Overview

Foreign companies might consider opening a corporate bank account in Saudi Arabia challenging, but it becomes smooth with your trusted partner, Al Taasis.

The bank account opening process requires a thorough understanding of the regulations and requirements of the Central Bank of Saudi Arabia (SAMA). This article will help you understand the step-by-step process of opening a corporate bank account in Saudi Arabia and how Al Taasis can assist you.

Banks in Saudi Arabia

In Saudi Arabia, 31 banks are licensed by the Saudi Arabian Monetary Authority (SAMA). These include 11 local banks and 20 branches of foreign banks. Some of the major banks in Saudi Arabia include Saudi National Bank, Al Rajhi Bank, and Samba Financial Group. The branches of international banks in Saudi Arabia include Emirates NBD, First Abu Dhabi Bank, Deutsche Bank, HSBC, Standard Chartered Bank, BNP Paribas, and the Industrial and Commercial Bank of China.

Al Taasis is well-informed about the specific requirements of the banks in Saudi Arabia, and we can assist you in choosing the bank that suits your business needs.

Required Documents for Opening Business Bank Account in Saudi Arabia

The first step in opening a corporate bank account in Saudi Arabia is to arrange the required documents. These include:

• A copy of the investment license issued by the Ministry of Investment (MISA)
• Registered National Address in Saudi Arabia
• Articles of Association (AoA) of the parent company
• General Manager’s authorisation to open and manage the bank account
• Articles of Association (AoA) of the local company
• ID copy(residence permit card/Iqama) of General Manager
• A copy of the company’s board resolution, signed by all of the company’s directors
• A copy of the company’s business license issued by the Ministry of Commerce and Investment (MCI)
• A copy of the passport or ID of the company’s directors and shareholders

You need not worry about the documentation. From obtaining your MISA investment license to National Address registration, Al Taasis is your trusted business partner! We can help you arrange all the necessary documents for opening your bank account.

Step-by-Step Process of Opening a Corporate Bank Account in Saudi Arabia

Select the Suitable Bank

After documentation, the next step is choosing a bank suitable for your company’s needs. It is essential to research each bank’s fees, services, and requirements before making a decision. Al Taasis can help you select the most suitable bank according to your requirements.

Submit the Documents

Once you have selected a bank, you will need to submit the necessary documents to the bank. The bank’s compliance department will review these to ensure they are in order. The bank will also conduct a background check on the company and its directors.

Sign the Agreements

Once the bank is satisfied with the documents, you will be asked to sign the necessary agreements. These agreements include the terms and conditions of the account, as well as the bank’s compliance policies.

Fund the Account

The final step is to fund the account. This can be done by transferring money from another bank account or depositing cash. Once the account is funded, the bank will provide you with the necessary information and documentation to access the account.

Open Your Corporate Bank Account in KSA with Al Taasis

Before opening a corporate bank account in Saudi Arabia, you must thoroughly understand the regulations and requirements set by the Central Bank of Saudi Arabia. The banks in Saudi Arabia open an account if the required documents are submitted and specific conditions are satisfied. The bank account opening process requires patience and persistence, but it is achievable with the right approach and trusted partner.

Al Taasis is your trusted business partner providing corporate solutions for all your business needs. With our assistance, you can open your bank account smoothly and run your business compliantly.

Contact us to know more about the prerequisites of your business journey.