With reference to Rule No. (100) containing general instructions regarding the opening of bank accounts. as stipulated in the bank account rules, communicated pursuant to" Sure, here is the translation of the text to English: "Central Bank Circular No. (65681/67) dated 01/11/1440 AH" (Note: The date follows the Islamic Hijri calendar format.)Based on the Central Bank's commitment to facilitating banking transactions for various clients and contributing to supporting the commencement of business activities for foreign investors.

I inform you that it has been decided to introduce a new clause within the aforementioned rule, which allows for the "remote" opening of bank accounts for foreign companies under the foreign investment system, based on specific regulations according to the attached format.

Rules for opening bank accounts "remotely" for foreign companies under the foreign investment system Paragraph number (6) of chapter(three) of the bank account rules.

6. Regulations for opening bank accounts "remotely" for foreign companies according to the Foreign Investment Law:

1. Identification and verification of the company's identity using documents, data, or information from a reliable and independent source, as follows: commercial register and license issued by the Ministry of Investment, the company’s name and legal form, the authorities that regulate and govern its operations, its capital, owners and their respective ownership percentages, and members of the Board of Directors/Directors.
2. Limiting the provision of the service to the General Manager of the company whose name and authority are specified in the company's Articles of Incorporation, including the opening and management of bank accounts, and identifying and verifying their identity using documents, data, or information from a reliable and independent source.
3. Exceptionally, from the requirements of Chapter (Four) concerning the operation of bank accounts, the account is permitted to be operated by the authorized general manager based on the passport, provided that the residency is obtained within (90) days of opening the account.
4. It is necessary to assess the risks associated with these accounts and establish policies and procedures to mitigate these risks, review them periodically, and develop and implement preventive measures to mitigate risks in line with the assessment results.