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Banking Assistance

Banking Assistance for Thai Businesses

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Thailand can be complex, especially when it comes to banking. AO’s banking assistance service aims to help Thai businesses with opening and managing company bank accounts while ensuring compliance with local regulations. AO provides comprehensive banking assistance for businesses operating in Thailand, which includes:

  • Preparation and execution of opening of any bank accounts for clients;
  • bank reconciliations, and prepare bank transfers per client’s approval and payment.
  • Preparing VAT and Withholding Tax forms for relevant payments,
  • Payment collection and processing bank receivables.
  • Preparing payroll reporting, pay slips, and bank transfers per client’s approval, preparing payroll Withholding Tax and Social Security Fund forms for due payment.

Currency Options

Thai banks typically offer Thai Baht as the default for Thai businesses.  But AO can also assist you to open multi-currency accounts, which can be beneficial for businesses involved in international trade.

 

Regulatory Requirements

Documentation

To open a company bank account in Thailand, you’ll need a range of documents like the company registration certificate, VAT certificate, and the ID/passport copies of the company directors, Board minutes, etc.

Due Diligence

Thai banks are stringent on performing due diligence before account approval. Expect to provide detailed financial statements and business plans.

Signatory Rules

Thai laws are particular about who can be an authorized signatory. AO will make sure you are aware of these rules to avoid future complications.

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Chief Executive Officer

Point Of Contact

John has more than 30 years of professional experience in accounting and business consulting for a wide range of companies and projects in South-East Asia and North America. He holds active licenses as both a Certified Public Accountant in the USA and a Chartered Professional Accountant in Canada. 

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John joined AO in 2022, after building up a strong team at PKF and Baker Tilly where he was in charge of the accounting, tax advisory and corporate legal teams, as well as provision of integrated services to accounting and payroll clients. John first started working in Thailand in 1997 and spent 10 years in corporate advisory services. He began his career based in Canada as a financial auditor for Arthur Andersen.

The Most Frequent Questions

To open a company bank account in Thailand, you’ll need documents like the company registration certificate, VAT certificate, and identification for all company directors. Different banks might have additional requirements.

Most Thai banks require at least one company director to be present for the account opening process. However, some banks may offer remote account opening for corporate clients subject to extra verification steps.

The choice between a Corporate Account and a Business Savings Account would largely depend on the volume of transactions and the need for additional banking services.

If you have more questions?

Thai startups should look for banks that offer low maintenance fees, robust digital banking platforms, and specialized services tailored to the needs of a young company.

Thai banks offer both Thai Baht and multi-currency accounts, making it easier for businesses engaged in international trade to manage their finances.

In addition to providing all required documents, Thai banks will usually ask for detailed financial statements and business plans as part of their due diligence process.