BANK ACCOUNT OPENING
One of the tasks that every business owner or individual needs to tackle soon after arriving Thailand is to set up a bank account. For many people, this may be a difficult task but with a little background knowledge and consultation, it is a simple and straightforward process.
Opening a corporate bank account in Thailand requires a resolution from the company's shareholders or board of directors. The required documents to open a bank account differ from bank to bank.
Generally banks in Thailand require:
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Meeting minutes evidencing the resolution to open a bank account
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Company registration documents
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Tax registration documents
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ID of the company director(s) and/or account signatories.
The minutes of the meeting should specific the type of accounts to be opened such as savings, checking and online.
Only Thai citizens and foreigners with work permits can be added as signatories to the corporate bank account.
Most Thai companies choose to open corporate bank accounts at domestic Thai banks rather than international banks because the minimum deposit amounts and bank service fees are much lower.