Gatestone Group

Opening a corporate bank account in the Kingdom of Saudi Arabia (KSA) is an essential step for any company seeking to establish a business in the country. Given the strict criteria and regulations imposed by the Saudi financial institutions, the process may appear overwhelming. However, with a clear understanding of the necessary documents and the procedure, the operation can be handled smoothly.

This blog aims to provide an in-depth review of the necessary processes for opening a corporate bank account, ensuring that your company can easily manage its financial operations in accordance with local laws and regulations.

How to Choose The Best Fit

Finding the right bank and account can significantly impact your business’s financial health and success. Thus, it is vital to consider the factors that will make the process of choosing the right bank for your business easier. Some of the factors to consider include:

1. Services and offers

Corporate bank account introductory offers are often the first step in starting a business, but it is not always the best option as it could be more costly. Researching the full range of options available is crucial, as some providers offer free day-to-day banking, charge-free periods, discounted charges, or introductory deals which could be beneficial for the operational requirements for your business.

2. Monthly charges

Monthly business bank account fees are another important consideration. Banks can charge monthly account fees, transaction fees, overdraft fees, and charges for additional services, such as processing cheques and overseas transactions. It is important to be clear about these fees when comparing corporate banking options.

3.  Interest rates

Corporate savings account interest rates are also important to consider. Current business bank accounts offer 0% AER (Annual Equivalent Rate), meaning no interest is earned on any money in the account. However, banks offer corporate savings accounts with higher interest rates, such as those that require notice before withdrawal or fixed-duration deposits.

4. Key benefits offered

It is essential to understand the benefits each bank has to offer based on your business needs. Some of the additional benefits to look for could be online banking platforms, mobile apps, and other digital services offered by banks to manage cash flow and save time.

5. Customer service

Customer service and support from your corporate bank account provider can be a key factor. Some businesses need minimal support, while others require regular in-branch visits for deposits, payments, or advice.

Required Documents For Opening a Corporate Bank Account in Saudi Arabia

The following documents are required to initiate the opening of your corporate bank account:

  • A copy of the Ministry of Investment’s (MISA) investment license
  • The parent company’s Articles of Association (AoA)
  • Local company’s Articles of Association (AoA)
  • The Saudi Arabian company’s national address
  • The general manager’s authorisation to open and oversee the bank account
  • Copy of the General Manager Iqama
  • Board resolution for the company, signed by each director
  • Copy of the Ministry of Commerce and Investment’s (MoCI) business license for the company
  • Copy of the shareholders’ and authorised signatory’s passports or identification

Process To Open a Corporate Bank Account in Saudi Arabia

To open a corporate bank account in Saudi, business owners should keep in mind the important steps to be taken and the regulations to be followed. The Saudi Arabian Monetary Agency (SAMA), established in 1952 to be the country’s primary monetary and banking system, supervises the commercial banks, developmental banks and all financial institutions within the country.

For a thorough compliance with the SAMA regulations, businesses should be prepared to provide the necessary paperwork and understanding of the banking landscape. This preparation includes gathering all the required certifications and licences, as well as choosing a bank that fits the demands of their company. Gatestone Group will assist you in the below procedures to ensure your business has an operational corporate bank account in Saudi Arabia:

1.  Choose the bank that aligns with your needs

Gatestone Group will assist you in selecting a bank that aligns well with your business goals. It is crucial to identify the requirements, fees and services of a bank before choosing one.

2.  Send the documents and submit the application

After shortlisting a bank, Gatestone Group will assist you in gathering the documents as per the bank requirements and submit the application for opening a corporate bank account for your business. These will be examined by the bank’s compliance division where due diligence will be conducted. The company’s directors will also be subject to a background investigation by the bank.

3.  Signing and finalising

Then, the authorised signatory will be required to sign the relevant agreements as soon as the bank has verified the documents. These agreements contain the account’s terms and conditions and the bank policies.

Saudi Arabia Banks We Work With


Navigating through Saudi Arabia’s banking system is a step towards an effective regional business incorporation. With a good preparation and regard to the local laws, your business can benefit from an efficient and effective banking connection, which will allow you to have seamless financial transactions and help your business develop.

Don’t navigate the complexities of Saudi Arabian corporate banking alone. Gatestone Group’s experienced team will guide you with confidence. Contact Gatestone Group today to discuss your corporate banking needs and schedule a consultation with our dedicated specialists either via email at [email protected] or call at +971 52 410 0849 or +971 4 450 1023. We are here to assist you in any way we can!


Yes, a non-Saudi citizen can open a corporate bank account in Saudi Arabia, though the procedure might be more daunting as compared to Saudi citizens. In most cases, non-residents may be required to provide additional documentation and face more rigorous prerequisites.


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