you towards certain banks and away from others.

Which banks operate in Thailand?

Some of the best banks in Thailand for foreigners are:

• Bangkok Bank
• Kasikorn Bank
• Siam Commercial Bank (SCB)
• Krung Thai Bank
• Bank of Ayudhya
• HSBC Bank
• Standard Chartered Thailand
• UOB Bank
• Citibank

Can Thai banks be trusted?

Yes, they are generally in a very sound financial condition and well regulated. The Thai government offers a conditional guarantee of depositors’ funds, details of which are available here.

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Can non-residents open a corporate bank account in Thailand?

Yes, non-residents can open a corporate bank account with some banks. However, there may be some restrictions on the range of services available.

Can the corporate bank account be opened from abroad?

For local banks, it may not be possible to open a corporate bank account from abroad because you will have to visit the branch in person.

For international banks such as HSBC or Citibank, it may be possible as they can help open an account at the local branch and transfer it to the Thai branch. If you want to open the account before arriving in Thailand, it is recommended to talk to the local bank to check if they have a partner in Thailand.

Can the corporate bank account be opened online?

The corporate bank account cannot be opened online as you will need to submit the required documents in person at the local bank.

What are the requirements for opening a corporate bank account?

The required documents may vary between banks, but you will mostly be asked for the following documents:

• 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 director and shareholder who holds more than 25%
• Copy of the articles of association and memorandum of association
• BOJ 3 or BOJ 4
• Shareholder’s list
• A minimum deposit of THB 500 (may differ between banks)

Additional documents such as a work permit, company records and tax details and personal financial information may be required

Process of opening a corporate bank account in Thailand

To open a corporate bank account, you will need to prepare the required documents as listed above and any additional documents requested by the bank. The bank’s application form must also be completed, which can be downloaded at some of the bank’s websites. Then you will have to attend a meeting with the manager at the bank’s local branch. The process of opening the account may take around one week.

General suggestions

Thai banks still utilise paper passbooks and they do not routinely issue monthly statements. If a particular issue is critically important then check and verify using as many sources as possible before committing to a particular bank.

Do not accept at face-value information communicated to you by the counter or call-centre staff. In many cases, they will either not understand your question and/or not know the correct answer. It is common for different customers to receive conflicting answers to the same question, or for different branches of the same bank to have varying policies concerning the same matter.

Conclusion

For the process of opening a corporate bank account in Thailand, you may engage with Acclime’s service to reduce the hassle of opening an account.