Country：泰国 · Banking & Capital
Thailand · Banking & Capital
Thai banking is regulated by the Bank of Thailand (BOT). Foreign companies must open a local account and pay in registered capital (with the bank's capital confirmation letter). Profits and dividends can be remitted, but large cross-border funds require declarations. Chinese banks (Bank of China, ICBC Bangkok branch) have branches in Thailand. Note AML and beneficial owner scrutiny; directors must attend for account opening.
Key points
- Must open a Thai local account and pay in capital (bank issues the capital confirmation letter).
- Profits and dividends can be remitted; large cross-border funds require declarations.
- Chinese banks (Bank of China, ICBC Bangkok branch) facilitate settlements for Chinese companies.
- Strict AML review; beneficial owner information required.
- Account opening requires all directors to attend.
Procedure
- Choose a bank (local or Chinese bank).
- Directors attend with the registration certificate and IDs.
- Deposit paid-in capital and activate the account.
- Subsequent payroll and cross-border receipts/payments.
- Annual beneficial owner information update.
Hard requirements
- Registration certificate; director IDs; beneficial owner information; business evidence.
Costs
Account opening fees; minimum deposit requirements; cross-border remittance fees.⏱ ⏱ Timeline：Account opening about 1–2 weeks (directors attend).⚠ Common risks
- Accounts cannot be opened without director attendance.
- Unpaid capital affects work permits and related licenses.
- Strict AML/KYC review.
Handbook
📘 Step-by-Step Handbook (with owner / timeline / cost / penalties)
Applies to：Bank account opening, capital payment, and cross-border fund compliance for foreign companies in Thailand; applies to local and Chinese banks (Bank of China, ICBC Bangkok branch).
Prerequisites
- DBD registration certificate and tax number (PP.20) obtained.
- Paid-in capital remitted or arranged to be remitted to Thailand.
- Directors can attend (or authorization arranged).
- UBO information traceable to natural persons.
| Step | Action | Owner | Timeline | Cost | Official form / system | Notes & penalties |
|---|---|---|---|---|---|---|
| 1 | Choose a bank (local or Chinese). Evaluate local banks (e.g., Bangkok Bank, Kasikorn) and Chinese banks (BOC, ICBC Bangkok) for settlement, AML, and Chinese-company service fit. | Finance / bank | Comparison: 1 week | — | Bank account intent form | |
| 2 | Prepare account-opening KYC documents. Prepare the registration certificate, director IDs, beneficial owner look-through information, and business plan/contracts for due diligence. | Applicant / CSP | 1 week | Translation/notarization fees | Registration certificate, director IDs, UBO information, business evidence | Penalty：Incomplete materials cause rejection |
| 3 | Directors attend to submit and open the account. Directors attend in person or per bank authorization policy, submit materials, and complete the opening approval. | Bank / directors | 1–2 weeks | Account opening fees/minimum deposits per bank | Bank account application, KYC | Penalty：Accounts usually cannot be opened without director attendance |
| 4 | Deposit paid-in capital and activate (bank issues the capital confirmation letter). Credit the registered capital and obtain the bank's Capital Confirmation Letter as evidence for DBD paid-in status and Labor Department work permits. | Bank / finance | Remittance and confirmation: 1–2 weeks | Cross-border remittance fees | Capital Confirmation Letter | Penalty：Unpaid capital affects work permits and licenses |
| 5 | Profit/dividend remittance (large cross-border requires declarations). Profits and dividends can generally be remitted; large cross-border payments must be declared per BOT and bank requirements. | Bank / finance | Per amount: 1 to several days | Cross-border remittance fees | FX declaration/remittance application | Penalty：Undeclared or illegal remittance faces BOT/AML penalties |
| 6 | Annual UBO information update and AML review. Maintain truthful UBO look-through and cooperate with the bank's annual AML review and suspicious-transaction reporting. | Compliance / bank | Annual | — | UBO update form, AML questionnaire | Penalty：False AML/KYC information can incur fines or account freezes |
✅ Self-check list
⚠ Common pitfalls
Accounts cannot be opened without director attendance影响：Cannot receive/pay; business paralyzed规避：Arrange director attendance or confirm bank authorization policy in advance
Unpaid capital affects work permits and licenses影响：Labor Department refuses work permits规避：Complete payment and obtain the bank capital confirmation letter first
Strict AML/KYC; shell companies rejected影响：Account opening failure规避：Prepare business substance materials (contracts, plans, flows)
Large cross-border transfers undeclared影响：Violation penalties规避：Fulfill BOT and bank FX declaration obligations
False beneficial owner information影响：AML penalties, account risk规避：Truthful look-through to natural persons with timely updates
Poor Chinese-bank vs local-bank choice影响：Low settlement efficiency or compliance friction规避：Assess comprehensively on settlement, currency, and compliance needs
📅 Ongoing post-incorporation obligations
- Maintain the minimum deposit and account activity
- Update UBO information annually
- Declare cross-border receipts/payments as required
- Cooperate with bank AML reviews
- Remit profits and dividends compliantly
🔗 Official portals
📎 Source：Bank of Thailand (BOT); commercial banks; Foreign Exchange Law
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