300.1.4.1 Joint-Venture Entities Owned by a Saudi Investor and a Foreign Investor

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. (41029537), dated 27/04/1441H, corresponding to 24/12/2019G ,and circular No. (44082632), dated 28/10/1444H, corresponding to 18/05/2023G,please refer to the Arabic version of this rule to read the last updated version.

• Joint-venture entity owned by a foreign investor (natural or juristic) and a Saudi investor (natural or juristic):

1.	A copy of the license issued by the Ministry of Investment.
2.	A copy of the commercial register without the need to acquire the business license, or a copy of the professional license of the entity if the entity is a service provider.
3.	A copy of the memorandum of association and its annexes.
4.	A copy of the ID of the manager in charge in the entity. A copy of the passport can be sufficient, provided that a copy of the Iqama is submitted (90) days after opening the account.
5.	A copy of the commercial register or professional license, as well as the memorandum of association of the juristic Saudi partner. The identities of the partners whose names are mentioned in the memorandum of association and its annexes must be verified, except for partners in listed joint-stock companies.
6.	A copy of the commercial register or professional license, as well as the memorandum of association of the juristic foreign partner in the home country, certified by the Saudi embassy. The identities of the partners whose names are mentioned in the memorandum of association and its annexes must be verified, except for partners in listed joint-stock companies.
7.	A copy of the power of attorney certified by the notary public if issued inside Saudi Arabia and by the Saudi embassy if issued outside Saudi Arabia, or an authorization prepared inside the bank specifying the persons authorized to operate and manage the account under the memorandum of association.
8.	Copies of the IDs of persons authorized to operate and manage the account.
-	The identities of the partners whose names are mentioned in the memorandum of association must be verified, except for partners in listed joint-stock companies. The identity of the natural foreign partner can be identified by providing a copy of his/her passport, provided that a copy of the Iqama is submitted 90 days after opening the account.