How to Open a Business Bank Account in Thailand as a Foreign-Owned Company

Once your company is registered in Thailand, the next critical step is to open a corporate bank account. While this may sound straightforward, foreign-owned companies often face strict documentation requirements, in-person verification, and varying bank policies depending on their structure.

Here’s what you need to know to open a business bank account in Thailand—legally and efficiently.

✅ Is a Business Bank Account Mandatory?

Yes. A Thai corporate bank account is required for:

• Receiving payments from clients

• Paying staff salaries and suppliers

• Withholding and remitting taxes

• Applying for work permits or BOI benefits

• Maintaining immigration compliance (e.g., capital proof for visa)

  
  

⚠️ Transacting through a personal account or offshore company may violate Thai tax and business laws.

🧾 Basic Requirements for How to Open a Business Bank Account in Thailand as a Foreign-Owned Company (Standard for Most Thai Banks)

Required Company Documents:

• Company Affidavit (not older than 30 days)

• Company Objectives (Bor.Aor.Jor. 2)

• Shareholder List (Bor.Aor.Jor. 5)

• Minutes of the Board Resolution authorizing account opening

• Memorandum of Association

• VAT certificate (if registered)

Required Personal Documents:

• Passport of authorized directors

• Work permit of the foreign director (if signing)

• Thai national ID cards of any Thai directors

🏦 Bank-by-Bank Variations

Each Thai bank has its own internal policies, especially when dealing with foreign-majority companies.

Here’s a snapshot of common variations:

Bank	Foreign-Owned Friendly?	Notes
Bangkok Bank	✅ Yes	Accepts foreign-owned setups; may require work permit
Kasikorn (KBank)	⚠️ Moderate	May request Thai co-director or proof of local address
SCB	⚠️ Moderate	Often requires in-person visit and Thai-speaking rep
Krungsri (BAY)	✅ Often cooperative	Good option for BOI companies
CIMB / UOB	❌ Rare	Difficult unless Thai-majority or high deposits

💡 Tip: Choose your bank and branch carefully. Some branches are more experienced with foreign clients than others.

🛑 Common Challenges for Foreigners

1. Work Permit RequirementSome banks insist the authorized director have a valid work permit—creating a chicken-and-egg problem, since the work permit often requires the bank account first.

   Workaround:

   • Appoint a Thai co-director (if legitimate) to open the account first

   • Apply at banks more flexible on this issue (e.g., Bangkok Bank HQ)

2. “Real Business” ProofBanks may ask for:

   • Office lease agreement

   • Website or business plan

   • Client contracts or invoices

   Tip: Have basic business materials prepared—even if you’re early-stage.

3. Language BarrierForms and branch staff are often Thai-only.

   Tip: Bring a Thai-speaking legal or business advisor to the appointment.

   
   
   
   

🧠 Legal Best Practices

• Board ResolutionDraft a clear resolution authorizing a specific person to open and operate the account.

• Dual Signatory SetupIf you have concerns about internal control, consider requiring dual signatures for withdrawals.

• Document ConsistencyMake sure the company address, director names, and objectives match exactly across all documents. Discrepancies lead to rejection.

🔒 Online Banking & Multi-Currency Accounts

Most major banks in Thailand now offer:

• Online business banking (web and app)

• Thai Baht and multi-currency accounts (USD, EUR, etc.)

• International wire transfers (SWIFT)

However, approval for FX or international services may require:

• Business justification

• BOI status

• Company revenue history

  
  

🧾 Always keep a paper trail: Thai tax officials may audit foreign currency flows.

✳️ Can a Foreign Director Open a Bank Account Remotely?

Usually not. Thai banks require in-person appearance of the authorized director to sign documents and verify identity.

If you are not in Thailand:

• You may appoint a local authorized director temporarily

• Or travel to Thailand once the company is registered

There are no 100% online-only options for corporate accounts in Thailand yet.

🛠 How GentleLaw IBL Can Help

We assist foreign business owners in:

• Preparing all required documents

• Choosing the right bank and branch

• Booking appointments with experienced staff

• Accompanying you to the bank

• Coordinating visa, company registration, and tax setup—all in one flow

  
  

✅ Our clients typically open their bank account within 3–5 working days post-registration, with no delays.

Final Tip: Choose the Right Sequence

The optimal order is:

1. Register the company

2. Appoint authorized signatories

3. Prepare work permit/visa documents

4. Open corporate bank account

5. Process immigration and tax filings

Trying to open the bank account before proper documentation is in place often leads to wasted time.

Need Help Navigating Thai Bank Bureaucracy?

We provide hands-on assistance to foreign entrepreneurs who want to open a bank account legally and quickly in Thailand.

📩 Contact GentleLaw IBL for a tailored consultation and stress-free setup.