Opening a bank account in Saudi Arabia
Private
Saudi Arabia is the largest economy in the Middle East and one of the leaders in terms of transformation. Opening a bank account here is a strategic step that provides access to a rapidly growing market, tax advantages, and modern financial instruments under the Vision 2030 program. Our lawyers accompany the entire process of collecting documents, preparing and submitting the application, and passing compliance checks.
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Why it is beneficial to open a bank account in Saudi Arabia
Access to a growing market
Opportunity to work with local partners, participate in government tenders and large-scale projects (such as NEOM, Red Sea Project).
Compliance with local payment requirements
Salary payments, mandatory insurance contributions, taxes, and company registration with Nitaqat require an account in a local bank.
Currency operations and international payments
Saudi banks offer multi-currency accounts, SWIFT transfers, as well as Islamic finance instruments.
Digital banking and convenient management tools
Most large banks (such as Al Rajhi, SNB, Riyad Bank) provide full-scale mobile applications and online banking for remote transaction control.
"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 confirm the requirements with the selected bank’s manager or SAMA, as the rules may change." Sergey Kovalkov Head of international incorporations practice
Process of opening a bank account in Saudi Arabia
- Choosing a bank Based on your goals, we prepare a list of banks that are realistically ready to open an account for your company or personally for you. We explain the differences in requirements, fees, and timelines.
- Preparing documents We help gather the necessary corporate documents, including the Articles of Association (AoA), commercial registration (CR) in two languages, and ensure that all documents are current, accurate, and translated into Arabic where required.
- Submitting the application Some banks allow applications online, but personal presence may be required to finalize the process.
- Passing internal bank checks Primarily checks for anti-money laundering (AML) compliance: the bank verifies company documents and business owners. Additional references, income confirmation, or detailed information on funding sources may be required.
- Signing agreements After completing the checks, banking agreements are signed, including service terms and compliance rules.
- Funding the account At this stage, an initial deposit (if required by the bank) must be made. The deposit amount depends on the type of account and the bank.
- Getting access to the account and online banking You receive account details – IBAN, SWIFT code, and online banking credentials. It is important to ensure that all digital services, such as mobile banking, are activated.
Some banks we work with in Saudi Arabia
Saudi National Bank (SNB)
- Largest commercial bank in Saudi Arabia
- Currencies: SAR, USD, GBP, EUR, AED
- Account opening time: from 1 month
- Personal presence: required
- Online banking: full range of services, including account management, transfers, bill payments, and currency operations
Al Rajhi Bank
- Specializes in corporate lending, trade finance, and SME services
- Currencies: SAR, USD, EUR, GBP, AED
- Account opening time: from 1 month
- Personal presence: required
- Online banking: one of the leaders in digital banking, with advanced functionality including mobile and internet banking
Riyad Bank
- Actively supports the corporate sector with lending and investment banking services
- Currencies: SAR, USD, EUR, GBP, JPY
- Account opening time: from 1 month
- Personal presence: required
- Online banking: reliable internet banking and mobile application for account and transaction management
Advantages of opening an account with Futura Law
- Real access to Saudi banks We know the requirements of specific banks and select only those where the client has real chances of opening an account. This helps avoid refusals and long, wasted waiting times.
- Reducing risks during compliance checks We analyze your case in advance, prepare documents and supporting arguments to eliminate potential issues and increase the chances of a positive decision.
- Full support throughout the account opening From the first consultation and preparation for the interview to negotiations with the bank and receiving account details – we support the client every step of the way. You do not need to deal with local rules and bureaucracy.
- A team with strong expertise in the Middle East We have a solid presence in the Middle East and a network of external partners in Saudi Arabia, which allows us to take local specifics into account and effectively support projects in the region in English, Russian, and Arabic – without barriers and with precision at every stage.
How does it work
Who will support the account opening process?
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Ready to discuss your project?
Leave an application and receive:
- a list of banks suitable for your goals
- a complete list of required documents
- a consultation on expenses, taxes, and timelines
- answers to all your questions