Opening a Corporate Bank Account in Saudi Arabia: Requirements, Steps and Delays

A bank account is one of the first things a new company needs: without it you cannot deposit capital, pay salaries or receive payments. It is also where many investors, especially foreign ones, get stuck because of banks' know-your-customer requirements.

Documents usually required

• Commercial registration and articles of association.
• MISA investment license for foreign companies.
• IDs or passports of partners, manager and authorised signatories.
• The company's national address.
• A partners' resolution to open the account and name signatories.
• Attested parent company documents when a partner is a foreign company.
• Ultimate beneficial owner details and ownership structure.

Steps

1. Choose a bank that fits your activity and transaction volume.
2. Prepare a complete file and check that data matches across documents.
3. Submit the application; signatories attend as the bank requires.
4. Answer the bank's compliance questions.
5. Activate the account and online banking.

Common causes of delay

• Names or details that do not match across documents.
• Foreign documents that are not attested or translated.
• An unclear ownership structure.
• Signatories who are outside the Kingdom.

How Rayat Najd helps

We prepare and review your bank file, coordinate with the bank and follow up until the account is active. See our bank account opening service or contact us.

Note: each bank has its own policies, and requirements vary by activity and partner nationality.