KYB/KYC Required Documents
Thank you for your interest in Nqoodlet! We’re excited to help your business grow. As a fintech company, we’re committed to compliance and security, registering companies and establishments requires the submission of several important documents before signing the contract and starting the card issuance process.
➡️Sign up to Nqoodlet here, then you will receive the KYB/KYC requirement unique link for your company via email.
Your Step-by-Step Guide to Submitting Accurate Documents
To streamline your application process, follow this comprehensive guide. We’ve included clear examples, highlighted common mistakes, and provided straightforward instructions to help you avoid delays.
Check:
✅Include a bank certificate/balance letter. (Make sure it shows account number.
Avoid:
❌ Submitting incorrect or incomplete financial documents.
❌ Not matching the company details across all fincial documents.
❌ Submitting balance certificate without showing date or account number.
Check:
✅ Provide proof of residential address (not older than three months), such as: Utility bills for foreign shareholders outside of KSA.
✅ Government-issued documents with the address
For Non- Saudi Residents:
Avoid:
❌ Providing an expired proof of address.
❌ Submitting proof of the company address instead of the personal address.
❌ Not providing a declaration letter when living in a family home.
Check:
✅ Provide a clear copy of passports for all managers, partners, and board members (if they own more than 5%).
✅ If a passport is unavailable, provide National ID with front and back.
✅ A valid, clear Copy of their ID (front and back) or Tawaklna ID.
✅ A signed “No Passport Declaration Form” (special cases only).
✅ Provide an Iqama copy for all foreign Shareholders and Managers in the CR that live in Saudi Arabia.
Avoid:
❌ Submitting expired passports or IDs.
❌ Providing unclear or unreadable scans of identification.
❌ Sending an ID/Iqama instead of a passport when the passport is available.
❌Sending incorrect document for example ID/Iqama instead of passport, and national address for company instead of individual
❌ Do not submit if image is unclear
❌ Do not submit passport is cut off from side or face is blurred
Check:
✅ Provide a PDF copy of your CR.
✅ Ensure the CR is valid (check the bottom right corner for the expiry date).
✅ The CR number must match the one submitted in the form.
✅ Attach the CR for any parent/holding or contributing companies, and ensure these are also valid.
✅ For Professional Company CRs: No expiry date is required.
✅ For Shareholding Companies: Include a shareholder registration document if shareholders are not listed in the AOA.
Avoid:
❌ Submitting an expired CR (check the bottom right corner for the expiry date).
❌ Missing the CR for parent or contributing companies.
❌ Providing a CR without a QR code or not matching the form.
Check:
✅Provide the AOA/MOA for your company and any parent/holding company (if it owns
✅ Include all amendments to the AOA/MOA (if applicable).
✅ Ensure the AOA/MOA matches the CR, especially shareholders.
Avoid:
❌ Missing the AOA/MOA for parent companies owning more than 5%.
❌ Not including amendments or updated versions of the AOA/MOA.
❌ AOA/MOA information not matching the CR shareholders.
Check:
✅ Submit the latest audited financial statement from the previous year (e.g., if it’s 2024, we need the 2023 statement).
✅ Ensure the statement is certified and includes the auditor’s stamp.
✅ Ensure it includes all pages
Check:
✅ Provide a letter from the bank showing the company’s IBAN and name.
✅ The letter must not be older than one year.
Avoid:
❌ Submitting a letter without the company name or IBAN.
❌ Providing an outdated letter older than one year.
✅Provide an SME Size Certificate (downloadable from the Monshaat website).
Frequently Asked Questions
🏢 Company Information
- Company Commercial Registration, including the Commercial Registrations of any contributing companies or parent company (if applicable).
- Article of Association, including the contracts of any contributing companies or parent company (if applicable).
💰Financial Information
If the company is eligible for audited financial statement:
- Audited financial statements.
- Bank statement from the past month.
- A bank account information letter (IBAN) issued by the bank, displaying the company name to confirm ownership.
If the company isn’t eligible for audited financial statement:
- Certificate of SME Size.
- Bank statement from the past year, or from the date of registration if it’s less than a year.
- Bank certificate/balance.
- A bank account information letter (IBAN) issued by the bank, displaying the company name to confirm ownership.
👥 Shareholders & Managers
- Passport copy for the managers, partners and board members named in the article of association and the commercial registration. (If they own over 5%)
- A copy of the national address of the partners and directors mentioned in the contracts of association and commercial registration. (The copy must be recent and not expired.)
🏢 Establishment Information
- Commercial Registration
💰Financial Information
- Bank statement from the past year, or from the date of registration if it’s less than a year.
- A bank account information letter (IBAN) issued by the bank, displaying the company name to confirm ownership.
- Bank certificate/balance.
👥 Shareholders & Managers
- Copy of the passport for the owner listed in the Commercial Registration.
- Copy of the national address of the owner listed in the Commercial Registration. (The copy must be recent and not expired.)
You can easily request a bank certificate through your bank’s mobile application or website, (The steps may vary depending on the bank). For assistance, you can always contact your bank’s customer service for guidance
Share with us Monshaat SME certificate from here
From Ministry of Commerce here
Find template to fill out here or we can fill it out for you during our call
Compliance refers to adhering to legal and regulatory requirements that govern financial operations. Fintechs must comply with KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations to prevent money laundering and terrorist financing, ensuring safe and ethical operations.
KYB (Know Your Business) and KYC (Know Your Customer) are processes to verify the identity of businesses and individuals, ensuring they are legitimate and meet anti-money laundering (AML) regulations.
After you’ve submitted all the required information as instructed. Our compliance team will review it and respond up to 3 days either with feedback or approval to proceed to next steps.
Additional documents might be asked by the compliance team if needed, such as Iqama, National ID, USA ID, proof of address such as water or electricity bill.