The banking trend in Saudi Arabia is still developing. Individuals who live here have begun keeping their savings in bank accounts, however, they still prefer to usually pay and receive cash. If you decide to move and open a company in Saudi Arabia or work here, opening a bank account can prove to be extremely advantageous.
In this article, our company formation consultants in Saudi Arabia briefly explain the procedures involved in setting up a bank account here.
To set up a bank account in Saudi Arabia in 2024, once in the bank branch, you will be given a bank account opening form. You can opt to open any kind of bank account, even a savings account if you wish.
Besides this form, the following documents have to be provided:
• A written authorization from the company where you work, clearly stating your monthly wages;
• Your residence permit. Saudi immigration by employment implies for the application to be submitted to the Ministry of Labor upon arrival. After the Ministry approves it, the visa will be issued by the Department of Interior. This procedure is not lengthy, however, for each step, the applicant must prepare accordingly.
If your spouse or adult children intend to open a bank account in Saudi Arabia as well, they should present your written authorization. Our company registration advisors in Saudi Arabia can provide further details on this matter. We can also assist with accounting support for businesses.
At the end of the accounting period, you can rely on our Saudi accountants for support in filing financial statements. These can be different for local and foreign companies, however, our specialists can help any type of business have an accurate picture of its financial standing.
Relatives of workers may apply for a Saudi residence permits, also known as family residency visas. These are issued to spouses, sons under the age of 18, and unmarried daughters. The sponsor must first get approval from the Saudi Ministry of Affairs before submitting a visa application on behalf of their family members.
A savings or deposit account in Saudi Arabia can be set up with any retail bank in this country in 2023. There are no specific savings banks here.
Even though savings accounts confer lower interest rates than deposit ones, they have the benefits of easy withdrawal at any time. Our Saudi Arabia company formation agents can further explain what these benefits consist of. We also offer assistance on how to open a company in Saudi Arabia.
Savings account holders could be issued a passbook where the financial transactions are listed, however, generally, a monthly statement is sent to record the progress and details of the bank account.
In Saudi Arabia, there is a wide range of deposit bank accounts available in 2024, providing different rates of interest, depending on the deposit amount and the minimum deposit period.
Given that the KSA is one of the major economies in the Middle East and is home to various banks that conduct business through branch offices, a natural person or business owner has a wide variety of financial institutions to select from. When selecting whether to open a bank account in Saudi Arabia, there are many factors to take into account, and the bank is one of the most crucial. As was already mentioned, there are both major domestic and foreign banks operating here. It should be noted that local banks typically provide the option for people looking to open accounts in particular currencies.
The majority of Saudi Arabia’s industries will do well in 2024, with the technology, utilities, banking, and real estate sectors leading the way. Analysts say that in 2023, the Saudi stock market “performed well” despite outside influences on the world financial markets. The equity market in the Kingdom had a strong finish to 2023, recording record annual gains, which will help to boost investor confidence in 2024. In addition to their predictions regarding the movement of the market index, they made the point that it is crucial to monitor the updates of the interest rate decisions made by the US Federal Reserve in the next period of time.
If you would like to know more about opening an account in Saudi Arabia, or for help in setting up a company in Saudi Arabia, please contact our friendly staff.
