Opening a business bank account in Thailand for a foreign-owned company

The private limited company registered with the DBD

A business bank account in Thailand is the baht or foreign currency account of a company registered with the Department of Business Development. It is opened on presentation of company documents, shareholder details and authorised signatories. The most common form is the private limited company, which receives a thirteen-digit registration number that also serves as its tax identification number.

The most common form is the private limited company, registered with the Department of Business Development at the Ministry of Commerce. It receives a thirteen-digit registration number that also serves as its tax identification number.

Foreign Business Act and the 49 percent limit

The Foreign Business Act reserves many sectors, especially services, for majority Thai-owned companies. A company that is more than 49 percent foreign-owned needs a Foreign Business Licence or a valid exemption to carry on those activities.

BOI promotion and majority foreign ownership

Projects promoted by the Board of Investment may be majority foreign-owned and enjoy tax incentives and visa facilities. Banks then ask to see the BOI promotion certificate in order to understand the scope of the authorised activity.

Documents required for the company account

For a company bank account in Thailand, the bank asks for a recent registration certificate, the articles, the shareholder list, the resolution naming signatories and their identity documents. For foreign directors, a visa and work permit are often requested.

Paid-up capital and directors' work permits

To obtain a work permit, a company normally employs four Thai staff per foreigner and has paid-up capital of two million baht per permit. The bank may check that this capital has actually been paid into the account.

Receiving foreign capital and documenting transfers

Capital contributed from abroad must arrive in foreign currency and be documented by the bank, which records the purpose of the transaction. These records are later used to repatriate dividends and capital in line with exchange controls.

Collections by PromptPay and payment terminals

Companies collect from Thai customers by PromptPay transfer linked to the company's identification number or by QR code at the till. Shops also sign up for a card payment terminal with an acquiring bank.

VAT, corporate tax and withholding

Above 1.8 million baht of annual turnover, VAT registration becomes compulsory, at the 7 percent rate currently applied. Corporate income tax is 20 percent, and companies withhold tax on payments for services.

Commercial banking and foreign trade

For exporters and importers, Bangkok Bank offers foreign currency accounts, letters of credit and foreign exchange, with a regional network in Asia. A foreign-owned Thai company should expect a prior review of its shareholders before services are activated.

Representative office or foreign branch

A foreign business can open a representative office, which may not generate revenue, or a branch subject to the Foreign Business Act. Their account is funded by the parent company, with each transfer documented.

Steps to open a business bank account in Thailand

Opening starts with a company that is already registered: until registration with the Department of Business Development is complete, no bank opens an account for the structure. Check the progress of the incorporation, the split of the capital and the appointment of directors before approaching an institution, so that the documents you present are final and consistent. A business bank account in Thailand can therefore be opened only once the company is firmly established.

Then choose the bank according to your activity: baht operations only, foreign currency accounts, letters of credit or card payments. Book an appointment at a branch; depending on the bank, the signatories may be required to attend to sign the forms and answer questions about the business. A file handed over at once, in the right order, speeds up processing.

The bank then reviews the shareholders, the real activity and the source of funds, and activates the account and the related services. Timing depends on the institution, the nature of the business and the presence of foreign shareholders; in practice allow several days to several weeks and take nothing for granted. Send the capital only after receiving the account details and a written confirmation.

Documents to prepare for a business account in Thailand

Prepare the recent registration certificate, the articles, the shareholder list, the resolution naming signatories and their identity documents. Add a clear description of the activity, the address of the registered office and, where it applies, the licence linked to the Foreign Business Act or the Board of Investment promotion certificate. These items let the bank understand what the company is allowed to do.

For foreign directors, the bank often asks for the passport, the visa and the work permit. Also prepare proof that the stated capital has actually been paid up, because the bank may check this at the first deposit. If a work permit has to be requested, the level of paid-up capital and the Thai headcount count in the review; ask the bank what it requires. A company bank account in Thailand is prepared with the same rigour as the creation of the business.

Think about translations and certified copies: documents written in a foreign language may have to be translated into Thai or English depending on the institution. Ask for the full list in writing, with the number of copies, so as not to return to the branch for a missing item. Keep a copy of everything you hand over, with the date of submission.

Questions to ask before opening a Thai company account

First ask the bank about fees: account maintenance, any minimum balance, the cost of international transfers, currency exchange fees and the price of the payment terminal. A low-cost Thai company account can become expensive if you receive many payments from abroad.

Then ask which services are available: online banking for businesses, dual-signature rules, foreign currency accounts, receiving PromptPay payments, a card terminal, letters of credit for foreign trade. Clarify how the bank handles the repatriation of dividends and capital, because the records of the initial funding will later serve to document these operations.

Finally, ask about the monitoring conditions: how often the file is updated, the documents to supply when a shareholder or director changes, and how a change of activity is handled. Know in advance what could lead to a restriction on the account. Ask for the answers in writing and keep them with your file to compare several institutions.

Common mistakes and checks before the first deposit

Among the common mistakes is a capital split that does not respect the Foreign Business Act limits for the intended activity: the bank detects it when reviewing the shareholders and blocks the file. A capital that is announced but not paid up, or an undocumented deposit, also causes problems. Have the structure validated by a local lawyer before filing the application.

Another trap is describing the activity vaguely or differently from what the company documents say. The bank compares your description, the articles and the expected flows, and any inconsistency delays the opening. Also think about VAT and withholding, because an account for a foreign-owned Thai company later reflects your tax obligations; a local accountant helps anticipate them. A business account in Thailand also means keeping the supporting records of every flow.

Before transferring funds, check that the bank is authorised by the local regulator, and be wary of intermediaries promising a guaranteed or very fast opening: no bank can commit to that. The information on this page is general; for the structure, taxation and authorisations, have each point confirmed by a qualified adviser in Thailand.