300.1.4.2 Entities Wholly Owned by 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.

• Branches of foreign corporations or companies:

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 ID of the manager in charge in the entity. A copy of the passport can be sufficient, provided that the Iqama is submitted (90) days after opening the account.
4.	A copy of the commercial register or professional license, as well as the memorandum of association of the entity 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.
5.	A copy of the authorization issued by the main office of the company or corporation in the home country and certified by the Saudi embassy must be obtained. The authorization must name the persons authorized to sign on behalf of the company in respect of all financial transactions, including signing checks and managing related accounts, in Saudi Arabia.
6.	Copies of the IDs of persons authorized to operate and manage the accounts.

• An entity owned by a foreign investor or jointly owned by more than one foreign investor:

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 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 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.
6.	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 giving the persons authorized to operate and manage the account such right under the memorandum of association.
7.	Copies of the IDs of persons authorized to operate and manage the accounts.
-	The identities of the partners whose names are mentioned in the articles 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 the Iqama is submitted (90) days after opening the account.

• Foreign individual investor:

1.	A copy of the license issued by the Ministry of Investment.
2.	A copy of the commercial register, provided that the name of the line of business in the commercial register is the same as that specified in the license and that the name of merchant and his/her ID number indicated in the commercial register are true against his/her ID.
3.	A copy of the Iqama. A copy of the passport can be sufficient, provided that the Iqama is submitted (90) days after opening the account.
4.	The full address of the investor in his/her home country.
5.	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 if there is an agent or person authorized to manage and operate the account.