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Article 11: Requirements for Company Incorporation and Business Activity Registration

Effective from Jan 01 2024 - Nov 30 2021
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1-For a company under establishment, the founding members shall complete the requirements necessary to practice Debt-Based Crowdfunding within six months from the date of SAMA’s approval and provide SAMA with a copy of the Company’s commercial register stating the Debt-Based Crowdfunding activity, and a copy of the Company’s articles of association. In case of failure to complete the requirements set out in this paragraph within the specified period, the approval shall be deemed expired. SAMA may extend the period for another six months as a maximum.
 
2-For an existing company, SAMA shall be provided with a copy of the company’s commercial register stating the Debt-Based Crowdfunding activity within six months from the date of SAMA’s approval. In case of failure to submit the requirement set out in this paragraph within the specified period, the approval shall be deemed expired. SAMA may extend the period for another six months as a maximum.