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Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Foreign airlines can open bank accounts to serve their basic objectives. However, they are not permitted to open accounts for or on behalf of any other juristic entities, including corporations, organizations, businesses and charities. To open accounts for foreign airlines, the following requirements shall be met:
1.
The person authorized to open the bank account for the airline shall be a resident of Saudi Arabia. If such person is non-Saudi, he/she must be under the sponsorship of the company or present the license of the agency (for agents).
2.
The bank shall receive a copy of the approval or permission of the General Authority of Civil Aviation.
3.
The bank shall receive a copy of the license issued by the Ministry of Investment to the company if the company directly undertakes its business without an agent, except GCC airlines.
4.
The bank shall obtain a copy of the company’s commercial register according to which the business is performed.
5.
The account shall be used only for receiving business proceeds and for paying expenses to agents and other suppliers.
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Accounts of airlines employees shall be subject to Rule (200.1).
