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 |
Effective from 2017-12-06 - Dec 05 2017
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Following up on SAMA Circular No. 381000053455 dated 17/5/1438 H regarding the Ministry of Commerce and Investment procedures for establishing all types of enterprises and companies, as well as the conditions and requirements for obtaining a commercial register and a founding contract, and Circular No. 381000053456 dated 17/5/1438 H regarding the cancellation of the requirement for an official stamp on documents submitted during banking transactions.
SAMA has noticed that some banks are not adhering to the instructions outlined 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 enterprise, 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. | ||
| - | Partnership companies and professional companies. | ||
| - | Simple recommendation companies. | ||
| - | Individual establishments. | ||
| 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.