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.