For businesses in Saudi Arabia preparing to join Bancoli to streamline their financial operations and global payments, the verification process is an essential step. It requires business documents that play a key role in complying with banking regulations relevant to Saudi Arabian law.
The list below is tailored to help you understand the required documents and the type of information each document should contain in order to be accurately identified.
Important Note: We strongly recommend that you consult with legal counsel in your jurisdiction to ensure that you obtain the exact documents required for your specific business structure and location.
Legal Formation and Identification Documents
Initially, you will encounter a field requesting a "Certificate of Registration, Certificate of Incorporation, Certificate of Formation, Certificate of Organization, or a similar official document." Below are details for this field's options tailored to your jurisdiction:
- Commercial Register (السجل التجاري | As-sijil at-tijari): This document is pivotal for businesses in Saudi Arabia, acting as official recognition of a business’s legal existence. It includes essential details like the business name, registered address, and information on its legal representatives.
Operational and Governance Documents
Second, you will find a field that requests "Operating Agreement, Corporate Bylaws, Partnership Agreement, Articles of Incorporation or Organization." Below are details tailored to your jurisdiction:
- Memorandum of Association (عقد التأسيس | Aqd Al-Ta'sis): Details the company's objectives, governance structure, and the capital distribution among founders. It acts as a constitution for the company outlining the rules under which the company will operate.
Proof of Physical Business Address
Third, you will find a field that requests "Physical business address (e.g., utility bill, credit card bill, bank statement dated within the last 3 months)." Below you will find more detail:
- Utility Bill (فاتورة خدمات | Faturah Khadamat): Documentation confirming the company’s operating address is required, typically demonstrated through a utility bill in the company’s name, showing the physical location of the business within Saudi Arabia.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.