How to Open a Business Bank Account in Thailand?

Once your business is registered in Thailand, the next step is to open a business bank account.

This article will provide you with all the details necessary to successfully open a business bank account in Thailand.

Requirements to open a business bank account in Thailand

To open a corporate bank account in Thailand, the following documents are required:

• Certificate of Incorporation
• Articles of Association
• Memorandum of Association
• List of Directors
• List of Shareholders
• Power of Attorney and Passport of the grantee (required in case the signatory is not a director of the company)
• Minutes of Board Meeting authorizing the opening of the account and designating the signatories for payments and closure of the account.
• Citizen ID card or Passport of the directors and authorized persons.

Additionally, each shareholder that holds more than 25% of company shares needs to provide the following documents:

• Individuals: Citizen ID card or Passport (for foreigners)
• Juristic Persons: List of Shareholders of the relevant juristic persons

Keep in mind that your company director must be physically present to open a corporate bank account in Thailand. If the company director is a foreigner, then a work permit is also required. 

In case your company has more than one director, then the Thai director will open the bank account and can add foreigners as authorized users. 

Process of Opening a Corporate Bank Account in Thailand

The process of opening a business bank account in Thailand can be streamlined with Emerhub’s guidance. Here’s how Emerhub can assist you every step of the way:

1. Compile all the necessary documents related to your business and shareholders, including the document of meeting minutes of the board directors.
2. Advise about setting up the required authorizations based on company policy.
3. Arrange a meeting with the bank and secure the business bank account based on your needs.
4. Provide ongoing assistance with banking regulations and transactions.

While it typically takes up to one week to open a corporate bank account in Thailand, Emerhub can expedite this process with all documents in order and help you open it in just one day.

Can I Open the Corporate Bank Account in Thailand Online?

No, it is not possible to open a business bank account online in Thailand. You will need to visit the bank and submit your documents in person. However, some banks allow customers to fill in the application online to make the process easier.

Alternatively, Emerhub can fully handle the account opening process on your behalf during company registration by leveraging our acting shareholder services. Emerhub can register your company and open your bank account simultaneously within one week.

Major Banks in Thailand for Opening a Business Bank Account

Thailand offers over 30 local and global banks to choose from when opening a corporate bank account as a foreign company. However, these banks differ significantly around multi-currency support, digital features, trade facilities, lending capabilities, and cross-border accessibility for business clients.

For instance, while all provide internet banking, platforms greatly vary from basic reporting to fully integrated systems. Likewise, frequent importers and exporters should consider banks with strong trade financing facilities. 

The four major local banks in Thailand are:

• Bangkok Bank – Largest bank in Thailand by asset size
• Siam Commercial Bank – Offer multi-currency account options
• Kasikorn Bank – Renowned capabilities in trade financing
• Krungthai Bank – State-backed, caters more to government agencies

In addition to these local banks, several international banks operate in Thailand. These include HCBC, CitiBank, Standard Chartered, and more.