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300.1.6.8 Economic and Technical Liaison Offices in Saudi Arabia
No: 65681/67
Date(g): 3/7/2019 | Date(h): 1/11/1440
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Bank accounts shall be opened for foreign economic and technical liaison offices and their branches licensed by the Ministry of Investment in Saudi Arabia upon meeting and providing the following conditions and documents:
1.
A request from the director of the office explaining the purpose of the account.
2.
A copy of the license issued for the office by the Ministry of Investment.
3.
Signatures of the persons authorized to manage the account and copies of their IDs.
4.
The account name shall be (the economic/ technical liaison office of. ) and shall be linked to the validity of the license and renewable by a letter for extension or renewal issued by the Ministry of Investment.
5.
The account shall be managed by Saudis who work at the office. If the account is managed by non-Saudis, they must be residing in Saudi Arabia under valid residence permits (Iqama).
6.
The account shall be used only for the purposes specified in the license. Such offices shall not open accounts for or on behalf of other entities, such as companies or charities.
7.
The persons authorized to manage the account shall only be replaced by the approval of the embassy of the office country and the approval of the Ministry of Investment.
8.
Approval of the manager of compliance department for opening the account shall be sought.
