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Effective from 2020-10-10 - Oct 09 2020 To view other versions open the versions tab on the right
I.
The application for a license to practice Money Changing Business shall be submitted to SAMA. The following are the requirements for issuing the license:
a.
The legal form of the Money Changer shall be any of the following:
1.
a joint stock company;
2.
a limited liability company;
3.
a partnership;
4.
a sole proprietorship; or
5.
a foreign company branch licensed to conduct Money Changing Business.
b.
Each founding member of the Money Changer must meet the eligibility requirements specified by SAMA and any conditions related to the proposed legal form of the Money Changer.
c.
Provision of comprehensive and detailed information and data and any documents specified by SAMA for the Money Changer to be established. The following shall be attached to the application:
1.
A feasibility study that includes the business plan, the administrative structure and the future plan for Money Changing Business.
2.
An irrevocable bank guarantee for an amount equivalent to the capital issued in favor of SAMA. This guarantee shall be released upon the issuance of SAMA’s decision regarding the application.
3.
For companies' licensing applications, the memorandum of association, articles of association, and proposed ownership structure.
II.
SAMA may investigate the applicants by all means it deems appropriate to verify the submitted information, and the applicants shall provide SAMA with the necessary permissions.
III.
Upon the completion of procedures and all preparations for the head office, SAMA shall address the Ministry of Commerce to complete the procedures according to the system. Upon issuance of the commercial register, SAMA shall issue the license for the applicant.
