Opening a business bank account in Saudi Arabia for a foreign-owned company
Once the commercial registration is issued, the bank account is often the slowest part of setting up. The Saudi Central Bank sets the minimum documents for a foreign-owned company; each bank then decides on the basis of its own risk assessment. This page sets out the rule, what banks ask for in practice and how to put together a file that does not come back.
- Manager's ID (SAMA rule)
- Passport accepted, iqama within 90 days1
- Remote opening
- Available to the general manager only2
- Suspended commercial registration
- Accounts frozen immediately4
In brief
- In Saudi Arabia, a foreign-owned company opens its corporate bank account after the commercial registration (CR): the bank asks for the Ministry of Investment (MISA) certificate, the CR, the articles of association and the IDs of the manager and signatories.
- Under the Saudi Central Bank (SAMA) account opening rules, the manager's passport is enough to open the account, provided the manager's iqama (residence permit) is presented within 90 days of opening.
- SAMA allows foreign companies to open accounts remotely, but only through the general manager named in the articles with the power to open and run bank accounts; not every bank offers this.
- There is no official timeline: service providers generally quote 2 to 8 weeks after the CR, depending on the bank and how complex the ownership is.
- No rule obliges a bank to open an account. It decides after its KYC (know your customer) review, and a refusal does not stop you applying to another bank.
Why the bank account holds up the start of operations
The company account receives the share capital and pays salaries, GOSI (social insurance), ZATCA (Zakat, Tax and Customs Authority) and local suppliers. Without it, the company exists on paper but cannot invoice properly or hire.
It comes late in the process: after MISA registration, incorporation and the commercial registration, alongside the other registrations. Our page on the company formation steps shows where it fits and what depends on it.
It is also the step you control least. MISA and the Ministry of Commerce apply published criteria; the bank adds its own risk assessment, and that varies from one bank to the next.
What the SAMA rules say
Documents required for a corporate bank account in Saudi Arabia
Documents listed in SAMA rule 300.1.4.2 for a company owned by one or more foreign investors, followed by what banks often add. The full list for the whole set-up is in our document checklist.
The Saudi company
- Investment registration certificate issued by MISA (formerly the “MISA licence”)
- Commercial registration (CR) of the Saudi company
- Articles of association and annexes, latest version
Manager and signatories
- Manager's ID: passport accepted, iqama to be presented within 90 days of opening
- IDs of the people authorised to operate the account
- Evidence of their authority: articles, shareholder or board resolution
- If an agent acts for the signatory: power of attorney issued by a notary in Saudi Arabia, or apostilled or legalised by the Saudi embassy if signed abroad
Shareholders and beneficial owners
- IDs of the partners named in the articles, verified against reliable, independent sources
- For a branch: the parent company's register extract and articles, apostilled or legalised, and a head-office mandate naming the signatories
- Ownership chart down to the individuals who control the company
Often requested on top by the bank
- Description of the business, expected customers and suppliers, countries money will flow to and from
- Source of the funds that will make up the capital
- National address and office lease (Ejar)
- FATCA and CRS tax self-certification forms
- Arabic translation of foreign documents by a certified office, where the bank requires it
Does the manager need to be in Saudi Arabia? Rule versus practice
This is the question founders ask most. The answer depends on the bank as much as on the rule.
Table 1
| Situation | What SAMA allows | What banks often do |
|---|---|---|
| Manager without an iqama | Opening on a passport, iqama within 90 days | Some banks wait for the iqama before processing the file |
| Manager outside the Kingdom | Remote opening by the general manager named in the articles | Optional service: many banks ask for a branch appointment |
| Signing through an agent | Possible with a notarised, apostilled or legalised power of attorney | Varies; the bank may insist on the manager for identity checks |
| Iqama not provided after 90 days | Condition not met | Restrictions or a freeze, depending on the bank's policy |
How to open a business bank account in Saudi Arabia
- 1
Check the manager's powers in the articles
The articles must name the general manager and expressly give them the power to open and run bank accounts. Remote opening depends on it, and it is the first thing the bank reads.
- Qui
- You, with Tasis
- Durée
- Before incorporation
- 2
Build the KYC file
CR, MISA certificate, articles, signatories' IDs, ownership chart, source of funds, business description. Foreign documents are apostilled and translated where needed.
- Qui
- You, with Tasis
- Durée
- 1 to 3 weeks
- 3
Choose the bank and book an appointment
We confirm with the bank its document list and its position on remote opening and on opening with a passport only, then book the appointment.
- Qui
- Tasis
- Durée
- A few days
- 4
Meeting and signature
Identity check, questions about the business and expected flows, signature of the account terms and the FATCA and CRS forms.
- Qui
- You, the bank
- Durée
- 1 day
- 5
Compliance review
The bank may ask for more, especially on beneficial owners and source of funds. Quick, consistent answers shorten this stage.
