Business Bank Account in Saudi Arabia 2026: Without Iqama?

Most guides say the same thing: no iqama for the general manager, no company account. The central bank's own rules say something different.

The Saudi Central Bank (SAMA) lets a foreign owned company open its account on the manager's passport, and gives 90 days to produce the iqama. It also permits remote opening for these companies.

What a given bank accepts is a separate question. This page keeps the two apart: what the rule says, and what banks are reported to do.

90 daysafter opening to give the bank the manager's iqama, when the account was opened on a passport

90 daysto make a first deposit, after which the bank must close an unfunded account

90 daysfrom commercial registration to give the registrar the company's bank details

Which SAMA rules apply in 2026

The text often cited, the "Rules Governing the Opening of Bank Accounts and General Operational Guidelines", dates from 2002. The SAMA Rulebook now marks it "No longer applicable".

The live text is the Rules for Bank Accounts, issued by Circular 65681/67 on 3 July 2019 and amended many times since.

13 May 2002Original rules issued, now marked no longer applicable

3 Jul 2019Rules for Bank Accounts issued by Circular 65681/67

2 Feb 2022Remote opening added for foreign companies

18 May 2023Latest listed amendment to the foreign investor rule

9 Sep 2024Rule on opening an account without a deposit amended

10 Aug 2025Immediate freeze when the commercial registration is suspended

25 Sep 2025Visitor ID update, for individuals only

1. 13 May 2002Original rules issued, now marked no longer applicable
2. 3 Jul 2019Rules for Bank Accounts issued by Circular 65681/67
3. 2 Feb 2022Remote opening added for foreign companies
4. 18 May 2023Latest listed amendment to the foreign investor rule
5. 9 Sep 2024Rule on opening an account without a deposit amended
6. 10 Aug 2025Immediate freeze when the commercial registration is suspended
7. 25 Sep 2025Visitor ID update, for individuals only

Four parts of that text matter to a foreign founder.

• Rule 300.1.4 lists what a bank must obtain from an entity owned by foreign investors.
• Rule 100, the general instructions, covers presence at the bank, remote opening, deposits and opening times.
• Chapter IV decides who may operate the account once it exists.
• Chapter II sets when the bank must freeze it.

One caveat on wording. The rules still speak of a "license issued by the Ministry of Investment" and of the "Foreign Investment Law". Since February 2025 that document is an investment registration, still widely called the MISA licence.

Can you open the account without an iqama

By the written rule, yes, for a limited time. Rule 300.1.4.2 covers an entity owned by one or more foreign investors, and near identical wording applies to joint ventures and to branches of foreign companies:

A copy of the passport can be sufficient, provided that the Iqama is submitted (90) days after opening the account.

The two columns do not contradict each other as much as they seem to. SAMA sets what a bank may accept. It does not oblige a bank to onboard a customer its own risk policy declines.

Three agency guides reviewed for this page describe the iqama as a hard stop. None cites a SAMA rule for it. Treat it as reported bank practice, and ask the bank directly.

• Ask the bank in writing whether it applies the passport provision of Rule 300.1.4 for foreign owned companies.
• Plan the iqama anyway. The passport buys 90 days, not an exemption.
• Do not confuse this with the visitor ID. The September 2025 update lets visiting individuals open personal accounts. It does not cover companies.

Whether a general manager must hold an iqama at all, outside the bank, is a company and immigration question. It is covered in 100% foreign ownership in Saudi Arabia.

Remote opening or a branch visit: what the rule says

Sources disagree on this, and the disagreement is worth showing.

The primary source is clear on the principle. Remote opening exists for companies set up under the foreign investment regime, under four conditions.

• Company identity is verified from independent sources: commercial registration, investment registration, legal form, capital, owners and their percentages, directors.
• Only the general director can use the service, and the memorandum of association must name that person and grant the power to open and manage bank accounts.
• The general director may operate the account on a passport, with the iqama presented 90 days after opening.
• The bank must assess the risk of these accounts and set its own mitigation measures.

That last condition is why practice differs. A bank can lawfully offer remote opening and can lawfully decide not to. Biometric checks through the Nafath app, which agencies describe as mandatory, are not mentioned in the rules read for this page.

A power of attorney is the other route. If it is signed abroad, Rule 300.1.4 accepts authentication by the Saudi embassy or an apostille. If signed in the Kingdom, it goes through a notary.

The order that works for a foreign owned company

The account comes late. A bank needs the commercial registration before it can open anything for a limited liability company, and the rules contain no pre-registration capital account for that form.

1. 1
   Investment registration with the Ministry of InvestmentThe bank will ask for a copy
2. 2
   Commercial registration and memorandum of associationName the manager and the power to open and manage bank accounts
3. 3
   Account application by the managerPassport accepted by the rule, in branch, remotely or by power of attorney, as the bank allows
4. 4
   First deposit within 90 days of openingNo deposit can be demanded as a condition, but an unfunded account is closed
5. 5
   Manager's iqama to the bankDue 90 days after opening if the account started on a passport
6. 6
   Bank details to the commercial registrarWithin 90 days of registration, then at each change

Two details in that sequence are easy to miss.

