Referring to the Royal Order No. (42563) dated 15/10/1435H regarding the continuation of government agencies to coordinate with the General Investment Authority and agree on suitable mechanisms to enhance the competitiveness of the investment environment in the Kingdom, aiming to rank among the best countries globally according to international competitiveness standards and indicators. This includes proposed recommendations to accelerate the process of opening bank accounts for licensed legal persons.

SAMA emphasizes the necessity for all banks operating in the Kingdom to take the necessary measures to expedite the opening of bank accounts for legal entities, without compromising the requirements of the rules for opening bank accounts and other related regulations and instructions. Banks must complete the process of opening a bank account for the legal persons and provide them with the account number and details within one business day of fulfilling the account opening requirements. Furthermore, appropriate procedures and controls must be established to ensure compliance, including providing the account applicant with the necessary requirements for opening the account and notifying them of any deficiencies or additional requirements immediately upon application, with documentation of this in writing.

To inform and notify all relevant departments and branches to act accordingly.