Unlocking the Process and Requirements for Opening a Corporate Account with Saudi National Bank (SNB)

In today’s dynamic financial landscape, many clients seek to establish corporate accounts with the Saudi National Bank (SNB) to facilitate their investment endeavors. Opening a corporate account with SNB offers a plethora of services tailored to meet the diverse needs of businesses. In this comprehensive guide, we will walk you through the step-by-step process and essential prerequisites for initiating the corporate account opening with the Saudi National Bank.

Process of Opening a Corporate Account with Saudi National Bank

1. Access SNB’s Official Website: The first step involves navigating to the Saudi National Bank’s official website.
2. Select “Open Account” Option: Click on the “Open Account” icon and then choose the “Corporate” option.
3. Provide Personal Information: Fill out the required personal and company details, including:
   • Company Registration Number
   • Expiry Date
   • Calendar Type for Expiry Date
   • Personal Information such as National ID, Date of Birth, and Mobile Number.
4. Agree to Terms and Conditions: Consent to the terms and conditions outlined by SNB.
5. Verification Process: Upon submission, you will receive a verification code. Enter the code and proceed.
6. Verification via SMS: SNB will send a verification code to your registered mobile number. Enter the code in the designated area.
7. Complete Job and Company Address Details: Provide information regarding the company’s occupation, address, and basic business activities.
8. Identity Verification: Verify your identity as per SNB’s requirements.
9. Confirmation of Application: Once all steps are completed, your application will be confirmed.

Requirements for Opening a Corporate Account with Saudi National Bank

Saudi National Bank imposes specific criteria for clients intending to open a corporate account:

1. Saudi Nationality Requirement: The company owner must be a Saudi national.
2. Active Account on Absher System: Clients must possess an active account on the Absher system.
3. Registration with National Address Service: The company must be registered with the National Address service.
4. Accuracy of Information: Clients must ensure the accuracy of all provided information and bear legal responsibility for any discrepancies.
5. Financial Responsibility: Clients are liable for all funds deposited into the account and must confirm the legitimacy of deposited funds.
6. No Right to Compensation: Clients acknowledge that they waive any right to compensation or refund of deposited funds and must report any fraudulent activity.
7. Update of Information: Clients must commit to updating their information as required by SNB.
8. Compliance with Saudi Laws: Clients must acknowledge and comply with all Saudi laws governing fund transfers.
9. Bank’s Right to Amend Terms: Clients must agree to the bank’s right to amend any terms related to the service.

Required Documents for Opening a Corporate Account with Saudi National Bank

Several documents are necessary for opening a corporate account with SNB:

1. Commercial Registration Documents: Documents extracted from the commercial register.
2. Ministry of Commerce Document: A document issued by the Ministry of Commerce and Industry confirming the company’s name in English.
3. Completion of Account Opening Form: Fill out the account opening form provided by SNB.
4. Tax Residency Certificate Form: Obtain the tax residency certificate form.

Types of Corporate Accounts Offered by Saudi National Bank

SNB offers various types of corporate accounts, including:

1. Current Account for Corporates: This account offers:
   • Quick and efficient banking services.
   • Access to a wide range of services across SNB branches.
   • Enrollment in the bank’s electronic channels.
   • Completion of banking services at any SNB branch nationwide.
   • Utilization of ATMs for various banking transactions.
   • Sharia-compliant products and services.
   • Free account opening with no initial deposit required.
   • No need for financial deposits upon account opening.
   • Electronic service completion through AlAhli Online, AlAhli Mobile, or AlAhli Phone Banking.
   • Access to ATM cards recognized globally.
   • Receipt of monthly bank statements free of charge.
   • Subscription to SMS service for transaction notifications.
2. AlAhli Merchant Account: Clients can benefit from the AlAhli Merchant program, which includes:
   • Working capital financing.
   • Guarantee support for commercial, craft, and industrial institutions.
   • Industrial Development Fund guarantee.
   • Commercial Real Estate Financing Program.
   • Corporate credit cards.
   • Leasing financing for vehicles.

Frequently Asked Questions

How can I open an account with Saudi National Bank via mobile? After logging into the AlAhli Mobile application:

1. Click on “Accounts,” then “Open New Accounts.”
2. Choose the account currency and reason for opening the account, then click “Accept.”
3. Enter the activation code.

Is there a toll-free number for Saudi National Bank? Yes, there is a toll-free number for Saudi National Bank: 8002441005.