Regulatory Alerts2023-05-18
Added · Updated
Amendment of Rule 300-1-4 of the Account Opening Rules
The Saudi Central Bank (SAMA) issued this circular to amend Rule 300-1-4 of the Account Opening Rules for resident investors under the Foreign Investment Law. The amendments remove the mandatory requirement to obtain foreign or national company founding documents and a universal power of attorney, replacing them with flexible ownership structure verification mechanisms and post-account opening validation procedures. These changes streamline compliance for licensed foreign companies operating in the Kingdom while maintaining robust identity and authorization checks through reliable, independent sources.
More like this from SAMA
SAMA published 1 document in the last 30 days. We email you each new one the day it's published.
Topics
Share