Recently, Thailand introduced new regulations. These include rules on company registration, bank account opening, and the use of personal bank cards and mobile banking. These changes will directly impact enterprises registered in Thailand and businesses planning to enter the Thai market. Failing to understand and adapt to these new regulations promptly can have serious consequences. It may result in difficulties with company registration, account opening, or even the inability to use personal bank cards. Below, we will provide a detailed interpretation of these latest changes to help businesses get prepared.

New regulations for company registration: Bank deposit certificate

Previously, relevant authorities could directly approve companies with registered capital under 1 million Thai Baht after receiving form submissions, without requiring additional information. However, under the new policy, DBD officials now request bank deposit certificates from promoters through system feedback.

Key points:

1.Bank deposit certificate of the promoter: The deposit amount should be no less than the amount of the company shares subscribed by the promoter.

2.Requirements for the deposit certificate: Ensure that the submitted bank deposit certificate complies with the regulations of both the bank and the Thai government. Do not underestimate this step, as it may otherwise lead to registration delays or rejections.

New requirements for identity verification

In addition to the bank deposit certificate, Thailand has introduced new requirements for identity verification via mobile apps. Not only company promoters but also all individuals linked to identity information, such as foreign company directors, must complete online identity verification.

Key points:

1.Identity Verification: Relevant parties require all individuals involved in identity information, including foreign company directors, etc., to complete online identity verification.

2.Online Verification: Applicants must complete real – name verification through the mobile app designated by the Thai official to successfully complete company registration.

3.Offline verification requires individuals to visit the Thai DBD office in person. They must bring valid identification documents, like passports or ID cards, and submit the originals for DBD verification.

4.Network restriction issue: Tests by customers and our team in Haikou, Hainan, China, show that the domestic telecom network does not support downloading or using this verification app. This may pose an obstacle to the registration process of domestic merchants. People recommend planning in advance and finding appropriate solutions.

New regulations for bank accounts: stricter documentation requirements

In addition to company registration, the requirements for opening a bank account have also become more stringent. Businesses need to prepare a full set of company documents to complete the account – opening procedures.

Key Documents:

When a foreign company is a shareholder with a shareholding ratio exceeding 25%:

1.Provide the business license of the foreign company, its articles of association, and shareholder information.

2.All documents must be notarized, signed, and sealed.

3.Traceability Requirement: If the shareholders of the foreign company are also shareholders of another company, then the business licenses and notarized documents of the foreign company must be provided layer by layer until the specific natural person shareholders are traced.

4.All documents must be original copies with signatures and seals. They should be sent via international express. Scanned copies are invalid.

For foreign natural person shareholders:

1.Provide a copy of the passport with the shareholder’s own signature on it. All documents must be original copies with signatures and seals.

2.Scanned copies will not be accepted under any circumstances. They must be sent to Thailand via international express

New restrictions on personal mobile banking

In addition, the use of personal bank cards and mobile banking in Thailand has also been subject to new restrictions. The name and identification number of the mobile operator’s phone number must be consistent with the bank registration information. Otherwise, mobile banking will not be available.

The Thai government is strengthening the real – name matching between banks and telecommunications operators. This move mainly aims to enhance financial security. It also aims to prevent money laundering, fraud, and identity theft. In recent years, cases of financial fraud and account theft have emerged in an endless stream. Criminals often use non – real – name mobile phone numbers or accounts with mismatched information to conduct illegal transactions. The Thai banking system has started to require that mobile phone numbers be consistent with bank account information. This is to strengthen supervision. It ensures that every transaction can be traced back to the real identity.

Recently, the Thai government has stepped up its crackdown on “illegal accounts”. It has frozen over 700,000 bank accounts. The frozen accounts involve nearly 1 billion Thai baht. Among these cases, the registration information of approximately 2.4 million mobile phone numbers did not match that of the bank account holders.

This measure aims to strengthen anti – money laundering efforts and prevent financial fraud, ensuring the security of financial transactions. Therefore, cardholders need to ensure the consistency of their personal information. The personal information should be consistent in the systems of both banks and telecommunications operators. This is to avoid unnecessary troubles.

Key points:

1.Consistency between mobile phone number and bank information: Ensure that when registering for mobile banking, the name and identification information of the mobile phone number are consistent. They should match the information registered for the bank account.

2.Prevent impact on business operations: Merchants should check in advance to avoid the inability to use mobile banking. They should ensure the consistency of personal information.

How to respond to these changes?

1.Prepare in advance: Businesses should understand all the required documents. They should prepare them in advance to avoid delays caused by incomplete procedures.

2.Check information carefully: Ensure that all submitted materials meet the latest requirements, especially bank deposit certificates, signed documents, etc.

3.Pay attention to the consistency of personal information. Also note the requirements for using personal bank cards and mobile banking. Ensure that the mobile phone number and identification information are consistent.

4.Follow official announcements: Keep an eye on relevant announcements from the Thai company registration authority and banks. Do this at all times. This ensures that no information is overlooked.

It is worth noting that：

These new regulations have made the processes of company registration and bank account opening in Thailand more stringent. They aim to prevent the formation of shell companies and various frauds. Meanwhile, the new requirements for personal bank cards have enhanced security. They have also improved the transparency of the financial system. When conducting business in Thailand, merchants need to ensure that their company registration procedures comply with the new regulations. They must also guarantee that the opening of bank accounts is legal. Additionally, the information of personal bank cards must be compliant.

We hope that all merchants will stay vigilant and not take things lightly.

Merchants must carefully check their materials in advance. This is necessary when registering a company, opening a bank account, or applying for a personal bank card. This ensures that the provided documents comply with the latest regulations. Doing so helps avoid process delays due to document-related issues. Do not trust the claims of cheap consultants and intermediaries. They boast, “I can easily handle all the procedures.” Such intermediaries may lead you astray, waste your time and money, and even trigger legal risks. Be sure to choose professional service providers with a good reputation and avoid low-price traps.

If the initial registration and account-opening processes are not handled properly, future business operations will encounter even more complex challenges. Do not let down your guard. Be sure to carefully prepare every piece of information to ensure its accuracy.