There are over 10 banks in Saudi Arabia, and accounts can often be opened online for single-owner or single-shareholder companies. However, some banks may require an in-person visit for signature verification.
Most banks require the following documents:
1. Commercial Registration (CR) in both Arabic & English. This is essential for proving the legal standing of your business.
2. MISA Digital License, which confirms your company’s authorization for foreign investment in Saudi Arabia.
3. Articles of Association (AOA) outlining your company’s structure and governing principles.
4. Activity List in both Arabic & English, detailing the primary business activities your company is engaged in.
5. Company National Address, a unique address assigned to your company for official correspondence.
6. Owner’s/Shareholder’s Iqama ID, confirming legal residency and identification of the business owner or shareholder.
7. Owner’s/Shareholder’s Passport ID for identification and verification purposes.
8. Owner’s/Shareholder’s National Address for any communication related to the company.
9. Company Stamp with CR Number (required by some banks for verification).
Please note that specific requirements might vary depending on the bank.
CR, AOA, and Activity Lists can be downloaded from the Saudi Business Center for your convenience. Portal
The MISA Digital license can be downloaded from the MISA Portal
How long does it take to open a bank account?
The time it takes to open a bank account in Saudi Arabia can range from 3 working days to 2 weeks, depending on the bank and your company’s documentation.
A key factor in the process is the completion of the required Know Your Customer (KYC) process for the founders, as required by the bank.
Here’s a useful tip: consider opening a personal bank account at the same bank where you plan to open your corporate account. This often helps speed up the KYC process.
Nearly all banks in Saudi Arabia allow personal bank accounts to be opened online. Additionally, some banks like Alinma, SAB, and Riyadh Bank allow you to open a company bank account online as well.
Here is a list of various bank accounts available in Saudi Arabia:
Alinma Bank
https://www.alinma.comSaudi National Bank(SNB) / AlAhli Bank
https://www.alahli.comSaudi Alawwal Bank (SAB)
https://www.sabb.comBank Albilad
https://www.bankalbilad.comAl Rajhi Bank
https://www.alrajhibank.com.saRiyad Bank
https://www.riyadbank.comBanque Saudi Fransi
https://www.alfransi.com.saArab National Bank (ANB)
https://anb.com.saBank AlJazira
https://www.bankaljazira.com/en-us