Corporate Banking in Saudi Arabia

Saudi Arabia is home to more than 30 local and international banks. Expatriates can choose from a wide variety of options when opening a bank account in Saudi Arabia. The process of opening a corporate bank account in Saudi Arabia can be complex and time-consuming, so it is important to plan ahead and allow plenty of time to complete the process. Additionally, each bank may have different requirements, so it is a good idea to check with the bank you are interested in to obtain a list of their specific requirements.

The Importance of Corporate Banking in Saudi Arabia

The market is highly competitive, with banks offering an extensive range of services to attract business clients.

Loans and financing, cash management, trade finance, foreign exchange, and investment banking are all integral corporate banking services offered in Saudi Arabia.

A significant portion of the corporate banking market in Saudi Arabia is dedicated to Islamic finance.

Saudi Arabia's corporate banking sector is currently undergoing a digital transformation, with banks heavily investing in technology to enhance productivity and improve customer satisfaction.

How to Open a Corporate Account in Saudi Arabia?

The process of opening a corporate bank account in Saudi Arabia can be intricate and may take some time. Therefore, it's crucial to plan ahead and allow ample time for completion. Additionally, requirements can differ from one bank to another, so it's a good idea to check with your bank of interest to get a specific list of their prerequisites.

Challenges of Opening a Bank Account in Saudi Arabia

Opening a bank account in Saudi Arabia can be a daunting task as it requires strict adherence to documentation requirements, residency regulations, and compliance with anti-money laundering (AML) laws. Consequently, it's possible for some challenges to arise during the account opening process.

Here are some of the common challenges:

Documentation requirements.

Residency requirements.

Anti-money laundering regulations.

Limited options for non-residents.

What are the Benefits of a Saudi Bank Account?

Having a bank account in Saudi Arabia offers several advantages, whether you are a resident or not.

Having a local bank account in Saudi Arabia makes transacting in the local currency much more straightforward.
Access to a full suite of banking services.
The Saudi Arabian Monetary Authority (SAMA) oversees banking in the Kingdom, ensuring robust security regulations are in place to protect customer information and accounts.
Investment opportunities.
Many banks in Saudi Arabia offer Sharia-compliant Islamic finance solutions, which can be appealing to clients who prefer ethical and moral banking practices.

Documents Required to Open a Saudi Arabian Corporate Bank Account

Saudi Arabia is home to over 30 local and international banks. Expatriates have a wide array of options to choose from when opening a bank account in the Kingdom.

A newly established Saudi company will need to provide the following:

Copy of the General Manager's Iqama.
Copy of the MISA license and the Company's Commercial Registration Certificate.
National address and company stamp.
Passport copies of shareholders or legal documents if the shareholder is a corporate entity.
Company's Memorandum of Association (MOA) and Articles of Association (AOA).
A Board Resolution authorizing a company official to open the bank account.
ID copies for shareholders and authorized signatories.
ZATCA Certificate.

The Banks We Work With

Opening a corporate bank account is a critical step in establishing a business in Saudi Arabia. A variety of banking options are available, and World Company Setup partners with the most reputable onshore and offshore banks to find and secure the best fit for you.

World Company Setup Consultants will analyze the company and stakeholder profile, assist with the bank's compliance criteria, guide stakeholders/investors in preparing the necessary banking requirements, and facilitate a smooth account opening process.