V. Licensing Procedures
Effective from Jan 01 2024 - Dec 31 2023
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| 1. | The license applicant must complete the license application as described in Sections III and IV above and submit the application to SAMA along with all the attachments listed in the application's checklist. |
| 2. | SAMA will notify the license applicant, in writing, of the completion of their application upon fulfilling all the requirements stipulated in the Rules of Licensing Finance Support Activities. |
| 3. | After completion of the application, SAMA will notify the applicant, in writing, of its initial approval or reasoned rejection within 60 business days from the application completion notification. SAMA's initial approval must not be considered a license or permission to practice the activity. |
| 4. | The application will be referred to the Ministry of Commerce to complete the company incorporation and registration procedures in accordance with the Companies Law or to complete the regularization procedures for the existing company. The company must provide SAMA with the following: a. a copy of the commercial register, the memorandum of association, and the articles of association after the company's establishment or regularization. b. proof of full payment of the capital and any additional initial funding indicated in the business plan. c. proof that all necessary steps to start practicing the activity have been taken, such as recruiting human resources and procuring systems and equipment. |
| 5. | The company must provide SAMA with proof that the company has obtained the Legal Entity Identifier (LEI) from the Saudi Operating Unit accredited by the Global Legal Entity Identifier Foundation (GLEIF). |
| 6. | SAMA's staff will visit the company's premises, meet the executives, and review the regulations, procedures and records to verify that the regulatory requirements are met and that the company is ready to practice the activity. |
| 7. | SAMA will issue a decision to grant the license after the company fulfills the requirements mentioned in this Section's Paragraphs (4) and (5). |