Article 5: License Application

Effective from Jan 01 2024 - Feb 29 2020
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The applicant for a license to practice finance support activities shall submit the license application to SAMA. The request shall specify the activities to be licensed, and shall be attached with the following:
	1-	a completed license application in the form provided by SAMA;
	2-	memorandum of incorporation and articles of association (if any) of the company;
	3-	a list of founding members or shareholders and partners and the shares they own in the company and the percentage thereof; an irrevocable bank guarantee, if the applicant is a company in the process of incorporation, with an amount equivalent to the minimum capital for the support activity(ies), issued in favor of SAMA by a domestic bank and automatically renewed until the capital is paid in full. This guarantee shall be released upon the request of the founding members in the following cases:
		i.	if the capital is paid in cash;
		ii.	if the license application is withdrawn; or
		iii.	if the license application is rejected by SAMA.
	4-	draft agreements and proposed contracts with third parties; and
	5-	Any other documents, data, and information required by SAMA.