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Can I use my LLC bank account as proof of funds to apply for a visa in Thailand?

Thai Visas Proof of Funds LLC Bank Account Visa Application Process Remote Work Visa Finance for Expats in Thailand

Nov 17, 2024

4 days ago

Anonymous *************

ORIGINAL POSTER

All my funds are in my LLC bank account (I own 100% of it). The name of the account is "Business Name LLC." If I submit this as proof of funds will I be denied since it's not showing my name? I also have a coinbase account with enough funds but I read they don't really accept that? Applying from the US as a remote worker if that matters.

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TLDR : Answer Summary

The consensus among expats is that using funds from an LLC bank account for visa applications in Thailand is likely to lead to denial since embassies view those funds as company assets rather than personal. Several commenters recommend transferring funds to a personal account to ensure compliance with visa requirements. Additionally, using cryptocurrency accounts like Coinbase may not be accepted either, as authorities typically favor traditional bank statements that show the applicant's name.

Alex ******

I recommend taxframe.com

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Dennis ************

My funds where in my company account without my name... no problem.. i had to proof it was my company of course

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Krystle **********

I wasn't in any of these fb groups when I applied so I assumed the money had to be in my business account.

They requested additional information with my name on the account. I wrote a sponsorship letter, that the business sponsored me and it was approved.

I think it may not be a one size fit all thing based on what I see here.

Be safe and have it in your personal. I may have gotten lucky

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Anita ********

Go in and change the “nickname” to your real business name.

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Steve ***************

My Coinbase account showed many times over the required funds as available, but I was denied. I don't even use a bank account anymore, I just use my Coinbase Visa Debit Card so it put an end to my application. Many digital nomads must be in this position, so it seems ridiculous. Best of luck.

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Luit *****************

@Steve **************

Why should many digital nomads not have a normal bank account? Not everybody is speculating with all of his money.

I can understand that Thai authorities just want to see real money, and not something that can have a value varying from zero to very high.

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Reed **********

considering ive been on CB for a decade and for the last year I cant even get support to help me get back into my account there support is light years worse than even the biggest banks. they are very unreliable as a bank when it comes to needing a human being to fix issues in your account

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Reed **********

why not just keep a free checking account though in a tax free state or territory

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Steve ***************

@Luit ****************

. You are looking at this wrong, the available funds on Coinbase are fiat currency, exactly the same as if they were in a regular high street bank. I like many digital nomads get paid in a myriad different currencies and a selection of cryptos. By keeping them all in one location, it is easy to calculate and pay any taxes due. I don't have to buy cryptos with the customer deposited funds, I can draw them as cash from an ATM, use them to pay mortgages and bills etc.

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Luit *****************

@Steve **************

I cannot look wrong at this, I just say I understand why Thai authorities like to see a traditional bank account.

An yes I also understand a traditional bank account does not necessary mean the value of it is more reliable.

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Luit *****************

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Romain ****

I would give a try with registration showing you’re sole owner of the shares, and a sponsorship letter saying that during the duration of DTV, x LLC is sponsoring you as owner and all money is available for you, and give previous tax returns of the company… I believe this should help, but no guarantee !

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Lena *******

They like a straight bank account statement with your name clearly on it. Bitcoin or stocks won't work.

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Oswald *******

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Oswald *******

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Ronnie ***************

I transfered the money to my personal account. Once approved, I transfered it back into my business account.

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Werner ************

Give it a try and report back

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Rob *********

Yeah in Penang did not work , I was rejected for that reason as well.

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Elías ********

Just transfer 500Kish to your personal bank account, and show both accounts, including the transfer from the LCC to your account.

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Anonymous *************

ORIGINAL POSTER

You think that'll work? My personal account is basically empty, they'll see the 500k baht only be there for 1 statement

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Antoinette ********

Anonymous participant it’ll work. I had to do this and didn’t show any transactions just statement balance and was approved.

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Antoinette ********

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David ********

Yes you will be denied . Has to be personal

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Ko *******

Your name is anonymous…so how could they accept that as bank statement 🤣🤣🤣

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Stuart *********

Seen numerous posts on here saying that they were denied LLC funds even if they owned the company 100%. Embassies view this as company money not personal funds.

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Angelo ***********

@Stuart ********

Which it is. Plain obvious. Does not matter who owns the company. If he moves enough funds to his private account: it is income, and taxed next year.

Simplest way: he takes a loan from his company. Move that loan on a private account. And move it back when he has the visa, paying off the loan.

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Anonymous *************

ORIGINAL POSTER

@Stuart ********

Well that sucks.. I need to transfer 500k baht to a new account and leave it there for 3 months then I guess

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Ronnie ***************

Anonymous participant mine was only in the account for about 15 days. Soon I was approved, I transfered the money back into my business account.

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Anonymous *************

ORIGINAL POSTER

@Ronnie **************

Which country did you apply from? Thanks

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Ronnie ***************

Anonymous participant in the US. Washington DC

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Ronnie ***************

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Myles *******

Anonymous participant doesnt need to be there 3 months if apply in Hanoi fyi

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Anonymous *************

ORIGINAL POSTER

So I just transfer the funds, get a vietnam tourist visa, and then spend a week there to get the visa?

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Myles *******

Anonymous participant if u need a visa and have all the other supporting documents. I did a post re my Hanoi experience a couple of days ago so take a look as that might help

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Myles *******

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