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Residents Investment Companies Under Foreign Investment Law (Mixed Ownership by National Investor and Foreign Investor)
No: 42019124
Date(g): 9/11/2020 | Date(h): 24/3/1442
Status: In-Force
109.
DTFCs must comply with the following requirements before opening General Account in the name of a Resident Investment Company under Foreign Investment Law (Mixed Ownership by National and Foreign Investors):
i.
Obtain a copy of the license issued by the General Authority for Investment.
ii.
Obtain a copy of the commercial register and match the name of the activity, investors) name(s) and ID number(s) stated in the commercial register with the license.
iii.
Obtain copy of the professional license and / or commercial registration of the Saudi companies and institutions for the national investor.
iv.
Identify and verify the personal identities of all the Investors, except thein the case of listed joint stock companies.
v.
Obtain copy of the national identity document of the national investor if he/she is a natural person.
vi.
Obtain a copy of the professional license and/or commercial register of the foreign companies and institutions of the foreign investor in the country of origin or its equivalent approved by the Saudi Embassy.
vii.
Obtain copy of the residency document if the foreign Investor is a natural person and ensure his/her residency document indicate that he/she is a foreign investor by profession, and a copy of his/her passport.
viii.
Copy of the Memorandum of Association and its annexes for the invested foreign partner, approved by the Saudi Embassy.
ix.
Record the addresses of foreign invested enterprises in their countries (if any).
x.
In case of the presence of agents or commissioners in the management of the investing establishment and its bank accounts, a copy of the agency containing the name and identity of the agent or the commissioner and the name of the partner or other partners certified by a notary if issued in the Kingdom or the Saudi Embassy if issued outside the Kingdom. If the authorization to manage the account is prepared on the forms of the bank, it must be prepared by an authorized person and his presence in the bank or stipulated in the agency or the authorization above.
xi.
A copy of the identity of the agent or the commissioner (national identity document for Saudis or Gulf nationals and / or residence document for foreigners) and a clear address for him locally and in his country if he is a foreigner.
