How to Open a Business Bank Account in Thailand
Opening a Bank Account for a Company in Thailand: Key Points and Procedures
What should you keep in mind when choosing a business bank account in Thailand?
The next important step after setting up a company in Thailand is to open a corporate bank account. There are 15 local commercial banks, 2 retail banks and 15 foreign banks in Thailand. Some of the largest banks include Bangkok Bank, Siam Commercial Bank, Krungthai Bank, Kasikorn Bank, TMB Bank and Bank of Ayudhya.
Despite the fact that there are so many banks in Thailand, not all of them are suitable for solving certain operational tasks. For example, although almost all banks offer accounts in various currencies, many of them do not provide for the connection of foreign currencies to online banking. It is also worth noting that different banks in Thailand, as well as their branches, often have different requirements and standards for opening accounts, which may become clear during the process and lead to the impossibility of opening an account for your company.
Therefore, when it comes to open a business bank account in Thailand, the following considerations need to be taken into account:
- Do you need an account in Thai baht or in a foreign currency?
- Do you need a personal or a corporate account?
- Do you need online banking? Do you plan to make international transfers and to which countries?
- Is it important to have branches with English-speaking staff?
- What services and facilities do you need most?
- What interest rate on savings is important to you?
The choice of a suitable bank often depends on the answers to these questions.
How reliable are Thai banks?
Due to strict regulation and high capital requirements, all banks in Thailand have high liquidity and reliability. In addition, banking practice is such that client funds are still perceived as their own property, and not as the property of the bank, which is now observed in many countries, and cases of blocking accounts are still rare. Therefore, having a company account in a Thai bank is considered a safe and productive practice that helps to improve the company’s image in the eyes of partners and allows you to successfully solve many operational tasks of the company, including international settlements.
Procedure and Requirements: How to Open a Business Bank Account
The set of documents for opening an account will be quite voluminous. It is also worth keeping in mind that the banking documents will be in Thai. Therefore, despite the fact that opening an account on your own is generally possible, in most cases it is associated with a number of difficulties and can take a significant amount of time.
In general, the list of documents for opening an account in Thailand for your company consists of the following:
- Making a decision on the account at a general meeting of the company. The decision must identify the type of account and a specific branch of the bank.
- Providing a certificate of registration of the company, memorandum of association, charter and list of shareholders.
- Providing a copy of the BOJ form. 3 – the official register of registration data of the company.
- Certification of the corporate seal, the relevant statutory documentation.
- Providing a tax identification card of the legal entity and identification documents of the founders.
For foreign companies registered abroad, similar documents certified by the company registrar and the Thai embassy are required.
Is it possible to open an account for a company registered outside of Thailand?
In general, the answer to this question is negative. In some cases, when a foreign company is actively operating in Thailand, it is possible to open an account. Such companies are usually part of large groups and have representative offices or offices operating in Thailand, where the company’s employees work. For foreign companies without an actual business presence in Thailand, opening a bank account is almost impossible.
Final recommendations: Successful Account Opening
It is important to remember that Thai banks may have their own characteristics. To successfully choose a bank, it is recommended to conduct research, compare sources and confirm information before making a final decision.
Often, you should not rely on information from front desk or call center employees. It is important to conduct your own research and confirm information from different sources within one bank in order to have a complete picture of the requirements for company documents, opening and maintenance conditions.
Thai banks prefer to work with agents and introducers they already know, who take the lion’s share of the work on preparing documents on themselves, and thus save time for bank employees and the clients themselves, and make the whole process more efficient. Thus, our company Intracorp successfully cooperates with large banks such as Bangkok Bank and Siam Commercial Bank, and helps clients successfully open accounts for their companies.