The Rules of Licensing Finance Support Activities set forth the provisions for licensing finance support activities. SAMA has produced the forms for license application and published them on its website, which can be accessed through the link:

Finance (sama.gov.sa)

1. The license application form must not be modified in any way. The license application and a copy must be submitted by the founders or their duly authorized representatives.
2. The required forms and documents stated in the license application form must be submitted in paper or electronic format, as the checklist indicates.
3. The terms and phrases mentioned in the license application form must have the same meanings stated in the Rules of Licensing Finance Support Activities. The term "applicant" must mean the founders or representatives of the company applying to obtain the approval of SAMA to complete the incorporation procedures and obtain a license to practice finance support activities.
4. The applicant must ensure that the information provided is valid, accurate, comprehensive, and complete. Providing SAMA with false information or failing to disclose material information that should have been disclosed for licensing purposes is considered a violation of the Rules of Licensing Finance Support Activities and may result in the rejection or cancelation of the application.
5. The license application and any inquiries about it can be submitted to the following e-mail: LICFCC@SAMA.GOV.SA

The forms and documents specified in the checklist in the license application form may be submitted in paper or using a USB flash drive containing identical electronic copies, as stated in Section IV below. The forms and documents may also be submitted electronically through the e-mail specified in Section II above. The original documents must be presented upon request.

1. License application letter (soft or hard copy).
2. License application form, as approved by SAMA, after completing all sections (soft copy).
3. A copy of the memorandum of association and the articles of association -if any- (soft copy).
4. A list of founding members or shareholders/partners, the shares they own in the company, and their percentage.
5. The organizational structure including all necessary departments and functions with their mandates (soft copy).
6. Fit and Proper Form approved by SAMA for each founding member after being completed, signed by each founding member, and approved by the person authorized to submit the license application (soft or hard copy).
7. Fit and Proper Form approved by SAMA for each candidate for membership in the board of directors after being completed and signed by the candidate and approved by the person authorized to submit the license application (soft or hard copy).
8. A feasibility study identifying the targeted market, the services to be offered, the company's business model and strategy, and the three-year business plan.
9. An irrevocable bank guarantee equal to the minimum capital of the activity issued by any local bank for SAMA and automatically renewed until the capital is paid in full.
10. As an exception to Paragraph (9) of this Section, the bank guarantee provided to companies that practice the activity only through financial technology must be equivalent to 20% of the minimum capital of the activity, provided that the minimum capital is paid before obtaining the final license.
11. Draft agreements and contracts proposed with third parties, especially agreements and contracts with related parties and external service providers (soft copy).

1. The applicant must complete the license application form according to Sections III and IV above and submit it to SAMA along with the documents specified in the application form's checklist.
2. SAMA will notify the applicant -in writing- of their application completion upon fulfilling all the requirements set forth in the Rules of Licensing Finance Support Activities.
3. After completion of the application, SAMA will notify the applicant -in writing- of its initial approval or reasoned rejection within 30 business days. SAMA's initial approval must not be considered a license or authorization to practice the activity.
4. The application will be referred to the Ministry of Commerce to finalize the procedures for establishing the company and registering it in accordance with the Companies Law. The company must provide SAMA with a copy of the commercial register indicating the activities licensed according to SAMA's initial approval (within six months from the initial approval date). Moreover, the company must provide a copy of the memorandum of association and the articles of association -if any-following the establishment. It shall also present proof of full payment of the capital and any additional initial funding indicated in the business plan, in addition to taking all necessary steps to start practicing the activity, such as recruiting human resources and procuring systems and equipment.
5. The company must provide SAMA with proof that the company has obtained the Legal Entity Identifier (LEI) from the Saudi Operating Unit accredited by the Global Legal Entity Identifier Foundation (GLEIF).
6. SAMA specialists will visit the company's premises, meet its executives, and review the regulations, procedures and records to verify that the regulatory requirements are met and that the company is ready to practice the activity.
7. SAMA will issue a decision to grant the license after the company fulfills the requirements mentioned in this Section's Paragraphs (4) and (5).

