How can foreigner get a bank loan in Thailand?

Submitted by tilaadmin on Thu, 04/05/2012 - 08:23
How can foreigner get a bank loan in Thailand? If you are working in Thailand, living in Thailand and running your own business there or if you wish to make investments in Thailand and need to get a bank loan from a local bank, then there are some prerequisites that you should know about. If you are working as an expat in Thailand and wish to go through company registration in Thailand, that is very much possible as well and any Thai lawyer that you’ll talk to will let you know that local banks in addition to any law firm in Thailand will help you out with the legal procedure and the financing. However, while the Thai lawyer or law firm in Thailand will be easy to employ in order to set up your own business in Thailand via company registration Thailand, local banks might be harder to convince for bank loans. If you are looking to buy property in Thailand, then funding by local banks will be mostly restricted with strict terms and conditions applied on it. However, you can try getting funding for property for your business via your company registration Thailand since banks are more open to providing funds to Thai companies, which is why any decent Thai lawyer would advise you to set up your company as a Thai limited company rather than as an offshore company. In addition to this, local lending in Thailand, for personal use and not for company registration in Thailand will be accompanied with its own set of qualifications and requirements. Such personal loans and lending is normally available to foreigners who have lived and worked in Thailand at least for a few years which makes it easier for Thai banks to get to know their credit history. For this purpose, a Thai bank will ask for employment details of the Foreigner in Thailand including their salary details, their age, marital details in addition to credit ratings and details. Any law firm in Thailand will be able to tell you that if a local bank is open to giving you a personal loan, the interest rates will be more or less competitive, given you meet all of the requirements and therefore, you should definitely shop around for loans with better interest rates. If your sole interest is company registration in Thailand, the involvement of legal advice from a law firm in Thailand will become more than optional. While you will be advised to set up a limited liability Thai company, you should be aware of all the laws and procedures related to company registration Thailand. This also means that Thai citizens must hold almost 51 percent of the shares of the company even though you will have a controlling interest in the company. A Thai lawyer or a law firm in Thailand that specializes in company registration in Thailand will guide you systematically through the process including the registration of Tax and Vat, opening a Thailand corporate bank account and apply for a working permit before your limited liability can start business.  

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