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300.2.2 Non-Resident, Non-Banking (Non-GCC) Companies and Businesses with No Contracts or Projects in Saudi Arabia
No: GDBC-656810000067-1440H
Effective from Jan 01 2024 - Dec 31 2023 To view other versions open the versions tab on the right
Banks are not permitted to open any account for such companies and businesses, except for the intermediary accounts allowed under Rules (400.1) and (400.2). An exception is companies and institutions which have SAMA’s approval to obtain facilities, finance or loans from banks operating in Saudi Arabia according to the following conditions and controls:
1.
Providing copies of the following documents:
a.
License/commercial register issued by the government authority in the country of residence.
b.
Memorandum of association and its annexes, clearly showing the structure of capital and company management.
c.
Authorization issued by the company’s board for persons to handle credit processes and manage bank accounts, unless this is specified in the memorandum of association.
2.
Providing a list of names and copies of the identities of board members and authorized managers showing their nationalities.
3.
Determining the (natural) real beneficiary of ownership.
4.
Verifying the ownership of any politically exposed person, if any, and verifying its source of funds.
5.
Opening an intermediary account with the bank for the purpose intended, named (.........Company Loan Account).
6.
The intermediary account shall be managed by officers from the executive level in the bank.
7.
The account shall not provide any kind of services (checks, ATM cards, etc.)
8.
Requests of a customer who obtains a finance loan (borrower) to withdraw from the account shall be made through any of the following:
-
A SWIFT message from the customer through the correspondent bank which the customer deals with in its home country.
-
Written instructions signed by two authorized persons in the company obtaining the finance, whose names are included in the finance request.
9.
Repayment is made through remittances from the borrower’s country or from banks in the Kingdom by a resident customer specified in the loan agreement. Cash deposits, checks and transfers from domestic accounts with the same bank are not permitted.
