Start the process of becoming a “treasury center” (Procedure - application documents - duties)

A company applying for a license to operate a treasury center must meet the criteria announced by the competent officer, which includes the following steps:

• Make a request to the Minister through the Bank of Thailand (BOT), in accordance with the rules and procedures announced by the official;
• The BOT considers qualifications of treasury centers and group companies and their scope of business (30 business days);
• Submit to the Ministry of Finance for approval and licensing (30 business days);
• The treasury center receives a license from the BOT with a letter from BOT specifying the name of the group of companies (7 days).

        Before operating the treasury center business, the treasury center must register the change or addition of the company’s objectives with the relevant authorities and submit documents for such change or addition to the BOT.

The documents and evidence supporting the application are as follows:

1. An application in the specified form for operating a treasury center business, signed by an authorized signatory and stamped (if any) (available for download at www.bot.or.th / financial markets / currency exchange regulations / factor payment business country / Treasury Center / Treasury Center Request Form);

2. An affidavit of the person intending to conduct a business involving foreign payment factors in the form prescribed by all documents supporting the consideration must be signed and stamped by an authorized person (if any) (available for download at www.bot. or.th / financial market / money exchange regulations / Foreign payment terminal business / Treasury Center / Treasury Center Request Form);

3. An affidavit of a director or a person with management authority or a person wishing to engage in foreign payment terminal business in the form prescribed by each sheet of supporting documents must be signed and stamped by the authorized person (if any) (available for download at www.bot.or.th / financial market / exchange rules / Foreign payment terminal business / Treasury Center / Treasury Center Request Form);

4. An affidavit of major shareholders of the person intending to engage in foreign means of payment in the form prescribed by all documents supporting the consideration must be signed and stamped by the authorized signatory (if any) (available for download at www.bot.or.th / financial market / money exchange rules / Foreign payment terminal business / Treasury Center / Treasury Center Request Form);

5.Passport of a director or a person with management power of a major shareholder who is not of Thai nationality (Evidence documents are used for consideration. If the applicant is unable to present the original for the sake of demonstrating documents in the request, they may submit a copy and sign to certify the copy by the owner of the passport or an authorized person signed and stamped (if any));

6. A document that clarifies the duties and responsibilities of a director or person with management authority at the level of manager, deputy manager, or person holding an equivalent position called otherwise in every position and/or organizational structure, showing details, position name / person’s name who is responsible for the above (Evidence documents used for consideration. Every page must be signed by the authorized signatory and seal (if any) to certify the copy);

7. The structure of the business group shown as follows:

1) Proportion of a company’s shareholding that intends to operate a business as a treasury center, showing details of the company’s major shareholders and including shares of related persons;

2) Proportion of shareholding of treasury centers of group companies and companies or branches to which the treasury center wishes to lend money (Evidence documents used for consideration. Every page must be signed by the authorized signatory and seal (if any) to certify the copy).

8. Official documents demonstrating a branch office in the case of a foreign branch of the group (Evidence documents are used for consideration. If the applicant is unable to present the original document, it can be submitted as a copy and signed to certify the copy by the authorized signatory and seal (if any));
9. The latest list of shareholders of the company intending to operate a business as a treasury center certified by the issuing agency within 6 months from the date of application submission (Evidence documents are used for consideration. If the applicant is unable to present the original document, it can be submitted as a copy and signed to certify the copy by the authorized signatory and seal (if any));
10. The latest list of shareholders of the group of companies certified by the issuing authority within 6 months from the date of request submission (Evidence documents are used for consideration. If the applicant is unable to present the original document, it can be submitted as a copy and signed to certify the copy by the authorized signatory and seal (if any));
11. The most recent certified financial statements of foreign group companies and foreign companies or branches in the same business network as companies intending to operate as treasury centers and groups of companies operated by treasury centers wishing to lend money (Every page of supporting documents must be signed and certified by the authorized signatory and stamped (if any)).
12. Letter of consent of the group of companies which authorizes the treasury center to manage foreign currency on its behalf (Every page of supporting documents must be signed and certified by the authorized signatory and stamped (if any));
13. Power of Attorney to submit the request, sign the document to certify it, and sign the memorandum of both parties if the request and documentary evidence are incomplete, which must include the attorney’s name and ID card number (in case the authorized signatory does not submit the request in person).