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The bank may open accounts for companies residing in Saudi Arabia upon completing the following:
1.
A copy of the commercial register shall be obtained.
2.
Obtaining a copy of the memorandum of association or the articles of association and their annexes.
3.
Obtaining a copy of the ID of the manager in charge.
4.
Verifying the identity of board members.
5.
Obtaining the power of attorney issued by a notary public or a notary (or the authorization made in the bank by the person/persons who, by virtue of memorandum of association, partners’ decision or board of directors’ decision, has/have the power to authorize), authorizing natural persons to sign for and operate the accounts.
6.
Obtaining copies of the IDs of individuals authorized to sign for and operate the accounts.
7.
Verifying the IDs of the owners of the company, whose names are included in the last update of the memorandum of association. Public joint-stock companies are excluded from this requirement.
•
Where the owner or one of the owners of the company is an endowment, private society/foundation or cooperative association, according to the memorandum of association, the bank must then fulfill the following, in addition to the above requirements:
1.
Obtaining a copy of a valid endowment registration certificate issued by the General Authority of Awqaf, including at minimum the following: Name of endowment, endowment deed number and date, and names of administrators and their ID numbers (for endowments); or a copy of the license issued by the Ministry of Human Resources and Social Development and the decision of the board of directors of the society/foundation (meeting minutes) approving the establishment of the company (for private societies/foundations or cooperative associations).
2.
Obtaining copies of the IDs of administrators whose names are stated in the endowment registration certificate (for endowments).
3.
This type of accounts shall be classified as of high risk if the ownership of endowments, private societies/foundations or cooperative associations exceeds 50% of the company's capital.
