Facilitation and Acceleration of the Bank Account Opening Process for Foreign Companies

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Saudi Central Bank

Circular

Number: 44022437 Date: 1444/03/16 Attachments: None

Dear Sirs, Peace, mercy and blessings of God be upon you,

Subject: Facilitation and Acceleration of the Bank Account Opening Process for Foreign Companies.

I refer to the program attracting regional headquarters of foreign companies to the Kingdom, one of the joint initiatives between the Ministry of Investment and the Royal Commission for Riyadh City, aimed at enhancing the Kingdom's economy, employment opportunities, and national capabilities and expertise. Furthermore, these companies need to interact with banks to manage their banking transactions and benefit from various services and products.

Accordingly, the Central Bank reiterates its directive to all banks and financial institutions to facilitate and accelerate the bank account opening process for foreign companies, enabling them to benefit from various services and products. It also explores the possibility of designating dedicated units or establishing offices within the Ministry's headquarters to facilitate banking services for this category of clients.

For your information and action, please provide the Central Bank with each bank's plan to support the aforementioned initiative via the following email address: BankingPolicy@sama.gov.sa, no later than 20/11/2022.

Yours sincerely,

Yazeed bin Ahmed Al-Sheikh Deputy Governor for Supervision

Distribution Scope:

• Banks and financial institutions operating in the Kingdom.

P.O. Box 2992, Riyadh 11169, Kingdom of Saudi Arabia. Phone: +966 11 4633000