The Finance Companies Control Law and the Rules for Engaging in Debt-Based Crowdfunding set forth the provisions regulating licensing for debt-based crowdfunding activity. SAMA has prepared and published the required licensing forms on its website, which can be viewed through the following link: www.sama.gov.sa/ar-sa/Laws/Pages/Finance.aspx.

The forms and documents specified in the checklist in the license application may be submitted in hard copies or using a USB flash drive containing identical electronic copies, as stated in Section IV below. The forms and documents may also be submitted electronically through the e-mail provided in Section II above. The original documents must be presented upon request.

The Finance Companies Control Law, and the Rules for Regulating Buy-Now-Pay-Later(BNPL) Companies outline the provisions governing the licensing to engage in deferred payment activities. SAMA has prepared the necessary forms for applying for a license and published them on its official website.

1. The license application form may not be modified in any way. The license application form must be submitted by the founders or their authorized representative under a certified authorization with a copy attached.
2. The forms and documents specified in the license application must be submitted in electronic copies as shown in the list.
3. The terms and expressions used in the license application form shall have the meanings defined in the Finance Companies Control Law and the Rules for Regulating Buy-Now-Pay-Later (BNPL) Companies. The term "applicant" refers to the founders or shareholders of the company applying for SAMA's approval to complete the establishment and licensing procedures to engage in deferred payment activities.
4. The applicant must ensure the accuracy, completeness, and thoroughness of the information provided in the license application. Providing false information or omitting material disclosures that should have been made for licensing purposes constitutes a violation of the provisions of the Finance Companies Control Law and Article (7) thereof, and may result in the rejection or cancellation of the license application.
5. Applications for licensing and inquiries can be submitted via email.

The forms and documents specified in the checklist of the license application must be submitted electronically via the email provided in Section Two above, along with a commitment to provide the original documents upon request.

1. Letter of application for a license to Practice (BNPL) Activity (electronically).
2. license application form, as approved by SAMA, after completing all sections shown in the form (electronically).
3. A copy of the memorandum of association and the articles of association -if any- (electronically), and a copy of the commercial register and the memorandum of association and the articles of association (if applicable) for the existing company (electronically).
4. The organizational structure including all necessary departments and functions and the main tasks of each of them (electronically).
5. Fit and Proper Form approved by SAMA for each founder after being completed and signed by the founder, and approved by the person authorized to submit the license application (electronically).
6. Fit and Proper Form approved by SAMA for each candidate for membership in the board of directors and subcommittees after being completed and signed by the candidate and approved by the person authorized to submit the license application (electronically).
7. Economic feasibility study and business plan, according to the details specified in the license application form.
8. An irrevocable bank guarantee in an amount equivalent to 20% of the minimum capital for the activity to be licensed, by any local bank for SAMA, which is automatically renewed until the full capital is paid (electronic copy with a commitment to provide the original bank guarantee letter upon request).

1. The license applicant must complete the specific license application form as outlined in sections Three and Four above, and submit it to SAMA along with all attachments specified in the checklist in the license application form.
2. SAMA will notify the license applicant in writing of the completion of their application after fulfilling all the requirements stipulated in the Rules for Regulating Buy-Now-Pay-Later (BNPL) Companies.
3. SAMA will inform the license applicant in writing—after the application is complete—of the preliminary approval or reasoned rejection within (60) working days from the date they are notified of the completion of their application. The preliminary approval from SAMA does not constitute a grant of the license or permission to engage in the activity.
4. The application will be referred to the Ministry of Commerce to complete the company's establishment procedures and registration according to the Companies Law, or to complete the procedures for regularizing the status of an existing company. The company must provide SAMA with a copy of the commercial register, the Articles of Incorporation, and its bylaws after its establishment or regularization, along with proof of full capital payment and any additional initial funding outlined in the business plan, and take all necessary measures to start the activity, such as providing the necessary human resources, systems, and equipment.
5. The company must provide SAMA with confirmation of obtaining a legal entity identifier from the Saudi operating unit accredited by the central registration unit (GLEIF) for the Legal Entity Identifier (LEI) system.
6. Specialists in SAMA will visit the company's headquarters, meet with its officials, and review the systems, procedures, and records to verify compliance with regulatory requirements and the company's readiness to engage in the activity.
7. SAMA will issue a decision to grant the license after the company has completed the requirements outlined in paragraphs (4) and (5) of this section.

