Business accounts: Thailand

Updated 5 October 2026

An honest assessment before work starts, the quote is fixed in writing.

Thai banks open accounts mainly for companies registered in Thailand: the account is needed to pay in capital, run payroll, pay taxes and obtain work permits. The decision almost always follows an in-person meeting with the directors at a branch. A foreign company not registered in the country is rarely accepted, and only under a special Bank of Thailand regime.

Who Thai banks open company accounts for

What documents the bank asks for

• A DBD company affidavit, usually no older than 1-3 months.
• Memorandum, articles and shareholder list.
• A board resolution on opening the account and signatories.
• Directors' and signatories' passports, and for foreigners a visa and often a work permit.
• An office location map and lease, and a VAT registration certificate if any.
• For foreign-owned companies, evidence of the source of capital.

Capital from abroad

Foreign shareholders' capital is wired from abroad through a Thai bank. For large amounts the bank issues a foreign exchange transaction form confirming the inflow of investment. It is needed later to repatriate dividends and capital, and for work permits and capital checks. Without it, money paid in cash or from a Thai account is harder to prove as foreign investment. If capital is paid in instalments, a form is issued for each transfer, and the payment reference states payment for shares in the specific company.

Timeline

Currency and deposit protection

The main account is opened in baht. For settlements with foreign clients a foreign currency account can be opened with supporting documents. Deposits at Thai banks are protected by the Deposit Protection Agency up to THB 1 million, about $29,700, per depositor per bank.

The account and mandatory reporting

Through its Thai account the company pays monthly withholding tax on payments and salaries, VAT and social security contributions, and once a year files financial statements, which in Thailand must be audited by a licensed auditor, and a corporate income tax return. The bank sees these payments, and clean reporting makes work permit renewals and future checks easier. We connect an accountant immediately after the account opens.

Why Thai banks refuse

• Foreign directors cannot attend in person or lack a suitable visa.
• The registry extract is out of date or does not match the documents.
• The structure with Thai shareholders looks like a nominee arrangement.
• The source of capital is not evidenced.
• Higher-risk activity without a licence.
• An existing company has tax arrears or has not filed last year's accounts.
• The office exists only on paper and the company is not at the address.

How we help

We register a Thai company with a lawful structure or review an existing one, prepare the board resolution and document file, arrange the capital inflow with the foreign exchange form, choose a bank and accompany the directors' meeting until the account opens.

What we do

• Corporate account - opening assistance

See also

Company formation · Personal account · Investment property · All country programs

FAQ