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Opening of Corporate Bank Account
Opening a corporate bank account in Saudi Arabia is an important step for any business wishing to enter the KSA market. It offers a stable financial system that is favorable for foreign investors and a developed banking infrastructure. However, opening an account can be challenging because of stringent requirements related to company verification and adherence to local regulations. Gatestone Group takes on all complexities—from document translation to coordinating conditions with the bank—so that you can focus on developing your business in Saudi Arabia. Contact our business setup consultants to get started with the process.
Step-by-Step Process
1. Choose A Suitable Bank
Selecting the appropriate bank is a crucial choice for your business activities in Saudi Arabia. Gatestone Group is here to help you identify the best banking option for your enterprise
- Assess and compare the choices that align with your business needs.
- Review the costs and fees linked to the banking services.
- Identify your online banking and access requirements.
- Outline your needs for different types of bank accounts.
2. Prepare the Required Documentation for Submission
Collect the necessary documents and make sure they are submitted accurately.
3. Complete Bank Due Diligence & Compliance
Your application will be subject to thorough due diligence and a verification process to confirm the business's reliability and that of its owners.
4. Account Approval and Signing of the Agreement
After the bank finalises the due diligence, your request for a bank account will be approved. The following step is to sign the required agreements to define the terms and conditions of your business account. It is crucial that the owner fully understands and comprehends these terms.
5. Fund the Initial Deposit
Deposit the required initial amount into your corporate bank account as specified by the bank.
6. Account Activation
Your account activates as soon as the initial deposit is completed, allowing you to access banking services effortlessly.
What Documents Should I Submit?
✔ Copy of the certificate of registration and company trade license.
✔ Share certificates.
✔ Memorandum and Articles of Association (MOA and AOA).
✔ Board resolution authorising the company officer to open a bank account.
✔ Copy of the passport and residence visa of the shareholders and authorised signatory.
✔ A copy of General Manager Iqama.
✔ National address.
✔ Company seal.
✔ ZATCA certificate.
How Gatestone Group Can Help
Complete Assistance with Account Setup
Our staff oversees every step of the procedure, from the first consultation and analysis of business tasks to verifying your bank account establishment. Based on your company plan, this entails selecting the best bank, completing applications, communicating with the bank, and creating, translating, and legalising any required paperwork.
Saudi Arabia imposes strict compliance standards with local regulations, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) guidelines. Our experts:
- Ensure all documentation meets banking regulations.
- Advise on corporate structure requirements.
- Assist in preventing rejections caused by errors in information submission or phrasing.
We have built connections with major banks in Saudi Arabia. This enables us to:
- Shorten waiting times at each stage
- Obtain prompt feedback and clarifications from the banks
- Provide clients with the most favorable and convenient cooperation terms
We recognise the importance of time in business. With our experience collaborating with various banks and our efficient internal procedures, we help:
- Minimise bureaucracy
- Provide a full package of documents from the first time
- Pass all checks as quickly as possible