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.