Thailand corporate bank account: what a foreign-owned company needs
Last updated: 2026-06-10
How a foreign-owned Thai company opens a corporate bank account, the documents the banks ask for, and the common reasons applications stall.
What it is and when you need one
A corporate bank account is the account held in the company name, separate from any personal account of a director or shareholder. A Thai company needs one to receive its paid-up capital cleanly, invoice customers, pay staff and suppliers, and keep the accounting records that the Revenue Department and the authorities expect to reconcile against a company account.
You can open one only after the company is registered, because the bank needs the registration certificate and the company affidavit. For most foreign founders that means setting up a Thai limited company first (see Thailand company registration), and opening the account is usually the first thing the new company does once registration is complete.
What the banks ask for
The standard document set is the company affidavit and registration certificate (recently issued, commonly within the last one to three months depending on the bank), the memorandum and articles of association, the list of shareholders, the company tax ID, and the corporate seal where the company has one. Banks also want identification for every director and authorized signatory: passports for foreign directors and Thai ID cards for Thai directors.
On top of the company documents, the bank needs a board resolution that authorizes opening the account and names the authorized signatories and the signing conditions. Many banks also ask for proof of a physical office address, such as a lease agreement, and for a foreign signatory some branches want to see a valid long-term visa and a work permit.
Where foreign-owned companies hit friction
Thai banks apply more scrutiny to foreign-owned and foreign-director companies than to wholly Thai ones, and individual branches have a lot of discretion. The most common sticking point is a foreign director who wants to be a signatory but does not yet hold a Thai work permit. Some banks will open the account anyway, some ask for a Thai signatory, and some decline until the work permit is in place.
Other recurring causes of delay are an incomplete or incorrectly worded board resolution, no verifiable office lease, and signatories who cannot attend in person. Most Thai banks require the authorized directors to appear at the branch in person to open the account and provide specimen signatures, so a fully remote opening is rarely possible.
Choosing a bank
The large commercial banks (Bangkok Bank, Kasikorn, Siam Commercial Bank, Krungsri, and Krungthai) all offer corporate accounts with broadly similar requirements, online banking, and multi-currency options. Bangkok Bank and Kasikorn are the two most commonly used by foreign-owned companies, in part because their corporate onboarding for foreigners is well-trodden.
It is worth calling the specific branch ahead of time rather than assuming the general policy applies. Because branch managers have discretion over foreign-director accounts, the practical requirements can differ from one branch of the same bank to another.
Frequently asked questions
Can a foreigner open a corporate bank account in Thailand without a work permit?
It depends on the bank. Many Thai banks ask at least one authorized signatory to hold a Thai work permit, and some will open the account with a Thai signatory instead. Policy varies by bank and branch, so confirm before applying.
Do all directors need to be present to open the account?
Most Thai banks require at least the authorized signatories to attend the branch in person to sign and give specimen signatures. A fully remote opening is generally not possible.
How long does it take to open a corporate account in Thailand?
Once the company is registered and the documents are complete, opening usually takes from a few days to a few weeks, depending on how the bank reviews a foreign-owned company.
Sources
This page is a plain-English reference. It is not legal advice. For specifics that affect your business, consult a qualified Thai law firm.
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