300.1.3 Resident Companies
| No: 65681/67 | Date(g): 3/7/2019 | Date(h): 1/11/1440 |
Effective from Jan 01 2024 - Dec 31 2023
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This rule has been respectively amended according to the circular No. (41042946), Dated 19/06/1441H, corresponding to 13/02/2020G ,and circular No. (42053614), Dated 02/08/1442H, corresponding to 15/03/2021G.
| 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 and its 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. |