What is Required from Foreign Businesses for Opening a Bank Account in Saudi Arabia?

With global interest in establishing businesses in the Kingdom on the rise, there's a sustained uptick in demand for banking services that can cater to the needs of corporates as they expand their presence in the region’s fast-growing economy.

Once the company is successfully incorporated in Saudi Arabia, opening a corporate bank account becomes fundamental to unlocking new opportunities and driving business growth and scalability.

Businesses intending to open a bank account must have a registered entity in the Kingdom; therefore, establishing a corporate bank account in Saudi Arabia marks a step towards creating a sturdy foundation for effective, secure financial operations for businesses.

This ultimately enables them to access extensive benefits that come in multiple shapes and forms tailored to meet the specific needs of corporations, such as business credit cards that allow multi-location fund transfers, online banking services, and mobile banking. More customized offers can be rendered to corporate customers, such as trading and investments, the purchase of stocks and bonds, as well as treasury management.