Saudi business bank account for foreign-owned companies
A foreign investor in Saudi Arabia needs a MISA licence and a commercial registration before a bank will open the company's account. The paperwork is predictable if you know the order.
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Google's suggestions for "Saudi business bank account" include "starting a business in Saudi Arabia" and "what is the best business bank account to open". For foreign investors the account comes last in a fixed sequence.
The sequence
- Investment licence from MISA.
- Articles of association, notarised.
- Commercial registration (CR) from the Ministry of Commerce.
- National address registration.
- Corporate bank account.
- ZATCA, GOSI and other registrations.
What banks ask for
| Document | Notes |
|---|---|
| MISA licence and CR | Current and matching |
| Articles of association | With shareholding and managers |
| National address | For the company |
| IDs | Passports, iqamas for residents |
| Board or partner resolution | Naming signatories |
| Business profile | Activity, expected flows, countries |
The resident signatory
Saudi banks prefer at least one signatory who lives in the Kingdom and holds an iqama. Founders who run the company from abroad often appoint a resident general manager early for this reason.
Money in and out
Local payments run on SARIE, including SARIE instant payments. The riyal is pegged to the dollar at 3.75, so USD flows are predictable in value. Payments to and from abroad go by SWIFT, and banks ask for the purpose and supporting documents.
Where companies need more
A regional headquarters or a services company billing clients in Europe and the UK often wants to be paid in euros and pounds without converting through riyals, and to pay contractors abroad on local rails.
Paying into Saudi Arabia: the local rail
| What | Detail |
|---|---|
| Local rail | sarie instant payments |
| Run by | Saudi Central Bank (SAMA) |
| Settlement | Seconds, 24/7 |
Source: SAMA: sarie. Checked when this guide was last updated; the scheme's own page has the current figures.
Where Rivet fits
Rivet gives registered companies USD details on the free Starter plan, EUR and GBP details on Growth, and payouts to 120+ countries. Check our eligibility list for Saudi companies. Rivet is not a bank; regulated partner institutions hold the funds, and it does not replace the Saudi account you need for SARIE, salaries and taxes. See Saudi companies paying foreign providers.
Questions people ask
Can a foreign company open a bank account in Saudi Arabia?
A Saudi-registered company owned by foreigners can, once it has its MISA licence and CR. A foreign company with no Saudi entity generally cannot open a local corporate account.
Which Saudi banks offer business accounts?
All major banks, including Saudi National Bank, Al Rajhi Bank, Riyad Bank, SAB and Banque Saudi Fransi. Requirements and timelines differ, so compare before applying.
How long does it take?
Often two to six weeks after the CR, depending on the bank and on whether signatories are resident.
What do I need after opening?
Register with ZATCA for tax and zakat, with GOSI for social insurance, and set up the wage protection system if you employ staff.
Sources
Alexia compares the accounts, cards and payment tools companies weigh before they switch, and writes Rivet's market guides for founders in a specific country. Prices in Alexia's comparisons come from each provider's own pricing page on the date given in the article, rules come from the regulator or tax authority that sets them, and every source is listed at the end.
More from Alexia M. →This article is general information, not legal, tax or financial advice. Rules and fees change; check the sources above and the provider’s current terms before you act on them.
- saudi business bank account
- saudi company bank account
- misa
- commercial registration
- foreign company
- ksa
