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Opening Bank Accounts in Thailand. Service offer

Our specialists are ready to assist you with accounts opening in Thai banks for both individuals and legal entities. We provide personalized analysis of the data provided by our clients, help to select the appropriate bank, and compile a list of required documents. We also offer support during the in-person meeting with the bank officer and assist with filling out the bank forms.

Contents

  1. Advantages and Features of Opening an Account in Thai Banks
  2. Fees[1]
  3. Detailed description of the stages of supporting a corporate account opening procedure
  4. General requirements of Thai banks for documents and information*

Advantages and Features of Opening an Account in Thai Banks

Thai banks open savings (deposit) and settlement accounts;

They open accounts in both the Thai baht (THB) and foreign currencies;

Thai banks focus on Thailand-registered companies;

Thai banks open accounts for individuals: both Thai residents and non-residents;

No minimum balance or deposit requirements for corporate accounts; the minimum deposit for personal accounts is THB 500 (~ USD 15);

No economic substance requirement for companies in Thailand, but having a local office and counterparties in the country makes opening an account much easier;

The company director is required to visitthe bank for opening a corporate account;

If the company director is a foreigner, he will need to get a work permit to open a corporate account; account opening for a company with a non-resident director is allowed at a limited number of banks and branches;

To open a personal account, a foreigner needs a stamp or visa valid for at least another 30 days at the time of visiting the bank; in order to have a wider choice of banks to open a personal account at, a foreigner needs a long-term visa (e.g. work visa or pension visa);

Thai banks issue bank cards;

Internet banking in English.

Fees[1]

Services
Fees (USD)

Individuals

Supporting the opening of a personal account at a Thai bank[2]
1 000
Arranging temporary registration for foreigners (Form TM30)
150
Making of a personal card (~ 7 days)
250

Legal entities

Services of:
- analyzing the company’s structure, its activities / business model / turnover;
- individually selecting banks – up to 3 options;
- preparing descriptions of banks indicating the criteria by which they were selected;
- preparing a description of further steps in the account opening procedure.
500
Services of:
- collecting and analyzing the corporate and other documents required to be submitted to the selected bank;
- preparing for an interview;
- arranging an interview for the account signatory at the selected bank;
- interacting with the bank at ALL stages.
1 500
Accompanying you to a personal meeting with a bank officer, completing and signing bank forms
500
Supporting a complex account opening case:
1. Activity-wise:
- licensed activities (investment fund, crypto, fintech, tobacco / alcohol / pharma production, precious metals, etc.);
- trading complicated by the type of goods (raw materials / dual-use goods / medical goods);
- payment service provider activity;
- state-owned counterparties;
- high-risk regions from the FATF list.

2. Structure-wise:
- shareholders – more than 3 individuals or any legal entities in the company structure;
- non-transparent ownership structure, which includes: public companies / trusts / funds.
+ 450
to the basic fee for the service
Supporting an account opening for companies not administered by us*

*You can also contact our consultants to discuss the possibility of transferring companies under our administration and thus reducing the fee for the service.
+ 20%
to the standard fee for the service
Follow-up support for the operation of the account:
- assistance with installing and setting online banking;
- assistance in establishing interaction with bank representatives (a relationship manager where applicable) with respect to ongoing matters;
- organizing the payment policy.
First 3 months – 650.
From then on, a monthly fee as agreed, depending on the required scope of work, complexity of the case, etc.
Supporting the opening of a personal account in parallel with a corporate account at the same bank
50% discount on the service
Preparing a business plan, company profile (depending on the additional requirements of the bank)*

*only for the purpose of providing it to the bank for account opening (not for attracting investors, marketing or other business development purposes)
300 / hour
(at least 3 hours)
Advising on the current situation with banks (difficulties, nuances, sanctions, etc.), also identifying the banks potentially suitable for a specific case, and on other related matters
300 / hour

[1] The fees are valid as of December 2024.

[2] Whether local insurance is required to open a personal account at a particular bank should be checked with GSL Law & Consulting consultants.

Detailed description of the stages of supporting a corporate account opening procedure

STAGE I:

  • upon your completing a special questionnaire, we get to know you and your business closer and offer several banks (up to 3 options) to choose from:
    • Kasikorn Bank
    • Bank of Bangkok
    • and others (the list of banks that we work with is constantly growing);
  • we prepare descriptions of banks indicating the criteria by which they were selected;
  • we also prepare a description of further steps in the account opening procedure.

The fee for the service is USD 500. This fee will later be recorded as prepayment in the final invoice.

STAGE II:

  • we help you to collect the necessary package of documents required for account opening;
  • we prepare you for the interview, going again through the list of necessary documents and accentuating necessary points; we also instruct you in detail about what questions bankers usually ask and what they expect to hear from you;
  • we arrange an interview for the account signatory at the bank of your choice (or several banks, because it is better to apply to more than one bank, to increase the chances of opening at least one account).

The fee for this stage is USD 1 500.

STAGE III:

  • we accompany you to a personal meeting with a banker;
  • we take care of further interaction with the bank after the interview to finalize the account opening;
  • following the successful opening of an account, you receive your account details and Internet banking codes.

After that, the process can be considered completed.

The fee for this stage is USD 500.

General requirements of Thai banks for documents and information*

When opening a personal account

For an individual:

  • Passport;
  • Second proof of ID (ID card, driving licence);
  • Proof of a permanent residence address (not older than 3 months);
  • Proof of temporary registration at the place of residence (Form ТМ30)[3];
  • Any visa or stamp[4] (valid for at least another 30 days before expiry at the time of visiting the bank);
  • Thai SIM card.

When opening a corporate account

For a legal entity:

  • An extract from the DBD (Department of Business Development, register of companies) including:
    • Certificate of Incorporation;
    • Memorandum and Articles of Association;
    • List of directors and shareholders;
  • Director’s resolution to open an account, get Internet banking access, and appoint an account signatory (the resolution must state the name and the branch of the bank);
  • Completed Company Profile and, in some cases, a Business Plan;
  • Completed bank forms for the company and its owners.
IMPORTANT: if there is a corporate shareholder in the structure, it will be necessary to provide a full package of documents for it as well.

For an individual (directors / shareholders / beneficial owners):

  • Proof of ID (passport);
  • Proof of address (not older than 3 months);
  • CV.

*The list is not exhaustive. The bank may request any further documents and information.

[3] ТМ30 is a form for temporary registration of foreigners residing in Thailand, whether they are on holiday or reside there permanently.

[4] This means an entry stamp put by a border guard officer on a document used to cross the border (usually a passport), which indicates that one has entered Thailand. With this stamp, you have the right to stay in Thailand for 60 days.

Are you interested in the offer?
from USD 1 000
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