Thailand corporate bank account in 2021
Healy Consultants assists our Clients with opening a corporate bank account in Thailand. All required documentation will be prepared and submitted by our experienced banking team. We will also attend the bank interview on your behalf.
- Thailand boasts 30 commercial banks amongst which 15 are foreign banks. The biggest banks in Thailand are i) Bangkok Bank Public ii) Siam Commercial Bank Public Company Limited (SCB) and iii) Kasikornbank Public Company Limited (KBank);
- Thai banks provide a wide range of corporate and personal banking products including i) multiple currencies ii) internet and telephone banking iii) checking accounts iv) saving accounts v) debit and credit cards vi) fixed term deposit and vii) wealth management services;
- Our Clients find it expensive to secure loans in Thailand due to the current high lending rate of 7%;
- In order to open a corporate account, Thai companies may be required to present i) corporate registration with the Ministry of Commerce ii) tax registration with the Revenue Department;
- The majority of multinationals must appoint a local citizen as a bank signatory. Healy Consultants has a legal work around solution to this terrible requirement.
Foreign exchange controls
- Unlimited amounts of foreign currency may be brought into Thailand, under the condition that it i) is converted into Thai baht with an authorized bank or ii) deposited into a foreign currency account located in Thailand;
- All outward fund remittances in foreign currencies must secure preliminary-approval from the bank after submission of an approval form and supporting information;
- The Central Bank of Thailand must approve the following transactions:
- Outward remittances in excess of US$100 million per year for foreign direct investment or lending to overseas Group companies;
- Outward remittance in excess of US$5 million per year for the purchase of real estate abroad;
- Outward remittance in excess of US$1 million per annum belonging to a Thai national permanently living abroad;
Healy Consultants banking services
- Healy Consultants can open a Thai bank account within 4 weeks and obtain internet banking approval within the following 3 weeks. Our fee for this service will be US$4,950;
- While our experts will liaise with the banks to prevent our Clients from traveling for the interview, there is still a 50% chance that the bank may require our Clients to travel for a one hour interview. There will be a fee discount of US$500 if you have to travel;
- Following bank account approval, the preferred Thai bank will directly and independently email our Client the company bank account number;
Opening Thai corporate bank accounts
- Clients should carefully consider different banking options available, as banking rules vary considerably in Thailand, even amongst different branches of the same bank. Healy Consultants recommends our Clients to choose Bangkok Bank, Kasikorn Bank, Siam Commercial Bank and Krungsri Bank for Thai company bank account solutions;
- Documents required to open Thai corporate bank accounts are i) a valid passport ii) proof of address iii) certificate of company registration with the Ministry of Commerce iv) M&AA v) tax registration with the Revenue Department.
- Thai banks are willing to provide finance to local companies if the following conditions are met: i) good business-plan ii) availability of collateral assets iii) experience of business owners iv) last 3 years audited financial statements v) realistic feasibility study and vi) project strength and weaknesses analysis (SWOT);
- We also assist our Clients secure trade finance services including i) bank guarantees ii) letters of credit iii) finance against trust receipt and iv) document against payment and against acceptance;
- Healy Consultants will help our Clients obtain corporate finance in the form of a loan, overdraft or simply preferential credit terms.
Exchange controls and other regulation
- There are no restrictions on the amount of funds that can be deposited or withdrawn for a non-resident account in a commercial bank in Thailand;
- The Bank of Thailand disallows repatriation payments to be made in Thai Baht. Other currencies are however accepted;
- Proceeds of exports from Thailand exceeding US$15,000 i) must be collected within 120 days and ii) deposited in a foreign currency account or converted into Thai Baht within 7 days of receipt;
- There are no limits to depositing foreign currency originating from abroad, into foreign currency accounts;
- Thai commercial banks do not need authorization from the Bank of Thailand to approve ii) remittance of an unlimited amount in payment of imported goods ii) remittance of an unlimited amount for obligations abroad.
Frequently asked questions
Which banks in Thailand does Healy Consultants recommend for opening a corporate account?There are several banks in Thailand that offer our Clients business bank accounts. Healy Consultants recommends renowned banks including Bangkok Bank, Kasikorn Bank and Siam Commercial Bank. Our Clients can also choose from several international banks such as HSBC and Standard Chartered Bank.
Is Thailand online banking system safe for my business?Yes. Thailand has a well-developed banking industry with several banks that provide safe and timely internet banking services for corporate accounts.
Is it easy to open a bank account in Thailand?Opening a corporate account in Thailand is fairly time consuming and some banks may even ask the bank signatory to interview in person. However, Healy Consultants will prepare all the required documents meticulously and attend the bank interview on our Client’s behalf.