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400.3 Rules for Opening Bank Accounts for Juristic Persons (Licensed Companies, Institutions and Shops) Owned by Foreign Residents Permitted to Practice Business But Not Included in the Foreign Investment Law
No: GDBC-656810000067-1440H
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Banks may open bank accounts for this category after obtaining the following:
1.
A copy of the commercial register issued by the Ministry of Commerce.
2.
A copy of the license if it is the only requirement or if it is required along with the commercial register.
3.
A copy of the memorandum of association and its annexes (if any).
4.
A copy of the business owner’s Iqama or national ID card (for GCC citizens). The information (name, ID number and expiry date) contained in the commercial register and/or license provided by a non-Saudi merchant must be verified.
5.
A list of owners as mentioned in the memorandum of association (if any) as well as copies of their IDs.
6.
Non-Saudi owner of an entity is not allowed to authorize others (Saudis or non-Saudis) to manage the accounts of the entity.
