Effective from Dec 01 2021 - Nov 30 2021 To view other versions open the versions tab on the right
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.
5-
The Fit and Proper Form for board members, signed by every candidate for board membership.
6-
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If the license request is withdrawn.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.
