III. Documentation Requirements

Effective from 2013-05-12 - May 11 2013
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Hardcopy of the Application and Documents Listed on the Licensing Application's Checklist are to be Submitted Along with a CD or USB Containing an Identical Softcopy of the Completed Licensing Application.
	1.	Documents that are required to be attached as part of the New Financing Company application:
		a.	A hardcopy and an identical softcopy of completed license application form as set by SAMA, in accordance with the sections identified in the application.
		b.	Copies of the draft memorandum of incorporation and articles of association as per the form set by SAMA.
		c.	An organizational structure, including all necessary departments and functions and key responsibilities of each.
		d.	Fit and proper form as set by SAMA for each founding shareholder after it is completed, signed by the founding shareholder, and attested by the person authorized to submit the license application.
		e.	Fit and proper form as set by SAMA for each board member after it is completed, signed by each board member, and attested by the person authorized to submit the license application.
		f.	Feasibility study, in accordance with the details identified in the license application form.
		g.	Business plan for the financing company, in accordance with details identified in the license application form.
		h.	Irrevocable bank guarantee should at a minimum be equal to the minimum capital of financing activity or activities to be licensed, according to the form set by SAMA, issued by any local bank for SAMA, and is automatically renewed until the capital is paid in full.
		i.	Draft agreements and contracts with third parties especially those with related parties or external service providers.
	2.	Documents required to be attached as part of Existing Financing Company application:
		a.	A hardcopy and an identical softcopy of completed license application form as set by SAMA, in accordance with the sections identified in the application.
		b.	Copies of the memorandum of incorporation and articles of association along with copies of draft modified memorandum of incorporation and articles of association as per the forms set by SAMA
		c.	An organizational structure, including all necessary departments and functions and key responsibilities of each.
		j.	Fit and proper form as set by SAMA for each shareholder after it is completed, signed by the shareholder, and attested by the finance company.
		k.	Fit and proper form as set by SAMA for each board member after it is completed, signed by the board member, and attested by the finance company.
		l.	Fit and proper form as set by SAMA for each member of senior management after it is completed, signed by the member, and attested by the finance company.
		d.	Feasibility study, in accordance with the details identified in the license application form.
		e.	Business plan for the financing company, in accordance with details identified in the license application form.
		f.	Bank guarantee shall be issued for an amount equaling the difference between the minimum capital for the business and finance activities requiring a license and the paid-up capital for the finance Company; the guarantee shall be as per the form set by SAMA for the finance Company whose paid-up capital is less than the minimum capital for business or the finance activities requiring a license.
		g.	Copies of agreements and contracts with 3rd parties especially agreements with related parties or external service providers; in addition to copies of the draft agreements and the proposed contracts.
		h.	Valid DZIT certificate.
		i.	A copy of the Company's commercial registration.
		j.	Certificate from the Labor Office includes details of current employees and Saudization.
		k.	Foreign investor license from SAGIA (applicable to foreign shareholders only).
		l.	Certificate issued by GOSI to prove the Company's participation in GOSI.
		m.	Audited financial statements for previous 3 years.
	3.	Documents that are required to be attached as part of the License Application for a Bank to practice Real Estate Finance and Financial Lease:
		a.	A hardcopy and an identical softcopy of completed license application form as set by SAMA for a Bank to practice Real Estate Finance and Financial Lease, in accordance with the sections identified in the application.
		b.	Description of organizational structure of the functional units related to real estate finance and financial lease activities, including associated functions, organizational relations and key responsibilities of each.
		c.	Feasibility study, in accordance with the details identified in the license application form.
		d.	Business plan according to the details identified in the license application form.
		e.	Agreements and contracts with third parties in relation to activities to be licensed, especially agreements and contracts with related parties and external service providers, in addition to drafts of proposed agreements and contracts.

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