Opening a Business Bank Account in the Kingdom of Saudi Arabia requires a number of official documents, such as a valid Commercial Registration, MISA investment license (for foreign investors), Articles of Association, and the authorised signatory’s Iqama/passport. The process, to a large extent, is a digitised one, through SAMA regulations. It requires proof of address, tax registration (TIN), and a direct visit by the company directors to the bank.
Saudi business bank account requirements - Main documents required to open a business bank account in Saudi Arabia
Commercial Registration (CR): Official business registration documents in Arabic and English
MISA License: Mandatory digital license issued by the Ministry of Investment for foreign-owned entities.
Articles of Association (AOA): Governing document that outlines the structure of the company
Authorised Signatory Info: Valid Iqma (residency permit), and passport for the General Manager (signatory)
National Address: This is the registered address of the business in the Kingdom of Saudi Arabia.
Tax Identification Number (TIN): Proof of tax registration and VAT certificate, if applicable and registered under VAT
Company structure: Clear definition of business activities and ownership details
Steps to open a business/corporate Account: Open business bank account (Saudi Arabia)
Step 1: Select the right bank: There are many banks in Saudi Arabia for business purposes, including names such as Saudi National Bank (SNB), Al Rajhi Bank, Bank AlBilad, amongst others.
Step 2: Submit your documentation: Most banks allow you to submit your documentation online through a portal dedicated to this. You will be sent an OTP to verify your communication details.
Step 3: Verification: The bank will verify all the documentation and call for a face-to-face meeting with the authorised signatory.
Step 4: Activation: Once all the details are sufficiently vetted, the corporate or business account will be activated, allowing you to be able to carry out transactions.
These days, banks in Saudi Arabia are providing an app-based, digital or online account opening feature for businesses.
The total turnaround time for the entire process depends on the accuracy of your documentation and can take more time if your documentation is not in order.
Visitor Accounts: For non-resident business visitors, 2026 SAMA regulations apply for their temporary banking needs
