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Article (7)

No: أق/13709 Date(g): 21/8/2011 | Date(h): 22/9/1432

The license term is five years, renewable according to the conditions and procedures applicable upon such a renewal. SAMA will charge a one-time off fee upon issuance of the license amounting to 1% of the company's paid up capital, and another fee amounting to 0.5% of the company's paid up capital upon renewal of the license. Renewal application shall be submitted at least 6 months prior to the license expiry date.