Saudi Arabia is on its path towards becoming the global business hub thus the need for efficient banking services for the smooth functioning of corporate companies are in great demand in the country. Once a company is launched in the ever growing landscape of this Arab Kingdom, it becomes inevitable to open a corporate bank account in Saudi Arabia to explore new opportunities and drive business growth.
Businesses planning to open a business bank account in Saudi Arabia should have a registered entity in the country. So opening a corporate bank account in the Kingdom helps to build a strong foundation in the dynamic economy of Saudi Arabia thus opening doors for secure financial transactions.
Opening a business account in Saudi Arabia is of great advantage to corporate companies as it enables them to access various benefits like business credit cards which allow fund transfer to multiple locations, online banking services, mobile banking, etc. combined with other benefits like purchase of stocks and bonds, trading and investments, and treasury management.
Opening a bank account is essential for the successful business expansion in the Kingdom of Saudi Arabia. Read this blog and get a comprehensive idea on how to open a corporate bank account in Saudi Arabia for foreign companies. Through this blog we will discuss the procedures involved and documents required for the same. So let’s get started !
Requirements for Opening a Bank Account in Saudi Arabia
A corporate bank account allows more structured tracking of finances of the corporates and ensures compliance with the tax laws and guidelines set by the Saudi Arabian Monetary Authority (SAMA). Thus opening a corporate bank account helps the corporate companies to contribute to the improvement of the overall financial governance of the company and strengthen the transparency and credibility of the business operation.
Saudi Arabia being one of the global financial hubs, hosts 37 banks, out of which 3 are digital banks, 11 domestic banks and 23 international banks, which are being operated by the regulation of SAMA. All these 37 offer products and services with a certain amount of fees and requirements.
So selecting the right bank is essential to ease your financial transaction in the country. Riyad Bank, Samba Financial Group, Awwal Bank, Al Rajhi Bank, Saudi National Bank etc. are some of the major local banks in Saudi Arabia. Standard Chartered Bank, Emirates NBD, Deutsche Bank, and BNP Paribas, etc are some of the international banks operating in the Kingdom.
Documents Required for Opening Company Bank Account in Saudi Arabia
Before opening a corporate bank account in Saudi Arabia by a foreign national, a lot of information would be collected by the Bank officials, to get more details regarding their professional background and business activities.
Also opening a bank account takes days and weeks depending upon the type of bank chosen, transactions done, corporate entity and documents required.
Inorder to open a business bank account in Saudi Arabia, a lot of documents has to get ready, which are as follows:
- Copy of the investment licence issued by the Ministry of Investment – MISA
- The business should have registered national address in Saudi Arabia
- Has to submit Articles of Association of the parent company
- Authorization from General Manager to open and manage the bank account
- Articles of Association for the local company
- Residence Permit Card or Iqama (ID Copy) of General Manager
- Company’s Board Resolution’s copy which is signed by all the Directors of the Company
- Copy of the business licence of the company issued by the Ministry of Commerce and Investment (MCI)
- Copy of the ID or Passport of the Directors of Shareholders of the company
Don’t worry about the complex process involved and documents required to open a current account in Saudi Arabia, with professional business setup companies like Analytix besides you, you can be peaceful and relaxed about the procedures.
Documents Required for Parent Company:
- Attested copy of Parent Articles of Association (AoA) or Parent Memorandum of Association
- Ownership structure chart has to be submitted including the name and passport number, ownership percentage holded by each individual and each company, nationality.
- IDs of the parent shareholders ; owners
Steps to Start a Business Bank Account in Saudi Arabia
There is a complex process involved in the opening of a corporate bank account in Saudi Arabia. Below is the list of the full process involved. Have a look at it for better understanding.
1. Selection of the Suitable Bank
After segregating the documents required, the next essential is to choose a bank account that is suitable for the requirements of your company. Services offered by the bank, fees incurred, documents required, etc has to be thoroughly checked before choosing a bank. Seeking opinions from the experts at Analytix can ease this step and make wise decisions.
2. Submit the Required Documents
The next step after selecting the bank, is the submission of the required documents to the bank. The compliance department of the bank will check the documents and ensure its relevance. A background check on the company and its directors would also be done by the bank before granting the permission to open the bank account.
3. Sign the Essential Agreements
If the bank is satisfied with the submitted documents and background check, the officials from the bank would ask you to sign the necessary agreements including terms and conditions of the account, compliance policies of the bank, etc.
4. Deposit Cash in the Account
The last step in opening a bank account in Saudi Arabia includes the deposit of cash in the account. You can either transfer the money from another account to the newly opened bank account or can deposit cash. After the funding of the account, the bank will provide you necessary documents and information to access the account.
Open Bank Account in Saudi Arabia With The Help of Analytix
Opening a bank account in Saudi Arabia includes careful procedure and a lot of documentation processes. A thorough understanding of the regulations set by the Central Bank of Saudi Arabia is essential before opening a corporate bank account in Saudi Arabia. Bank accounts in Saudi Arabia can only be opened if certain conditions are met and documents are submitted. Don’t worry, with the help of proper guidance and right partners, you can ace the complex process of opening a corporate bank account. Open a bank account and run your business compliantly with the help of business set up professionals like Analytix. We with our expertise in the field for more than a decade, we are well aware with the rules and regulations involved to open a bank account in Saudi Arabia. So, don’t be hesitant, ring us today and let us help you open your corporate bank account in Saudi Arabia.
Conclusion
So, are you now clear with the process involved to open a corporate bank account in Saudi Arabia? If yes, great! You have passed half the process! If not, grab the phone and contact us so that let us explain what bothers you. With the right guidance and consistent effort, it is easy to start a bank account in Saudi Arabia and complete an essential step of your business expansion goals in the kingdom. So contact us today and let’s discuss in detail.
