Opening a Bank Account in Thailand

1. Type of Bank Accounts for Foreigners

You may open one of the following bank accounts, depending on the type of visa you are holding:

Savings account
Current account
Fixed-term account
Foreign currency account

Savings account is the only option available for tourists who wish to open a bank account in Thailand.

2. Benefits

You will receive a Bankbook and a debit/ATM card
Application for online banking will be subject to the approval of the bank manager. Tourists will be required to purchase insurance at the bank to activate online banking.

3. Eligibility

Applicants who are currently on visa exemption stamps or short-stay visas
Applicants who are currently in Thailand on a non-immigrant visa or extension of stay

4. Requirements

Passport
Visa/ Work Permit/ Guarantee Letter
Some banks may require more documents. You may be asked to provide one or more of the following documents:
- Proof of Thai residency. The easiest is a rental or lease agreement. However, your utility bill, Thai residence permit, Thai driving license, or Thai house registration may also be accepted.
- Proof of residency in your home country. You may bring your bank statement, driver’s license, or utility bill.
- Proof of property ownership in Thailand.
- Letter of reference from your home bank, your embassy, or a Thai educational institution.
- Letter from your company stating that you are in the process of getting a work permit.
- You can bring anything that proves you are staying in Thailand for an extended period, any ID with your picture on it, or any documents that show you receive either a salary or pension.

5. Process

6. Bank Options

Bangkok Bank
Bangkok Bank is Thailand’s largest bank and the most foreigner-friendly one. Besides having over 1,200 local branches, Bangkok Bank offers the largest branch network abroad as well. When it comes to international wire transfers, this bank is known for the best exchange rate.
Kasikorn Bank (KBank)
Kasikorn Bank is the fourth largest commercial bank in Thailand. It is renowned as the first bank in the world to offer a secured payment system via mobile phones.
Siam Commercial Bank (SCB)
SCB is another popular bank in Thailand among both locals and foreigners. It is the oldest domestic bank in Thailand, first opening around 1907. Foreigners particularly prefer the bank because non-residents can open an account with just a passport and funds to deposit.
Other banks

7. Corporate Bank Account (Thai Company)

List of Requirements:

Documents related to juristic persons such as Certificate of the Company Registration verifying names of directors, managing partners, and authorized directors (dated not more than one month previously)
Identity documents and House Registration of authorized person(s) such as Citizen ID card or any other ID cards
Certificate of Shareholder Registration (Bor Or Jor 3), certifying the company seal or any amended registration details (Bor Or Jor 4)
Letter of Authority from authorized person(s) on behalf of the juristic person (if the other person is an authorized representative to withdraw funds)
Identity documents and House Registration of an authorized representative to withdraw funds such as Citizen ID card or any other ID cards
Minutes of the Board Meeting authorizing the opening of the account and designating the signatories for payments with a company seal (if any)

Corporate Bank Account (Companies Registered Overseas)

List of Requirements:

Minutes and Board Meeting authorizing the opening of the account and designating the signatories for payments and closure of the account.
Certificate of Incorporation
Articles and Memorandum of Association
Power of Attorney and Passport of the grantee (required in case the signatory is not a director of the company)
Passport of the directors and authorized persons. If a shareholder holds more than 25% of company shares

Note: All company documents (every page) must be verified by a Notary Public and attested by the Royal Thai Embassy or Consulate in the country where the company is registered. However, the time between the date of issue and the expiry date must not exceed six months.

Sources: Thaiger, Siam Legal 2023.

Open a company in Thailand

Opening a company in Thailand involves several steps and legal requirements. Please keep in mind that regulations and requirements may change, so it’s essential to consult with a legal or business advisor familiar with the current laws and regulations in Thailand. Please contact TVC experts at thaivietconnect@gmail.com

1. Determine Business Structure:

Decide on the type of business entity you want to establish. Common options include
- Limited Company (Co., Ltd.)
- Limited Partnership
- Public Company
- Representative Office
- Branch Office
- Regional Office
- or Joint Venture.

2. Choose a Business Name:

Choose a unique and appropriate name for your company. It is required to check the name’s availability with the Thai Department of Business Development (DBD) before registration.
Please contact TVC for checking your business name for free.

3. Minimum Capital Requirements:

For a Limited Company, you need to have a minimum registered capital as required by Thai law. The amount may vary based on the type of business.
In case you need visa for foreigners, a certain amount of capital should be considered.

4. Prepare Required Documents:

Prepare necessary documents, including:
- Memorandum of Association (MOA)
- Articles of Association (AOA)
- Shareholder list
- Director list
- Documents of shareholders
- Office address for registration.
- Documents related to office address.
- Other documents, if any. Please contact TVC for more details.

5. Appoint Directors and Shareholders:

Appoint directors and shareholders for your company. At least three shareholders are required.

6. Register Your Company:

Register your company with the Thai Department of Business Development (DBD).
Obtain a corporate tax ID, company stamp, registration certification.

7. Obtain Relevant Licenses and Permits:

Depending on your business type and industry, you may need additional licenses and permits from relevant authorities.
Please contact TVC for more details.

8. Open a Corporate Bank Account:

Open a corporate bank account in Thailand and deposit the registered capital.

9. Register for VAT:

If your company’s annual revenue exceeds a certain threshold, you may need to register for Value Added Tax (VAT).

10. Register for Social Security:

Register your employees for social security contributions.
Some requirements should be considered. Please contact TVC for more details.

11. Compliance with Labor Laws:

Ensure that you comply with Thai labor laws regarding hiring, employment contracts, and benefits.
Please contact TVC for more details.

12. Corporate Governance:

Implement corporate governance practices and maintain proper accounting records.

13. Annual Filings and Tax Compliance:

File annual financial statements and tax returns as required by Thai law.
Please contact TVC for more details.

14. Seek Legal Advice:

It is highly recommended to engage a local lawyer or business consultant with expertise in Thai company registration and compliance to guide you through the process.
Please contact TVC for more details.

15. Visa and Work Permits:

If you plan to work in Thailand, you’ll likely need a business visa and work permit. Ensure you meet the requirements and obtain the necessary documents.
Please contact TVC for more details.

Please note that this is a general overview, and the specific requirements can vary based on factors such as your business activities, location, and changes in Thai regulations. It’s crucial to consult with professionals who have expertise in Thai business laws and regulations to ensure a smooth company registration process in Thailand. Additionally, consider cultural and language differences when doing business in Thailand, as they can play a significant role in your company’s success.

For more professional and practical information and advices, please contact us at http://www.thaivietconnect.com and thaivietconnect@gmail.com.