1.The license applicant must complete the specific license application form as outlined in clause 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 that their application is complete after fulfilling all the requirements stipulated in the Finance Companies Control Law and its Implementing Regulations.

3. SAMA will inform the license applicant in writing—after the application is complete—of either the preliminary approval or reasoned rejection within (60) business days. SAMA'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 SAMA 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 SAMA 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 SAMA 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. SAMA 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.