II. License Application Instructions for Debt-Based Crowdfunding
Status: In-Force
1.
The license application must not be modified in any way. The license application and a copy thereof must be submitted by the founders or their duly authorized representative.
2.
The forms and documents listed in the license application must be submitted in hard or soft copies, as specified in the checklist.
3.
The terms and phrases mentioned in the license application shall have the same meanings stated in the Finance Companies Control Law and the Rules for Engaging in Debt-Based Crowdfunding. The term "Applicant" shall mean the founders or shareholders of the company applying to obtain SAMA's approval to complete the incorporation procedures and obtain a license to practice debt-based crowdfunding activity.
4.
The applicant must ensure that the information provided in the license application is valid, accurate, comprehensive, and complete. Providing SAMA with false information or omitting material information that should have been disclosed for licensing purposes shall be deemed a violation of the Finance Companies Control Law, in particular Article 7 thereof, and may lead to the rejection of the license application or cancellation of the license.
5.
The license application and inquiries can be submitted through the following e-mail: (LICFCC@SAMA.GOV.SA).
