Non Resident Companies and Non-Bank Commercial Establishments with Contracts or Projects in the Kingdom
Effective from 2020-11-09 - Nov 08 2020
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| 115. | In case of a commercial establishment or a non-resident company has a contract or project in the Kingdom, DTFCs may open a General Account for the duration of the project or contract in accordance with the following conditions: | |
| i. | Obtain an approval from the Ministry of Commerce and / or a temporary license from the General Authority for Investment, the approval of the company's head office and the approval of the Saudi Embassy in the country of origin. | |
| ii. | Obtain a copy of the company's memorandum of association certified by the Saudi Embassy in the country of the company. | |
| iii. | Obtain a recommendation from a bank classified by an accredited rating agency dealing with it in the country of origin. | |
| iv. | Obtain a copy of the contracts demonstrating that the Company is engaged in the contract in a contract in the Kingdom | |
| v. | Obtain a copy of the authorization issued by the head office of the company endorsed by the Saudi Embassy, which specifies the persons authorized to sign in the Kingdom on behalf of the company in respect of all financial transactions, including opening and operating accounts and copies of the identification documents of the authorized persons. | |
| vi. | CEO / General Manager and the Head of Compliance Department of the DTFC must approve the opening of the account relating to the Company. | |
| vii. | DTFCs should close all these accounts at the expiry of the contract period unless the contract period is extended. In case of extension, DTFCs must obtain a copy of the Contract extension. | |
| viii. | DTFCs must classify these accounts high-risk. | |