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300.2.4 Non-Resident and Non-Banking Companies and Businesses Leasing Spaces in Deposit Areas in Saudi Arabia
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Status: In-Force
Banks may open accounts for companies and institutions licensed to sell and reexport commodities in deposit areas at local ports in Saudi Arabia, whether leasing was directly through contracts with the Saudi Ports Authority or through concession. This shall be for a period equal to the duration of the lease contract and according to the following requirements:
1.
A copy of the lease contract attested by the Chamber of Commerce and Industry and the port management.
2.
A copy of the lessee’s commercial register issued by the country of origin and attested by the Saudi embassy in addition to the full address of the entity.
3.
A letter from a bank in the lessee’s country of origin.
4.
The persons authorized to manage the entity’s account must be Saudis or non-Saudis with valid Iqamas.
5.
The purpose of the account must be specified through a letter from the lessee to the bank.
6.
The account must be closed by the bank upon expiry of the lease period if a renewal notification is not received.
