Opening a corporate bank account in Saudi Arabia can take longer than you are generally used to in different sections of the world. Yet, this accommodating guide gives all the data – and documentation – that you need to get to your money in the Kingdom of Saudi Arabia.
New ex-pats ought to know that opening a corporate bank account in Saudi Arabia can be a lengthy process. Accordingly, they should spend sufficient money to hold them over for the initial few weeks subsequent to arriving there. Fortunately, employers comprehend the situation and will ordinarily furnish staff with a cash advance against their initial compensation.
This accommodating guide discloses all you require to think about opening a corporate bank account for an offshore company in Saudi Arabia. Registering a business in Saudi Arabia is no less than a challenge for foreigners unless you have professional counsellors backing you up.
Banking in Saudi Arabia
As home to more than 30 local and global banks, expats have a wide scope of choices to browse when opening a corporate bank account in Saudi Arabia. Four domestic banks in the Kingdom responsible for roughly 57% of total area assets in 2019, including the National Commercial Bank (NCB), Samba Bank, Al Rajhi Bank, and Riyadh Bank.
There are additionally various global banks in Saudi Arabia, including Standard Chartered Bank, Emirates NBD, First Abu Dhabi Bank, HSBC, Deutsche Bank, BNP Paribas, and the Industrial and Commercial Bank of China.
Bank offices are not difficult to locate in most significant urban communities and expat centers and will be generally found in malls or on high streets. All banks working in Saudi Arabia provide services in English and Arabic. Tax services in Saudi Arabia are a must to avail to ensure great savings on your hard-earned money.
Kinds of bank accounts in Saudi Arabia
As a foreigner, you have a decision of various sorts of bank accounts in Saudi Arabia, and these may fluctuate from one bank to another. Note that the advantages accompanying a specific kind of account at one bank may not be equivalent to those accessible somewhere else.
Here is a portion of the fundamental bank account types:
- Current account
A current account permits you to complete traditional banking transactions, including saving or pulling out cash, giving cheques, paying and gathering cheques, and paying recurring costs, for example, service bills by means of phone or net banking. You can likewise open a shared service with another person.
- Savings or deposit accounts
Savings accounts permit you to set aside cash throughout some random timeframe with an edge of benefit on money deposited in the account. There may frequently be limitations on the number of withdrawals on the account. Savings account holders generally can't request chequebooks.
- Time deposit accounts
Time deposit accounts are for individuals who need to make their cash work for them and can take care of considerable sums for a while. They usually convey a higher net revenue than a savings account and are commonly connected to a specific fixed deposit sum and a specific timeframe.
- Ladies accounts
Numerous banks in Saudi Arabia give restrictive and custom-made banking services for women through uncommon bank accounts assigned for ladies.
- Children's accounts
Guardians can open bank accounts for their children. They regularly convey limitations on the number of transactions conceivable yet are an excellent method to teach children about finances.
- Investment accounts
Numerous banks in Saudi Arabia offer investment services. You can open an investment account by consenting to an investment agreement for a fixed timeframe with the bank. Such arrangements cover the management of your assets with the least guaranteed returns and generally require a base investment balance.
- Offshore accounts
Numerous expats open offshore accounts when banking in Saudi Arabia as this can be the best method to save, contribute, and oversee cash while living abroad. Wealth administrators and businesses offer these services, yet banks in Saudi Arabia likewise have connections to offshore offices. Banks to consider are Riyad Bank and HSBC.
How should you open a corporate bank account in Saudi Arabia?
Opening a corporate bank account in Saudi Arabia can be a wearisome process and can require a few weeks. Nonetheless, things are sure to speed up on the off chance that you have each one of the documents you need. Fortunately, the framework is geared towards expats, and you should be able to depend on an already attempted and tested method of getting things done.
Contingent upon the sort of account you need to open, the cycle can take a couple of weeks and requires various sets of documents. If you want to know about the benefits of an international bank account, do follow our guide on 10 Reasons to Hold an International Bank Account.
As an inhabitant, the fundamental necessities for opening personal savings or current account are:
- Original passport in addition to a copy.
- A copy of your iqama or visa page demonstrating you are a legitimate inhabitant of Saudi Arabia.
- A letter of no-objection from your sponsor or employer (called a NOC). It should specify your compensation to show the sum that will normally be paid into the bank.
- A few banks may request a copy of your tenancy agreement to build up your residential address.
- Two to six passport-sized photos in a predetermined format (check with the bank what their necessary format is).
- A filled out and signed bank account application form.
How Can We Help?
These were a portion of the fundamental factors that you need to recollect before you consider opening a corporate bank account in KSA for an offshore company. In different nations, the cycle for opening an offshore bank account fluctuates, thus it is difficult. It requires time and exertion to discover proper banking services. Here at Business Setup Worldwide, we are helping company incorporation with banking services across different jurisdictions. Contact us today and get more information on our services!