Thailand is a country in South East Asia that is rapidly growing in terms of its economy. In fact, it is now classified as a country with a newly industrialized economy. This is often contributing to the country’s export business industry. Thailand’s export industry is valued at a staggering $236.69 billion. In contrast, the country only imports $222.76 billion worth of goods and services. Thus, Thailand has a positive trade balance of $13.93 billion. All these obvious business prospective of Thailand demands proper banking system. This article illustrates the detail process of opening a business bank account in Thailand, keeping in mind that a good banking system has a major contribution to all businesses that are currently running or about to start in Thailand.
This business and banking sector is further sustained by the government making strides to promote foreign investments. Thus, the process of registering a company in Thailand as a foreigner is now easier than ever. In fact, Thailand now has ease of doing business rank of 27. This is out of a census of 180 countries. Moreover, Thailand now allows for 100% foreign ownership for companies. In addition, the country also has a low corporate tax imposed. Thus, making the country all the more attractive to foreign entrepreneurs.
Registering a company in Thailand is easy and requires minimal processing. Once your company is registered in Thailand, you may want to open a local Thai bank account. Keeping in mind that you cannot set up any business in a legal way without opening a proper business bank account in Thailand. This will make the processing of your money much easier and safer when you are running a company. Do note, that even if you do not have a locally registered company, you can still open a bank account for business. However, banks may impose limitations too, as to what types of accounts you may open.
Regardless, of other complexities you might face during company registration or incorporation process, the procedure to open a business bank account in Thailand is fairly simple. Below is a guide on how to do open a business bank account in Thailand.
Following are the requirements needed for opening a bank account in Thailand
In order to open a bank account strictly for business purposes in Thailand, you will need to follow some ground procedures.
First, ensure that you have these following documents prepared to open a business account in Thailand:
- A copy of your company’s certificate of registration. This has to be recent, and not more than a month old.
- The minutes of the meeting of the board of directors. These minutes must be stamped by the company secretary and must state the following: Reason for opening the account and who has is authorized for its use.
- The company’s tax identification card
- An identification document for all the directors on the board. This can be either a Thai Citizen ID or a passport that is valid. Presenting a government photo ID is also allowed.
Next, you will need to present these documents to the bank of your choice. You may do this in person, or depending on the bank, you can register and submit an online bank opening form by feeling up the client credentials asked. You can get this form easily from the bank’s own website. If you are unable to come to the country to do so as a person in-person, you may appoint your company director who is currently residing in Thailand to do so. You may also outsource a company secretary to do the business incorporation process.
Once all the documents are submitted, the process will take approximately 5-7 business days to be completed. Bank fees vary from bank to bank but are generally low. Thailand has a variety of banks for you to choose from. In fact, you may choose from either a locally run bank or a branch of an international bank.
In case you are an overseas investor trying to open a business bank account in this nation, you can open the account as a non-resident applicant. Although, there is a catch for such eligibility. A business needs to be registered overseas in your name, and if you can show such evidence paperwork of your ownership as recommended by the bank, you will pass the eligibility criteria and can open your business bank account.
Here is a list of banks in Thailand you may choose to open your business bank account:
Local Thai banks
There are four major local banks in this country, they are as follows:
- Bangkok Bank
- Kasikorn Bank
- Siam Commercial Bank
- Krungthai Bank
Beside local banks in Thailand, you can always choose a vast range of foreign banks with their branch offices distributed all over in Thailand:
- RHB Bank Berhad (Asia)
- ABN AMRO Bank N.V (Europe)
- BNP Paribas (Europe)
- The Bank of Tokyo-Mitsubishi UFJ, Ltd. (Asia)
- Indian Overseas Bank (Asia)
- Mizuho Corporate Bank, Ltd. (Asia)
- Oversea-Chinese Banking Corporation (Asia)
- Deutsche Bank (Europe)
- HSBC (Europe)
- Bank of China Ltd. (Asia)
- Sumitomo Mitsui Banking Corporation (Asia)
All these banks provide a wide range of account opening options that is focused on business and corporation establishment in Thailand. Bank operations in opening business account vary one to others, and so does the facilities. So, if you’re looking for setting up a new venture here in Thailand, it must be kept in mind that you will need a proper business bank account in one of those banks mentioned above in this article. You also need to be ready with all your genuine bank papers, copies of business documents and residing documents recommended by the bank you have chosen to apply for a new account for your company. Nevertheless, in addition, you must be ready with the fact that various service charges and fees will be deducted at a scheduled interval upon receiving different services and schemes from your chosen bank. Therefore, it is advised to choose your bank carefully and wisely, when opening a business bank account in Thailand.
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