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).