Requirements for Establishment of Institutions and Companies and Cancellation of the Requirement for Official Stamp
| No: 391000031596 | Date(g): 6/12/2017 | Date(h): 18/3/1439 |
Translated Document
Further to SAMA Circular No. 381000053455 dated 17/5/1438 H regarding procedures of the Ministry of Commerce and Investment for the establishment of institutions and companies, as well as the conditions and requirements for obtaining the commercial register and the company bylaw, and Circular No. 381000053456 dated 17/5/1438 H regarding cancelling the requirement for stamping of institutions and companies on documents used for banking transactions
SAMA has noticed that some banks are not adhering to the instructions stated in the aforementioned circulars. Therefore, SAMA emphasizes that all operating banks must comply with these instructions, adhering to the following:
| First: | It is required to have a commercial register to open a bank account for the establishment, ensuring that the account is activated (complete) and that no account under establishment is opened, specifically for the following companies and institutions: | ||
| - | Limited liability companies (local, Gulf, foreign, mixed) established within the Kingdom. | ||
| - | Joint Venture companies and professional companies. | ||
| - | Limited Partnership companies. | ||
| - | Sole proprietorships. | ||
| Second: | Do not request the official stamp from institutions and companies on documents submitted when opening accounts or during banking transactions. | ||
| Third: | Inform clients about the unnecessary need for an official stamp on the documents submitted to open accounts or during banking transactions. | ||
For your information, SAMA will implement the necessary regulatory procedures in the event of non-compliance.