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Article 14

No: 000044093096 Date(g): 13/6/2023 | Date(h): 24/11/1444 Status: In-Force

Translated Document

Effective from Jun 13 2023 - Jun 12 2023
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  1. It is required that the legal form of the licensee be a joint-stock company, if the license applicant is a large electronic money company, a large payments company or a small electronic money company.
  2. The legal form of the entity licensed as a small payments company is required to be a joint-stock company, a simplified joint-stock company or a limited liability company.
  3. The applicant shall complete the procedures for establishing the company within one hundred and eighty days from the date of granting the preliminary approval and provide SAMA with a copy of the commercial register and the articles of association, in a manner consistent with the activities stipulated in the preliminary approval.