Saudi Arabia corporate banking
For many years, Healy Consultants Group has assisted numerous Clients to open multi-currency corporate bank accounts in Saudi Arabia and secure internet banking log in details, sheltering our Clients from the time-consuming administrative challenges.
Saudi Arabia banking challenges
- During the company registration process, Saudi Arabia companies are required to open a capital account and deposit the required paid up share capital. This capital account does not require the appointment of a bank signatory and cannot be used for business operations;
- After the Saudi company registration numbers are issued, Healy Consultants Group will help our Client i) convert the capital account into an operating business account and ii) appoint our Client as the sole bank signatory; That said, foreigners wanting to be appointed as bank signatories must secure a Saudi residence and employment visa (also called Iqama) beforehand. It takes on average 2 months to secure the same;
- Capital account opening takes on average 5 weeks. Conversion to an operating bank account and appointment of our Client as a bank signatory are processes that run simultaneously and takes approximately 8 weeks;
- Saudi Arabian banks and Government are naturally slow and inefficient. However this gets intensified with the use of international banks such as HSBC (in Saudi Arabia called Saudi British Bank (SABB)), which usually takes a minimum of 3 months to issue corporate bank account numbers;
- Our preferred banks include but are not limited to Alinma bank or Saudi Fransi bank. These banks have English internet banking. That said, the one-time login password can usually only be sent to a local Saudi telephone number. For our multinational Clients living out of KSA, Healy Consultants Group has a work around solution for this challenge;
- Luckily there are no exchange control regulations governing the repatriation of funds and profits.
Frequently asked questions
Is Saudi Arabia company formation right for my business?Healy Consultants will be pleased to guide our Clients regarding the optimum corporate structure to conduct business in Saudi Arabia. Because formation of a Saudi company is a challenging task, some Clients might benefit more from appointing a commercial agent instead.
During Saudi Arabia company formation, will I have to travel to open a corporate bank account?Healy Consultants will try its best to negotiate travel exemption for our Clients. However, most banks do require bank signatories to travel to Saudi Arabia for an in-person interview.