The Finance Companies Control Law and its Implementing Regulations outline the provisions governing the licensing for conducting financing activities and refinancing operations. The Central Bank has prepared the necessary forms for applying for a license and published them on its official website, which can be accessed through the following link: sama.gov.sa/ar-sa/Finance/Pages/FinanceForms.aspx. 

1. It is prohibited to modify the license application form in any way. The license application form must be submitted by the founders or their authorized representatives, accompanied by a certified authorization copy.
2.  The forms and documents specified in the license application must be submitted in either paper or electronic copies as indicated in the list. 

3. The terms and phrases in the license application form shall have the meanings specified in the Finance Companies Control Law and its Implementing rules.

   The term "Applicant" refers to the founders or shareholders of the company seeking the Central Bank's approval to complete the establishment and licensing procedures for conducting financing activities and refinancing operations. 

4. The applicant must ensure the accuracy, precision, comprehensiveness, and completeness of the information provided in the license application. Providing false information to the Central Bank or omitting to disclose essential information that should have been disclosed for licensing purposes is a violation of the provisions of the Regulation on Monitoring Finance Companies and Article 7 thereof, which may lead to the rejection or cancellation of the license application.
5. Applications for licensing and inquiries regarding license requests can be submitted via email at (LICFCC@SAMA.GOV.SA).

The forms and documents specified in the checklist of the license application must be submitted in paper format along with a USB storage device containing an electronic copy that matches the paper version, as outlined in clause four below. Alternatively, they may be submitted electronically via the email mentioned in clause two above, with a commitment to provide the original documents upon request.

1.  A letter requesting to apply for a license to conduct financing activities (in paper or electronic format).
2.  The License Application Form approved by the Central Bank, completed according to the sections outlined in the form (electronically).
3.  A copy of the draft incorporation contract and the draft company bylaws (electronically).
4.  A description of the organizational structure, including all necessary departments and functions along with their primary tasks (electronically).
5.  The Fit and Proper form from the Central Bank for each founder, completed, signed by the founder, and certified by the authorized person submitting the license application (in paper and electronic formats).
6.  The approved suitability requirement form from the Central Bank for each candidate for the Board of Directors and subcommittees, completed, signed by the candidate, and certified by the authorized person submitting the license application (in paper and electronic formats).
7.  A detailed economic feasibility study and business plan, according to the specifics outlined in the license application form.
8.  An irrevocable bank guarantee equivalent to the minimum capital requirement for the proposed licensed activity, issued in favor of the Central Bank by a local bank, automatically renewed until the full capital is paid (in paper or an electronic copy with a commitment to provide the original bank guarantee letter upon request).
9.  Proposed drafts of agreements and contracts with third parties, especially agreements and contracts with related parties and external service providers (electronically).

1.The license applicant must complete the specific license application form as outlined in sections three and four above and submit it to the Central Bank along with all attachments specified in the checklist in the license application form.

2. The Central Bank will notify the license applicant in writing that their application is complete after fulfilling all the requirements stipulated in the Finance Companies Control Law and its Implementing Regulations.

3. The Central Bank will inform the license applicant in writing—after the application is complete—of either the preliminary approval or reasoned rejection within (60) business days. The Central Bank's preliminary approval does not constitute the granting of a license or permission to conduct activities.

4. The application will be forwarded to the Ministry of Commerce to complete the company's establishment procedures and registration according to the Companies Law. The company must provide the Central Bank with a copy of its commercial registration, incorporation contract, and bylaws after establishment, along with proof of full capital payment and any additional initial funding outlined in the business plan, and take all necessary steps to commence operations, such as providing required human resources, systems, and equipment.

5. The company must provide the Central Bank with confirmation of obtaining a Legal Entity Identifier (LEI) from the approved Saudi operating unit of the Global Legal Entity Identifier Foundation (GLEIF).

6. Specialists at the Central Bank will visit the company's premises, meet with its officials, and review systems, procedures, and records to verify compliance with regulatory requirements and the company's readiness to conduct activities.

7. The Central Bank will issue a decision to grant the license after all regulatory requirements are met and the applicable fees, specified in Article 22 of the Implementing Regulation of the Finance Companies Control Law, are paid.