Set Up a Bank Account in Saudi Arabia

Setting up a bank account in Saudi Arabia is essential, no matter the type of activities you are paid for. Our local specialists can assist with opening various types of accounts, as presented below.

Who can open a bank account in Saudi Arabia?

Both natural persons and companies, Saudi nationals and foreigners, as well as domestic and foreign businesses.

What are the types of bank accounts available for opening in Saudi Arabia?

• current or daily bank accounts, which are open by Saudi residents and nationals who receive their salaries from domestic enterprises;
• savings accounts, in which you can keep money and receive interest on it;
• investment bank accounts, which are used to buy stocks or bonds, or to deposit money to invest in Saudi Arabia;
• corporate bank accounts, available for businesses and which can be opened as part of the Saudi company formation procedure.

What are the documents required to open a personal bank account in Saudi Arabia?

• A written authorization from the company where you work, clearly stating your monthly wage;
• Your residence permit. Saudi immigration by employment implies that the employer obtains the work visa through the Ministry of Human Resources and Social Development (Qiwa). After the Ministry approves it, the iqama is issued by the General Directorate of Passports (Ministry of Interior). This procedure is not lengthy, however, for each step, the applicant must prepare accordingly.
• The lease documents;
• A copy of your passport;
• ID pictures;
• A duly filled and signed application form.

If your spouse or adult children intend to open a bank account in Saudi Arabia as well, they should present your written authorization. Our company registration advisors in Saudi Arabia can provide further details on this matter.

What are the documents required for a Saudi corporate bank account?

In Saudi Arabia, certain documentation must be submitted in order to open a corporate account. This is the specific paperwork, although bank requirements may slightly differ:

• proof of commercial registration: evidence that the business is registered with the Ministry of Commerce;
• the company’s structure, operations, and guiding principles, as outlined in the Articles of Association;
• the Tax Identification Number (TIN) issued by ZATCA (Zakat, Tax and Customs Authority);
• the business license: a valid license for the business operations and that has been granted by the appropriate authorities;
• the Iqama (Saudi residency permit) of the individual designated to oversee the account and who has signature rights;
• the director board members’ passport copies;
• a Board Resolution for designating the signatories and approving the bank account’s opening;
• utility bills or lease agreements in the company’s name as proof of office address;
• KYC documents: details that the bank requires regarding the business’s operations, expected number of transactions, and funding sources.

What are the steps to open a bank account in Saudi Arabia?

• verify the banks and services they offer;
• have all the required documents in order (our local specialists can guide you);
• submit the documents with the chosen bank;
• activate the account after opening.

Is it possible to open a bank account as a non-resident in Saudi Arabia?

Yes, however, only investment accounts are available for non-residents. This is why it is recommended to apply for a Saudi Iqama (residence permit) and benefit from all the advantages offered by the local banking system.

Are there foreign banks where I can open an account in Saudi Arabia?

Yes, there are about 20 branches of foreign banks that are licensed by the Saudi Central Bank (SAMA).

How long does it take to set up a bank account in Saudi Arabia?

• A few days, about 3 to 5 in the case of personal accounts;
• Approximately one month for corporate bank accounts.

If you would like to know more about opening a bank account in Saudi Arabia, or for help in setting up a company in Saudi Arabia, please contact our friendly staff.