Article 5: License Requests

Effective from Jan 01 2024 - Nov 30 2021
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The license request shall be submitted to SAMA by the Debt-Based Crowdfunding Company wishing to be licensed. The request shall be accompanied by the following:
	1-	A completed license application form as provided by SAMA.
	2-	The Debt-Based Crowdfunding Company’s memorandum of association and articles of association.
	3-	A list of the founding members or shareholders of the Debt-Based Crowdfunding Company, including the number and percentage of shares of each member or shareholder in the Company.
	4-	Where the license applicant is a company under establishment, 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. This 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	If the license request is withdrawn.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.
	5-	Draft agreements and proposed contracts with third parties.
	6-	The proposed business model of the Debt-Based Crowdfunding Company.
	7-	Any other documents, records, data and/or information requested by SAMA.