Opening a bank account in Saudi Arabia
Our team will help you open corporate and personal accounts in Saudi Arabian banks. Our lawyers will accompany you through the entire process of collecting documents, preparing and submitting an application for compliance control.
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What benefits does a business get when opening an account with a Saudi bank?
“Saudi Arabia, which was once associated with oil wealth, is today becoming a global hub for innovation and entrepreneurship. As part of the Vision 2030 program, the country is not only diversifying its economy, but also creating one of the most flexible business ecosystems in the Middle East. If you are looking for a platform to enter the GCC, Asian and African markets, registering a company in Saudi Arabia will be your strategic advantage” Sergey Kovalkov, Head of International Practice инкорпораций
Access to a growing market
Opportunity to work with local partners, participate in government tenders and large-scale projects (for example, NEOM, Red Sea Project).
Mandatory payments and regulatory compliance
Salary payments, mandatory insurance contributions, taxes, and company registration in Nitaqat require a local bank account.
Currency transactions and international payments
Saudi Arabian banks offer multi-currency accounts, SWIFT transfers, and Islamic finance.
Digital banking and convenient management tools
Most major banks (e.g. Al Rajhi, SNB, Riyad Bank) provide full-fledged mobile apps and online banking for remote transaction control.
Would you like to receive a free legal consultation?
Leave a request and you will receive:
- a list of banks that will suit your needs;
- full list of required documents;
- consultation on expenses, taxes, deadlines;
- answers to all your questions.
Nitaqat System: Saudization of Business in Saudi Arabia
Nitaqat is a labor nationalization program introduced by the Ministry of Human Resources and Social Development of Saudi Arabia. It obliges companies to hire a certain percentage of Saudi citizens. The system is managed through the Qiwa portal, where companies can calculate quotas and obtain certificates.
Types of Companies in Saudi Arabia
The corporate legislation of Saudi Arabia provides for the possibility of creating legal entities in various organizational and legal forms and special regimes: Limited Liability Company, Entrepreneur License, Joint Stock Company, General Partnership, Limited Partnership, Sole Proprietorship, Professional Company, Joint Venture, Company with a Variable / Changeable Capital, Cooperative Company. Each type of company has certain features that are important to consider before starting registration.
Saudi Arabia: What You Need to Know About the Country
Saudi Arabia combines a conservative legal system with ambitious legislative reforms. This makes the country attractive for technology, energy and infrastructure projects. The tax burden is moderate, but requires taking into account local requirements. Business success depends on integration into national priorities (Vision 2030) and adaptation to cultural norms.
Main taxes in Saudi Arabia
For a long time, Saudi Arabia did not have a classic tax system due to oil revenues. However, with the fall in oil prices and the Vision 2030 strategy, the kingdom began to transform. Today, its tax system is a symbiosis of religious obligations, business incentives and new tax mechanisms.
Mainland Company Registration in Saudi Arabia
Registering a mainland company in Saudi Arabia is an important step for businesses looking to gain full access to the Kingdom’s vast market. Unlike companies in special economic zones (SEZs), Mainland companies have the right to operate throughout Saudi Arabia. This opens up more opportunities, but also entails stricter requirements.
How to open an account in Saudi Arabia in 6 steps?
On average, opening a corporate bank account takes between 1 and 3 weeks.
Stage 1
Preparation of documents
We help with the preparation of the necessary documents for all subsequent stages. Particular attention should be paid to the company's charter, investment license from MISA, proof of position held and identity documents.
Stage 2
Submitting an application
Apply for a visa through the Saudi Arabian consulate or online platforms. The approval process for the application takes 2 weeks for MISA and MoL.
Stage 3
Medical examination and biometrics
You need to take tests for HIV, tuberculosis, and hepatitis in accredited clinics. You also need to submit biometric data in one of the centers accredited by the Saudi embassy - for example, in Tasheer.
Stage 4
Payment of fees
Visa fee (~2,000 SAR) and insurance (~1,500 SAR per year).
Stage 5
Getting IQAMA
4-8 weeks after approval. IQAMA can be issued on the same day of application, provided that a medical examination is completed in Saudi Arabia, health insurance is available and a local SIM card is available.
What pitfalls have we encountered in practice?
The need for document certification
For example, a notarized translation of the constituent documents into Arabic is required, even if the company is 100% foreign-owned.
Compliance checks and high requirements for operational transparency
Banks carefully check transactions for compliance with AML/CFT (anti-money laundering laws). In addition to the standard set of documents required to open a bank account, confirmation of the origin of funds (Sources of Funds), company financial statements, letters of recommendation from other banks, etc. may be required.
Hidden fees
Account maintenance, currency conversion, SWIFT transfers may be more expensive than in Europe or the USA.
Restrictions for UBOs from Russia
Some banks affiliated with Western financial groups (SABB/HSBC, Saudi Fransi/Credit Agricole, Deutsche Bank, Standard Chartered) may refuse to open an account for clients with Russian citizenship.
"Opening an account in Saudi Arabia takes time and preparation, but it is a necessity for businesses focused on the local market or large projects. Before starting the procedure, we always check the requirements with the manager of the selected bank or with SAMA, as the rules may change" Egor Lvov, юрист
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Why do more than 100 clients contact us every year?
Full support
From collecting documents and visiting government agencies to obtaining a resident visa for founders and employees
Exactly according to the client's task
We open a company in a suitable jurisdiction and with the required form of registration, minimizing risks
We continue to help businesses
We not only open a company, but also provide expert legal, tax and accounting support for business
Team of experts
The team consists of 150+ experts who have successfully implemented more than 1000 projects in the UAE, USA, EU, Asia, other countries and regions.
Would you like us to prepare an individual offer for your task and future business?
Contact us and we'll be in touch for more details:
- we will select a bank and draw up a list of necessary documents;
- we will describe all the stages of opening an account;
- We will clearly define the project deadlines and budget.
Our other services in UAE
Visa processing for a company manager in Saudi Arabia
Visa processing for a company manager in Saudi Arabia
Company Registration in Saudi Arabia
Company Registration in Saudi Arabia
About Versus
Versus is a leading consulting group providing legal and accounting services in key foreign markets.
Over the years of working in the UAE and other MENA countries, we have acquired a deep knowledge of local legislation, which, combined with knowledge of international standards, allows us to offer solutions tailored to the unique needs of each client.
20+
Experts in offices in Dubai and Abu Dhabi
250+
Successfully completed projects on the law of the UAE and other countries of the MENA region