• A founders' account for capital exists only for joint stock companies. Rule 300.1.3.1 provides one for joint stock and simplified joint stock companies under formation. Nothing equivalent is written for a limited liability company.
• The registrar's clock starts at registration, not at account opening. A company that waits two months for its account has one month left to report it.

The registration steps themselves are in how to register a company in Saudi Arabia.

Documents and who can sign

Rule 300.1.4.2 gives the list for a company owned by one or more foreign investors. Banks may ask for more, but this is the regulatory floor.

A branch of a foreign company adds two things: the parent's registration and constitutional documents, certified by the Saudi embassy or apostilled, and a mandate from head office naming the signatories.

Signing rights are narrower than founders expect. Chapter IV, Rule 5 says a foreign investor may authorise a Saudi, or a non-Saudi expatriate, to manage the entity's accounts, on one condition for the expatriate.

• The expatriate must be an employee of that entity.
• The expatriate must hold a valid iqama.
• A Saudi national can be authorised without those two conditions.

In practice, a shareholder living abroad owns the company but does not sign on its account. Day to day control of the money sits with someone resident.

How long it takes, and what the rule promises

Published timelines range from three days to six weeks. SAMA's own figure is shorter than all of them, and it measures something narrower.

The rule starts counting when the file is complete. The agencies count from the first contact, including document attestation and compliance review. Both can be true.

Rule 100.15 also gives the applicant one useful right: the bank must state in writing any missing or additional requirement when the application is made.

Two money figures also circulate, and the rules settle both.

• First deposit. Guides say 60 or 90 days. Rule 100.8 says 90, sets no minimum amount, and says the bank closes the account.
• Capital to deposit. Figures such as SAR 25,000 or SAR 500,000 are quoted as a banking requirement. Neither appears in the account rules.

Which banks, and their names after the mergers

Older guides list banks that no longer exist under those names. Two mergers explain it.

A page that still recommends "SABB" or "Samba" in 2026 was written from older material. That is a fair signal about the rest of its content.

Agency guides most often name SNB, Al Rajhi Bank, Riyad Bank, SAB, Alinma and Bank Albilad for foreign owned companies. That is a market observation, not a ranking.

• No bank page reviewed publishes its requirements for foreign owned companies. SAB shows an online application in seven steps, without saying who qualifies.
• Minimum balances and fees quoted by agencies could not be confirmed on bank tariff pages, so none is repeated here.
• Check any bank against SAMA's list of licensed banks before applying, including the newer digital banks.

What freezes the account once it is open

Opening is one event. Keeping the account usable depends on documents that expire, and Chapter II of the rules is specific.

• The manager's or a signatory's ID expires. The bank suspends that person's power to operate the account until it is renewed.
• The iqama is not presented after an account opened on a passport. The rules give no extension beyond the 90 days.
• The commercial registration is suspended. The account is frozen immediately, under an amendment of 10 August 2025.
• Another authorisation to practise expires. The account is frozen 90 days later, unless an official renewal document is shown.
• Company data is not updated. Records for a company must be refreshed every five years at most, and sooner when directors change.

The bank must warn the customer at least 30 days before a freeze. Incoming payments are still credited to a frozen account and existing commitments are honoured, but new outgoing transactions are blocked.

Refusals are a different matter. The reasons below are reported by agencies, not set by SAMA.

• Names that do not match between the commercial registration, the articles and the bank form.
• Parent company documents that are not attested or apostilled.
• An ownership chain whose beneficial owner is not clearly documented.
• Activities banks treat as higher risk, which trigger enhanced due diligence.

The rules name no nationality. They require each bank to assess risk and identify the beneficial owner, so scrutiny of a shareholder's country is bank policy. Founders from sanctioned jurisdictions should read their origin page, for example Saudi Arabia company from Russia.

Currency, transfers, and what does not replace a Saudi account

Money can leave. Article 4 of the Investment Law gives an investor the right to transfer funds "within or outside the Kingdom without delay", including profits and sale or liquidation proceeds, in any currency SAMA recognises.

• Foreign currency accounts are allowed. Rule 100.10 lets customers open accounts in any foreign currency the bank offers.
• The riyal is pegged to the US dollar, at 3.75 riyals per dollar, which removes most exchange risk on dollar flows.
• The right to transfer is not a tax exemption. Withholding on dividends, fees and royalties paid abroad is covered in Saudi Arabia withholding tax for non-residents.

Two shortcuts do not work.

The foreign parent cannot simply bank in Saudi Arabia. Rule 300.2.2 bars banks from opening accounts for non-resident companies from outside the Gulf with no contract or project in the Kingdom. With a contract, Rule 300.2.3 allows an account for its duration, classified as high risk.

A payment app or an account abroad is not a substitute. The registrar expects bank details, and agencies report that payroll and public sector clients require a local IBAN. Treat fintech accounts as a complement until a bank confirms otherwise.