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It is essential for a company to have a bank account to facilitate their financial transactions and for the safety of their money. But sometimes it can be difficult to open an account in a local Thai Bank. The company is a juristic person, and there are specific additional requirements for opening a bank account than for natural persons. To add to the difficulties, various banks have different internal rules related to corporate bank accounts.
In this newsletter, we would like to inform you the requirements to open a company bank account at Siam Commercial Bank (All Season Place Branch), as an example. This bank is the house bank of our law firm, and we offer assistance with the bank account opening at this bank. The requirements are as follows:
- Certified copy of company affidavit
- Certified copy of Memorandum of Association (Bor.Aor.Jor.2)
- Certified copy of the sample of company seal (Bor.Aor.Jor. 3. Page 2)
- Certified copy of Articles of Association
- Certified copy of the Shareholder list (Bor.Aor.Jor.5)
Note: Documents 1.-5. Must be certified by the Department of Business Development and should not be over a month old.
- Minutes of board meeting to open account (specific branch, type of account and term of payment also)
Note: After the company is registered, the company needs to pass a resolution to open a bank account by a meeting of the shareholders or the board of director, depend on the Article of Association of the company. And In case that the company wants to register for internet banking service, please mention this in the minuted as well.
- Certified copy of ID card and household registration book of authorized director of the company
Note: In case that the foreigner is an authorized director, please provide a certified copy of passport, visa and work permit.
- Certified copy of ID card and household registration book of the shareholder who holds the shares of the company at 25 percent or upward.
Note: In case that the foreigner is the person who holds the share of the company at 25 percent or upward, please provide a certified copy of his passport.
- Certified copy of VAT registration Certificate (por.por 20)
- Certified copy of Certificate of Business Registration (Phor Kor 0401)
Note: Certified copy means the owner of such documents signs on the copy of the documents himself as the certified as a true copy.
- The company documents will be signed as certified by its authorized director.
- The personal documents (such as passport) will be signed as certified by the owner himself.
- The minimum amount for the first deposit (if possible in cash) as follows:
- Saving Account 500 THB
- Current Account 10,000 THB
Remark: Directors with authority to open and close the bank account or draw cheques have to attend the bank in person to sign his signature in front of the bank officer. However, the company may authorize a different person to proceed instead.