Effective from Mar 01 2020 - Feb 29 2020 To view other versions open the versions tab on the right
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if the license application is withdrawn; or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.
Book traversal links for Article 5: License Application