The Debt-Based Crowdfunding Company wishing to be licensed shall submit the license request to SAMA. Such request shall be accompanied by the following:
1-
A completed license application form as provided by SAMA.
2-
Articles of association.
3-
A list of the founding members or shareholders, including the number and percentage of shares of each member or shareholder in the Company.
4-
The Fit and Proper Form for founding members or shareholders, signed by every founding member or shareholder.
An irrevocable bank guarantee for an amount equivalent to the minimum capital, issued in favor of SAMA by a bank licensed to operate in Saudi Arabia and renewed automatically until the capital is paid in full, if the license application is submitted for a company under establishment. Such guarantee shall be released upon the request of the license applicant in any of the following cases:
i.
If the capital is paid in cash.
ii.
If the license request is withdrawn.
iii.
If the license request is rejected by SAMA.
7-
Draft agreements and proposed contracts with third parties.
8-
The proposed business model of the Debt-Based Crowdfunding.
9-
Any other documents, data, records or information required by SAMA.
