Corporate Bank Account

[DarwinK]

Can anyone recommend a bank that will open a corporate bank account when the authorised signatory doesn't have a work permit as yet?

So far, I know that Kasikorn Bank will not. Which bank will?

It's a bit of a catch-22--small start-up company, needs bank account to receive paid-up capital. Cannot hire Thai employees (no money), so cannot get work permit/visa. But cannot open bank account to pay employees.

Any suggestions?

[~G~]

Cannot hire Thai employees (no money), so cannot get work permit/visa. But cannot open bank account to pay employees.

Why should your employees be paid in advance? It's the end of the month deal in most places..

[Sunbelt Asia]

Can anyone recommend a bank that will open a corporate bank account when the authorised signatory doesn't have a work permit as yet?

So far, I know that Kasikorn Bank will not. Which bank will?

It's a bit of a catch-22--small start-up company, needs bank account to receive paid-up capital. Cannot hire Thai employees (no money), so cannot get work permit/visa. But cannot open bank account to pay employees.

Any suggestions?

You do not need Thai employees to get a work permit.

We can introduce you to our Thai bank that will open a corporate savings acct without a work permit being required. As for the current account, they all will require a work permit unless you are a Thai national or PR.

www.lawyer.th.com

[rishi]

I've recently opened a corporate savings account in Bangkok Bank without having a WP, yet. However, they actually did require a socalled "meeting letter" from my lawyer - which probably correspond to the introduction mentioned by Sunbelt.

[Indo-Siam]

We can help you open a corporate current account at a certain Bangkok Bank branch - as long as you are a company director - without having a work permit.

The document to which everyone is referring is simply minutes of a shareholder's meeting, specifying the specific branch at which a company bank account will be established, and specifying who will have signature authority over that account.

As long as you have a non-immigrant entry permit, your company has VAT registration, and you have 2,000,000 baht registered capital, we can get you a work permit as Managing Director in about 12 days - and you do not need to have any Thai employees, or any paid-up capital - in fact, you need not have even opened a bank account.

Good luck!

Steve Sykes

Managing Director

Indo-Siam Group

Bangkok

www.thaistartup.com

[email protected]

Edited March 17, 2006 by Indo-Siam

[DarwinK]

Many thanks Sunbelt Asia and Indo-Siam.

As of now I don't actually want a work permit, as the company will not be operating for a little while and I'm in no hurry to pay personal income tax. Will check with you when I'm ready to see if we can work together at that time.

In the meantime, I'll check out Bangkok and Siam Commercial Banks to see what their requirements. Have all the other docs needed by Kasikorn for a bank account, just not the work permit. They say it's just an internal requirement, so hopefully the others are different.