Opening a Thai Corporate Bank Account

How to Open Corporate Bank Account in Thailand

Opening a corporate bank account is a key priority for foreign investors who are doing business in Thailand. Different Thai banks, and even different branches within the same bank, tend to vary in their strictness and the requirements necessary for a company to open a bank account; here we will describe the generalities common among most of the major banks in Thailand. However, bear in mind that the actual documents required by any particular bank may either more lax or stringent than as described here.

The company must pass a resolution in which it authorizes the opening of a bank account. Depending on the specific by-laws of the company, this resolution may be issued either by a meeting of the shareholders or the board of directors. The resolution should indicate the type of bank account as well as the specific branch in which the bank account will be opened. The minutes should also indicate those specific persons with authority to open and close the bank account, and draw cheques from the account.

The bank will require the company registrar’s certificate of the company’s registration, which would include a list of the authorized company directors. Furthermore, the company will be required to produce its memorandum of association, company by-laws, and list of shareholders. The bank will ask to see a copy of form BOJ 3. which is the official record of the company’s registration details or form BOJ 4. if the company has made any amendments to its registration details. Form BOJ 3. is important because it will have an official record of the company’s corporate seal. The corporate seal affixed on any document the company submits to the bank must match that one appearing on either form BOJ 3 or BOJ 4. These documents must be certified by the Department of Business Development and should not be over a month old.

The company may also have to present its juristic person tax identification card as well as the Thai Identification Cards or passports of the following people: (1) any authorized director, (2) any shareholders owning more than 20% of the shares and (3) any person with authority to open and close the bank account or draw cheques from the bank account. Normally, only the corporate director would be authorized to open the bank account. However, the company may authorize a different person to proceed instead.

In regards to foreign companies registered overseas, the bank would ask to see the same or equivalent documents which has been issued by the company registrar of the jurisdiction in which the company was registered. Those documents would have to be certified by the company registrar and then notarized by the Thai embassy. In regards to both foreign companies and local Thai companies with majority foreign ownership, it is possible that the bank may also ask to see the company’s Foreign Business License or Foreign Business Certificate which authorizes it to engage in business in Thailand, depending on the strictness and/or policies of the particular bank.


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Category: Business in Thailand, Company Registration


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Siam Legal is an international law firm with experienced lawyers, attorneys, and solicitors both in Thailand law and international law. This Thailand law firm offers comprehensive legal services in Thailand to both local and foreign clients for Litigation such as civil & criminal cases, labor disputes, commercial cases, divorce, adoption, extradition, fraud, and drug cases. Other legal expertise of the law firm varied in cases involving corporate law such as company registration & Thailand BOI, family law, property law, and private investigation.