In reference to Rule No. (100) containing General Instructions for Opening Bank Accounts. as stipulated in the Account Opening Rules, issued by SAMA Circular No. (65681/67) dated 01/11/1440 H and based on SAMA's commitment to facilitating banking transactions for various customers and contributing to supporting the commencement of business activities for foreign investors.

We inform you that it has been decided to introduce a new clause within the aforementioned rule, which allows for for Remote Opening of Bank Accounts for Foreign Companies According to Foreign Investment Law, based on specific regulations according to the attached wording.

Rules for Remote Opening of Bank Accounts for Foreign Companies According to Foreign Investment Law Paragraph number (6) of chapter (three) of the Account Opening Rules.

6. Rules for Remote Opening of Bank Accounts for Foreign Companies According to Foreign Investment Law:

1. Verifying the identity of the company by using documents, data or information acquired from a reliable and independent source as follows: The commercial register and the license obtained from the Ministry of Investment (MISA), the name and legal form of the company, the powers that regulate and govern its work, the capital, the owners and the ownership percentage of each one, and the members of the board of directors/executives. 

2. The service shall only be provided to the general director of the company whose name and powers are stated in the company’s memorandum of association, including the opening and managing of bank accounts. Additionally, the identity of the general director shall be verified by using documents, data or information acquired from a reliable and independent source.

 3. As an exception to Chapter 4 requirements concerning the operation of bank accounts, the authorized general director may operate the account with the passport, provided that the Iqama is presented after (90) days from the account opening date. 

4. Risks associated with such accounts shall be assessed, policies and procedures for mitigating the associated risks shall be established and reviewed periodically, and preventive risk mitigation measures commensurate with the assessment results shall be developed and implemented.