300.1.3.1 Joint-Stock and Simplified Joint-Stock Companies
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 | Status: In-Force |
This rule has been amended according to the circular No. (44061480), Dated 28/07/1444H, corresponding to 18/02/2023G, please refer to the Arabic version of this rule to read the last updated version.
• Companies under formation:
The bank accounts for depositing and retaining the capital of these companies under formation shall be opened as follows:
| 1. | A letter from the founders, including at a minimum: a request to open the account stating its purpose as "Depositing the capital of the company (…name of the company) Under Formation," the names of the founders, and the ownership percentage of each founder in the company's capital. |
| 2. | The name of the account shall be as follows :"Founders Account of the Company (name of the company) " |
| 3. | Verifying the identity of the company's founders. |
| 4. | Payment from the account shall only be allowed by the company's board of directors after its registration in the commercial register and the bank's completion of the required documents in accordance with the requirements of Rule (300-1-3) related to resident companies. In the event the company's formation is not completed, the bank must return the amounts to each founder according to their share of the capital. |
• Licensed companies:
Documents required are as specified in (300.1.3) above.