Setting Up a Corporate Bank Account for Foreign Owned Companies

Steps by step process to Open a Saudi Arabia Bank Account for Expat-Owned Companies

When setting up a business in Saudi Arabia, you will need to open a corporate bank account to conduct financial transactions such as payment of employee salaries in accordance with Wage Protection System (Mudad), payments to suppliers, and government entities, through a registered local bank account which is required as part of Saudi audit and tax compliance requirements.

Identifying a suitable local bank can be tricky to navigate with a lot of time spent researching banks in KSA that offer corporate banking services to expatriate-owned businesses.

Your company's specific needs such as online banking, multicurrency accounts, or trade finance may influence the choice of bank. Partnering with a corporate service provider can streamline the account opening process by eliminating much of the research and information-gathering effort, ensuring you connect with banks that align with your requirements.

Application Process to Open a Corporate Bank Account

Complete the bank’s corporate account application form and provide required documents, including:

Copy of General Manager Iqama.
Copy of MISA license and Company Commercial Registration Certificate.
National address and company seal.
Passport copies of the shareholders or statute documents in case the shareholder is a legal entity.
Company Memorandum & Articles of Association (MOA/AOA).
Board Resolution empowering a company officer to open the bank account.
ID copies for shareholders & authorised signatories.
ZATCA Certificate.

Ensure you meet the residency requirements as the authorised signatories must hold valid Iqamas and comply with Saudi compliance, AML and KYC regulations by providing proof of business operations and expected transaction volumes.

In order to verify and activate the bank account in KSA, you may be required to attend in person interviews if required, meet the bank’s minimum deposit requirement, and maintain the necessary account balance to activate the account.

Key Challenges in Opening a Bank Account in Saudi Arabia

There are stringent and extensive documentation requirements and compliance with Saudi AML and KYC regulations which can make the process time intensive. The bank account opening requires that the authorised signatories must hold a valid Iqama. The Iqama for the General Manager or authorised signatory can delay the process of set up and account opening.

Other challenges:

higher minimum deposit requirements

arabic documentation translations

additional localisation and coordination

Banks in KSA

Here are the top local and international banks in Saudi Arabia

Local Banks

Saudi National Bank (SNB)

Al Rajhi Bank

Riyad Bank

Banque Saudi Fransi (BSF)

Saudi British Bank (SABB)

Arab National Bank (ANB)

Alinma Bank

Saudi Investment Bank (SAIB)

International Banks

HSBC Saudi Arabia

Emirates NBD

Standard Chartered Bank

J.P. Morgan Saudi Arabia

Deutsche Bank

Qatar National Bank (QNB)

For assistance with navigating which local bank is best suited to your company requirements and support through the application and bank opening process, please contact Sovereign PPG KSA through the contact form below or email KSA@SovereignGroup.com and we would be delighted to assist.