- Qui
- Authority: the bank
- Durée
- 1 to 4 weeks (estimate)
- 6
Activation, capital and iqama
IBAN and online banking access are issued, the capital is transferred, and the manager's iqama is presented if the account was opened on a passport.
- Qui
- You, the bank
- Durée
- Iqama within 90 days
How much capital goes into the company account?
There is no general legal minimum capital for a services LLC. MISA and the banks still expect an amount that fits the business and the business plan: in practice, SAR 100,000 to 500,000. Some categories have MISA thresholds, such as 100% foreign-owned trading (SAR 30 million). See our page on company formation costs.
Capital is not a cost. It is paid into the company's account and stays available for the business. Where you can, send it from an account in the name of the shareholder providing the funds, with a clear paper trail: the bank matches the transfer against the articles and the declared source of funds.
For a joint-stock company under formation, SAMA provides for a dedicated “founders” account to hold the capital, blocked until registration (rule 300.1.3.1). For an LLC, when the capital must be paid in and whether a bank deposit certificate is requested afterwards depend on the articles and on practice; some practitioners mention 90 days after the CR. Confirm this at the time of filing.
How long does it take to open a corporate bank account?
No regulation sets a deadline for banks. The durations below are estimates drawn from service providers' practice, for a complete file.
Table 2
| Stage | Indicative time | What changes it |
|---|---|---|
| Preparing and legalising documents | 1 to 3 weeks | Apostille and translation lead times in your country |
| Appointment and filing | A few days to 2 weeks | Bank availability, manager's presence |
| Compliance review | 1 to 4 weeks | Layers of ownership, shareholders' countries, how clear the business is |
| Activation and online access | A few days | Delivery of authentication tools |
| Total after the CR | 2 to 8 weeks | Unofficial estimate; no bank commits to a timeline |
What delays or blocks the account
After opening: avoiding a frozen account
Since August 2025, SAMA rules require banks to freeze immediately the accounts of a company whose commercial registration is suspended, and to freeze them 90 days after an operating authorisation expires unless proof of renewal is provided. Keep your CR up to date, including the annual confirmation required since April 2025.
IDs valid for less than five years, such as the iqama, must be updated when they expire; the company's own records are reviewed at least every five years. Tell the bank about any change of shareholders, manager or signatories.
The account then serves the other registrations: VAT with ZATCA and social insurance contributions are paid from it.
Frequently asked questions
Can I open a business bank account in Saudi Arabia without an iqama?
Yes, under SAMA rules: for a foreign-owned company, the manager's passport is enough to open the account, provided the iqama is presented within 90 days. Some banks still prefer to wait for the iqama before processing the file.
Do I need to travel to Saudi Arabia to open the company account?
SAMA allows remote opening by the general manager named in the articles with banking powers. In practice, many banks ask for at least one branch appointment, and the manager has to come to the Kingdom for the iqama anyway.
What documents are needed for a corporate bank account in Saudi Arabia?
The MISA registration certificate, the commercial registration, the articles of association, the IDs of the manager and signatories with evidence of their authority, and the shareholders' IDs. Banks often add a business description, source of funds and FATCA and CRS forms.
How long does it take to open a business bank account in Saudi Arabia?
There is no official timeline. Service providers generally quote 2 to 8 weeks after the commercial registration, and the compliance review is the most variable stage.
Can a foreign company open a Saudi bank account without setting up locally?
As a rule, no. SAMA rules prevent banks from opening accounts for non-resident foreign companies that have no contract or project in the Kingdom, apart from specific cases. You first need MISA registration and a commercial registration.
How much capital do I need to deposit?
There is no general legal minimum for a services LLC, but SAR 100,000 to 500,000 is expected in practice, and some activities have MISA thresholds. The capital remains the company's money and funds its operations.
What if the bank refuses to open the account?
A bank is not obliged to accept a client: SAMA rules set minimum documents, not a duty to open. Work out the likely weak point (ownership, business, source of funds), complete the file and apply to another bank.
Can Tasis guarantee that the account will be opened?
No. The decision is the bank's. We prepare a complete, consistent file, book the appointments and follow up on requests for more information, without promising an outcome or a timeline.
Notes and sources
- 1.SAMA: rule 300.1.4.2, entities owned by a foreign investor
- 2.SAMA: rules for remote opening of bank accounts for foreign companies
- 3.SAMA: rules for opening bank accounts for juristic persons (section 300)
- 4.SAMA: account opening rules aligned with the new Commercial Register Law (08-2025)
- 5.MISA: Investor Guide, 13th edition (02-2026)
- 6.HCCH: Saudi Arabia accedes to the Apostille Convention
Information verified in September 2026. Amounts and timelines are observed ranges provided for information only. Government fees are set by Saudi authorities and may change: we confirm them in writing before you commit to anything.
See also
Does your manager have the powers the bank will check?
Before the bank appointment, we review the articles, the ownership chain and the form of your foreign documents, then prepare the KYC file. A free 30-minute call, then a written proposal.
- Free 30-minute first call
- Reply within one business day
- No commitment