Thailand is a nation in Southeast Asia with a fast-growing economy and is currently recognized as one of the countries with a newly industrialized economy. Thailand offers one of the best places to set up your business. In fact, the World Bank ranks Thailand in the top 27 spots for Ease of Doing Business.
How to open a business bank account in Thailand
While every Thai bank and its branches may vary in terms of requirements, most banks in Thailand generally require the companies to do the following:
● Prepare the necessary documents (read further below for details)
● Complete an application form (where they can download from the banks' official website)
● Have a meeting with the relationship manager at the local branch
Although Thailand has access to modern legal and banking systems, banking within the country is still relatively traditional, and the bank authorities and managers hold the final say on the companies' suitability for an account. It is also not possible to open a corporate bank account online since the companies need to present their documents personally.
Non-citizens without working or business visa can also open an account in the country. But the process may be more difficult and take a little longer to complete as most banks require additional documents. If their businesses are registered abroad, they may have limited options of the type of accounts they can open.
Documents required to open a corporate account in Thailand
The specific documentation that every bank requires may vary, but business owners can generally expect the following documentation:
● A recent (should not be more than a month old) copy of the Registration Certification of the company
● Stamped minutes of meeting by the board of directors; the meeting should discuss the reason for acquiring the bank account and who will have the authority to use it
● The enterprise's tax I.D. card
● The ID of every member of the board of directors, such as the citizen I.D. card, the 13-digit government I.D. card, or a valid passport
Banking fees
Before deciding on which corporate bank account to open, the business owners need to pay close attention to the terms and conditions, especially in the banking charges section. The fees for each bank may differ. Typically, banks would impose monthly account management fees and fixed rates for banking transactions.
Another expensive challenge entrepreneur need to watch out for is the applicable fees for international money transfers, especially if it involves different currencies. While all of these fees may not look significant at first, over time, they can build up into a considerable business expenses.
Major Thai banks offering business banking services and products
From local to foreign banks, entrepreneurs can choose from the various banks which offer different business banking products and services.
Below are the four major local banks in the country. Fortunately, these banks also allow expats to open an account.
● Bangkok Bank
● Kasikorn Bank
● Krung Thai Bank
● Siam Commercial Bank
Business owners can also open their accounts on various foreign banks with their branches across the country, including:
● RHB Bank Berhad
● HSBC
● ABN AMRO Bank N.V.
● OCBC
Seek help from a professional accounting service provider
If you find it hard to set up a business bank account in Thailand, you can always seek professional help from agencies offering accounting services in Thailand to help you get through the process hassle-free.
Opening a business bank account in Thailand can be relatively easy as long as you provide the necessary documents and complete the process required by the bank. Be sure to choose a bank that can offer your company the banking services and products it needs and pay attention to the terms and conditions of the bank to avoid unnecessary banking charges down the line.
