Business Bank account in Thailand for an Offshore company?

[muratremix]

Hi,

 

It seems opening a bank account for an offshore company (whether it is HK or BVI or anywhere else) is pretty hard nowadays. HK banks require high deposits and SG banks are the same plus both requiring a personal visit. 

 

Has anyone managed to open a bank account for their offshore business? Or is this a very bad idea? Since I live in Thailand, I assume that would be an option. Banks like to deal with residents rather than non-residents. 

 

Here is a link what UOB requires:

https://www.uob.co.th/personal-en/deposits/deposit-foreign-currency-deposit-account.page

 

Applicant Qualifications

• Individual or Corporate

 

Document requirement

• Companies registered in Thailand and abroad
  • Memorandum of Association
  • Commercial Registration Certificate
  • Minute of meeting  Foreigner Currency Account Opening.
  • Tax Identification Card
  • A company registered in Thailand must show documents to pay foreign currency payments within 6 months from the date of deposit
  • In case of companies registered in foreign countries, all references must be approved by the Embassy of the Thailand consular or Ministry of Foreign Affairs
• Thai citizen
  • Copy of identity card
• foreigner
  • Copy of passport
  • Copy of work permit

[LivinLOS]

Interested in exactly the same thing and had shortlisted UOB as the primary one to go discuss.. I heard my local is fairly 'flexible' and pro business.. I also have a local CIMB. 

 

Its in jan pile of things to do. 

 

 

[muratremix]

On 1/7/2020 at 11:00 AM, LivinLOS said:

Interested in exactly the same thing and had shortlisted UOB as the primary one to go discuss.. I heard my local is fairly 'flexible' and pro business.. I also have a local CIMB. 

 

Its in jan pile of things to do. 

 

 

Do you have CIMB business account for a foreign corporation or just a personal account?

[LivinLOS]

Should have been clearer.. I have a CIMB 'branch' nearby also.. 

 

 

[Captain 776]

If u are a U S citizen they won even accept your money, too much scrutiny.

 

I tried opening a Swiss Bank acct in Dubai, HSBC Isle of Man, and one other.......not interested.

That was in 2013 may have changed or may be ok or worse I dunno.

With FBAR reporting, I don’t try hide money, the penalty can be 100,000 USD

[kwonitoy]

I have an offshore BVI company.

My bank account is with Standard Bank.

 

I did this about 12 years ago and it took a good 2 years of trying to do so.

I've had to do FACTA paperwork that was more geared to a global corporation.

I can't even imagine trying to do so in this day and age.

You can PM me for more information. won't discuss on an open forum

[LivinLOS]

2 hours ago, Captain 776 said:

If u are a U S citizen they won even accept your money, too much scrutiny.

 

I tried opening a Swiss Bank acct in Dubai, HSBC Isle of Man, and one other.......not interested.

That was in 2013 may have changed or may be ok or worse I dunno.

With FBAR reporting, I don’t try hide money, the penalty can be 100,000 USD

I am not American tho.. And I need a corporate not personal.. I just am not so into having to go to hong kong in person 

 

[chiman]

You should contact an attorney who can do an introduction for you at a bank in Singapore or elsewhere.  I would not open the bank account here and I would also advise against HK.  

[LivinLOS]

44 minutes ago, chiman said:

You should contact an attorney who can do an introduction for you at a bank in Singapore or elsewhere.  I would not open the bank account here and I would also advise against HK.  

The company formations I have spoken to say both sing and HK need a physical visit and SIng needed a much higher deposit amount 50k 200k cant really remember.. either way HK was simpler than sing. 

I have a Swiss personal but dont want to mix this biz and my personal.. I know of Europac but find them a bit suspect.. I dont want an island bank anyway, will be too much of a red flag on the accounts the consultancy bills to.