Bank accounts and Important applications in Saudi Arabia:
After obtaining your residency in Saudi Arabia, setting up your financial infrastructure is crucial. Here's everything you need to know about opening bank accounts and the must-have government applications:
1. Opening a Bank Account in Saudi Arabia
Requirements:
Valid residency (Iqama)
Saudi commercial registration (CR)
Articles of Association (Primary System document)
Egyptian commercial register (for Egyptian investors)
Passport copy
The Process:
Verify Your Documents
Ensure your company's legal documents allow banking transactions. Some banks may request additional (but often unnecessary) documents like:Egyptian tax card
Bank statements from Egypt
Company journal entries
Choose Your Bank
You're not limited to one bank or account. You can open:Multiple accounts in the same bank
Accounts across different banks
Note: All accounts are linked to the Saudi Tax Authority (ZATCA).
Dealing with Bank Requirements
If one branch refuses, try another - policies vary by branch.
Maintain patience and professionalism. A smile goes a long way!
Some banks are more foreigner-friendly than others (SABB, Alinma, and Riyad Bank are often recommended).
Pro Tips:
Bring all possible documents to avoid multiple trips
Consider opening accounts at 2-3 different banks for flexibility
Digital banks like STC Pay can serve as temporary solutions
2. Must-Have Government Applications
1. Nafaz (نفاذ) - Digital Signature App
Your electronic signature for all official transactions
Uses facial recognition with your registered phone number
Required for:
Signing contracts
Government transactions
Business approvals
2. Absher (أبشر) - Your Digital Identity
Functions as your social security portal
Replaces physical ID cards in most situations
Key features:
Access to personal documents (birth certificates, licenses)
Civil registry services
Traffic violation checks
Residency status tracking
3. Qiwa (قوى) - Labor Management
Essential for both employers and employees
For Employees:
View employment contracts
Check insurance status
Track residency expiration
Verify profession classification
For Employers:
Process work visas
Manage Saudization (Nitaqat)
Hire and terminate employees
Renew work permits
4. Muqeem (مقيم) - Residency Management
Critical for visa and exit/re-entry control
Key functions:
Issue exit/re-entry visas
Grant leave permissions (like military leave)
Track employee comings/goings
Manage dependent visas
3. Bonus Tips for Smooth Operations
Application Linking: Most apps integrate with each other (Absher with Qiwa, etc.)
Language Options: All apps have English versions
Update Regularly: Government apps frequently add new features
Customer Support: Each app has a help center for technical issues
4. Troubleshooting Common Issues
Bank Account Rejection? Try a different branch or bank
App Not Working? Clear cache or reinstall
Document Requests? Politely ask for the official regulation requiring it
Remember, persistence pays off in Saudi bureaucracy. With these accounts and apps properly set up, you'll be ready to conduct business smoothly in the Kingdom.
