Once the Commercial Registration is issued, opening a corporate bank account is an essential step for depositing capital, paying salaries through the Wage Protection System and paying government fees. Saudi banks are supervised by the Saudi Central Bank (SAMA) and apply strict “Know Your Customer” (KYC) checks, so preparing the file correctly saves a lot of time.
When can the account be opened?
- After the Commercial Registration and articles of association are issued.
- After the establishment’s national address is registered.
- After the General Manager or authorised signatory holds a valid iqama and an active National Single Sign-On (Nafath/Absher) account, as most banks rely on them for digital identity verification.
Documents usually required
- Commercial Registration and articles of association or bylaws.
- Ministry of Investment registration certificate (for foreign companies).
- The establishment’s national address.
- Iqama of the General Manager and authorised signatories (or national ID for Saudi and GCC nationals) and their passports.
- A Saudi mobile SIM registered in the name of each authorised signatory.
- A partners’ or board resolution to open the account, naming the bank and setting out the authorised signatories and their powers.
- Ultimate beneficial owner details, and legalised parent company documents when requested.
Requirements differ between banks, and the bank may ask for additional documents depending on the activity and the ownership structure.
Steps to open the account
- Choose the bank: Compare banks based on the services you need (online banking, wage protection, international transfers) and how quickly they can clear your KYC profile.
- Prepare the file: Collect the documents, match them with the chosen bank’s requirements and draft the account-opening resolution carefully, as it is one of the most common causes of delay.
- Submit the application: Through the branch or the bank’s digital channels, depending on what it offers.
- Verification and compliance (KYC): Answer the bank’s questions about the activity, source of funds and beneficial owners.
- Activate the account: Receive the account details, activate online banking, deposit the capital and link the account to the Mudad platform for wage protection.
How we help
- Recommend the most suitable bank for your activity and ownership structure.
- Prepare a complete file and draft the account-opening resolution to reduce requests for missing documents.
- Coordinate with the bank and follow up until the account is activated.