Quick Facts
Thai corporate banking at a glance
Section 1
Document Requirements
Company Documents
Director / Signatory Documents
All originals must be brought to the appointment. Certified copies are not sufficient for the initial opening. The bank takes its own certified copies on the day.
Section 2
Choosing the Right Bank
Bangkok Bank
Strengths
Best for international wire transfers, documentary credits and trade finance. Preferred by companies with overseas clients or suppliers. Strongest SWIFT network in Thailand.
Consider
KYC due diligence is more thorough than other banks. The international account team at Silom head office is accustomed to foreign-owned companies.
Kasikorn Bank (KBank)
Strengths
Best digital banking platform in Thailand. Widely used for payroll, social security payments and domestic operations. K-Business mobile app is the most capable for day-to-day banking.
Consider
More conservative on foreign-owned companies with complex ownership structures. Best for straightforward Thai Limited companies with majority Thai shareholders.
SCB (Siam Commercial Bank)
Strengths
Good balance of international capability and domestic operations. Strong private banking relationships for companies with high-net-worth directors. BOI companies processed efficiently.
Consider
Branch-level decisions can be inconsistent. Visiting the commercial banking centre rather than a high-street branch improves outcomes significantly.
Section 3
Common Rejection Reasons
Company affidavit or MOA expired
Documents must be DBD-certified and dated within 3 months. Banks will not proceed with older certifications even if the company is validly registered.
Absent authorised signatory
If the board resolution names two authorised signatories, both must be present at the appointment. Most banks will not proceed without all named signatories.
Business activity too broad or unclear
The company's registered objectives must clearly support the actual business. If the affidavit lists 40 objects and the relationship manager cannot identify the core activity, KYC conversations become difficult.
Foreign shareholding without a clear operational rationale
100% foreign-owned companies face more KYC scrutiny. Banks will ask about the source of paid-up capital, the intended revenue model and why the business is operating in Thailand.
No company address or a co-working address without a letter
The registered address must be verifiable. Virtual offices and co-working spaces are accepted, but the provider must supply a letter confirming the company's registered use of the address.
Section 4
After the Account is Open
Transfer paid-up capital and obtain bank certificate
The registered capital shown on the DBD company affidavit must be paid up immediately. The bank issues a capital certificate confirming the balance — required for DBD registration or to update the company's records.
VAT registration at the Revenue Department
If annual revenue will exceed ฿1,800,000, VAT registration is mandatory. Even below the threshold, voluntary registration may be beneficial for companies with B2B clients who need VAT invoices.
Social security account registration
Any company with one or more employees must register with the Social Security Office (SSO) and begin monthly contributions within 30 days of the first employee joining payroll.
Corporate income tax account
The company must file half-year and annual corporate income tax returns with the Revenue Department. The first filing date depends on the company's financial year-end and requires the Revenue Department tax ID.
Common Mistakes
Five errors that create delays
Arriving at the bank appointment with documents out of date
DBD-certified documents have a shelf life. If more than 3 months have passed since certification, the bank will not accept them. Many companies go through company formation, then arrive weeks later with expired certifications.
Choosing a bank branch rather than a commercial banking centre
High-street branches are not equipped to process corporate accounts for foreign-owned companies. They typically refer the application upstairs or to head office — adding 2–4 weeks. Always contact the commercial banking team directly.
Not preparing for the KYC conversation
Relationship managers will ask about source of funds, business activity, expected turnover and counterparties. Directors who cannot explain their business model clearly — even in a language other than Thai — raise KYC flags that delay or end the application.
Confusing the company bank account with a personal account
Company revenue must flow through the corporate account. Using a personal account for business transactions creates tax compliance problems, makes payroll social security filings inaccurate, and is grounds for Revenue Department enquiries.
Delaying VAT registration past the ฿1.8M threshold
VAT is due from the month revenue crosses ฿1,800,000 in any rolling 12-month period. Late registration creates penalties and a retroactive liability for output tax not collected from clients. Registration should be done in anticipation, not after the fact.
Questions & Answers
Common questions about Thai corporate banking
Can I open a Thai corporate bank account remotely without travelling to Thailand?
No. All authorised signatories named on the board resolution must attend the bank appointment in person, with original identification documents. There is no remote or proxy option for the initial account opening at any major Thai commercial bank.
Does a foreign-owned company face any restrictions on holding a Thai bank account?
Foreign-owned companies can hold Thai baht accounts without restriction. Foreign currency accounts are also available. The scrutiny is higher at the KYC stage for 100% foreign-owned companies, but there is no legal restriction on account holding. BOI-promoted companies, regardless of ownership, are processed efficiently by all major banks.
How long does it take to open a corporate bank account after company registration?
Account opening at the branch appointment is typically same-day once all documents are accepted and the KYC interview is complete. Debit cards and full internet banking access take 5–10 business days. The full sequence — from company registration to a working account — usually takes 2–4 weeks, depending on document preparation time.
What happens if the company's registered address is a virtual office?
Virtual offices and co-working spaces are accepted by most banks, provided the virtual office provider supplies a letter on their letterhead confirming the company's registered use of the address. Many co-working providers in Bangkok include this as part of the registered address service. Confirm with the provider before the bank appointment.
We have multiple directors, some of whom are outside Thailand. How do we handle signatories?
The board resolution should name only the directors who will actually be present in Thailand as the authorised signatories. Directors who are overseas can remain on the board but should not be named as account signatories if they cannot attend in person. Revising the signatory structure after account opening requires a new board resolution and a branch visit by all current signatories.
Lawyers for Expats Thailand
We co-ordinate the full corporate banking process — document preparation, bank selection, KYC preparation and post-opening compliance — as part of our company formation and business services.
See how we help — Business Banking service page →Related Guides
Company Formation — Reference Guide
→Thai company structures, foreign ownership limits, BOI promotion and DBD registration — the step before the bank account.
Work Permit — Reference Guide
→Employer qualification requirements, 4:1 ratio, paid-up capital and DOE process for work permit applications.
Business Visa — Reference Guide
→Non-Immigrant B visa requirements and how the visa and work permit work together.
Business in Thailand
→All business services — company formation, banking, BOI and work authorisation.
