Requirements for Opening a Business Bank Account in Saudi Arabia
The following outlines the regulatory and procedural requirements for opening a corporate bank account in the Kingdom of Saudi Arabia (KSA). These regulations are overseen by the Saudi Central Bank (SAMA) and apply to both locally owned and foreign-owned entities.
1. Eligibility Criteria
Banks in Saudi Arabia classify applicants into distinct categories. The eligibility requirements vary based on the legal structure of the entity.
Locally Owned Companies: Establishments with 100% Saudi ownership or GCC ownership must possess a valid Commercial Registration (CR) issued by the Ministry of Commerce (MoC).
Foreign-Owned & Mixed Entities: Companies with any non-GCC foreign ownership must hold a foreign investment license issued by the Ministry of Investment of Saudi Arabia (MISA), in addition to the Commercial Registration.
Authorized Signatories: The account signatories must be legally authorized residents of Saudi Arabia. They must hold a valid Iqama (residency permit) if they are non-GCC nationals.
2. Required Documentation
The documentation process is stringent to comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Standard Documents (All Entities)
Commercial Registration (CR): A valid copy of the CR certificate.
Articles of Association (AoA): The notarized AoA (and Memorandum of Association, if applicable).
National Address Proof: An official "National Address" registration certificate for the company premises.
Signatory Identification: Valid Saudi National ID (for Saudis) or Iqama (for expatriates) for all authorized signatories.
Board Resolution: A formal resolution from the Board of Directors authorizing the opening of the account and designating the signatories.
Tax Registration: VAT registration certificate or Tax Identification Number (TIN) from the Zakat, Tax and Customs Authority (ZATCA).
Additional Documents for Foreign-Owned Entities
MISA License: A valid foreign investment license from the Ministry of Investment.
Parent Company Documents: Attested copies of the parent company’s Certificate of Incorporation and Articles of Association (often required to be attested by the Saudi Embassy in the country of origin).
Beneficial Ownership Structure: Detailed documentation disclosing the Ultimate Beneficial Owners (UBOs) of the company.
3. Minimum Balance and Financial Requirements
Financial requirements differ between standard corporate current accounts and premium "enterprise" accounts.
