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Fourth: Documents to be Attached with the License Application

Status: In-Force

Translated Document

  1.  A letter of application for a license to conduct finance activities (in paper or electronic format).
  2.  The License Application Form approved by SAMA, 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 SAMA 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 SAMA 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 SAMA 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).