Several banks in Thailand have recently updated their policies when opening business bank accounts. Below is a summary of the current requirements by banks in Bangkok:
- Bangkok Bank
Majority foreign-owned companies must be registered for more than one year before they can be eligible to apply for a business bank account. The branch where the account will be opened must still submit the application to the head office for final approval. - Kasikorn Bank (Kbank)
Although foreign-owned companies can open a business bank account right after company registration, some branches require the authorized company director to hold a non-B visa and a work permit, particularly for nationals of Myanmar, Russia, Belarus, Iran and North Korea. - Krungsri Bank
The authorized company director is required to have a non-B visa and a work permit before he/she can open a business bank account. - Siam Commercial Bank (SCB)
The company must be registered for at least one month before opening an account - TTB (TMBThanachart Bank)
Some branches may require the authorized company director to have a non-B visa and work permit before he/she can open a business bank account.
Please note that the authorized company director must be at least 20 years of age. The director may be either a Thai national or a foreigner and must be physically present when opening a business bank account. However, if the director is a foreigner, most banks – as mentioned above – will typically require that they hold a non-B visa and work permit in order to open a business bank account.
MSNA have been assisting clients with business bank account set up. We can help prepare the requirements and facilitate the process. Contact us today for further information.