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Fifth: Licensing Procedures

Date(g): 24/1/2024 | Date(h): 14/7/1445 Status: In-Force

Translated Document

Effective from Jan 24 2024 - Jan 23 2024
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  1. The applicant for the license must complete the specific license application form as outlined in sections Three and Four above, and submit it to SAMA along with all attachments specified in the checklist in the license application form.
  2. SAMA will notify the license applicant in writing of the completion of their application after fulfilling all the requirements stipulated in the Rules for Regulating Buy-Now-Pay-Later (BNPL) Companies.
  3. SAMA will inform the license applicant in writing—after the application is complete—of the preliminary approval or reasoned rejection within (60) business days from the date they are notified of the completion of their application. The preliminary approval from SAMA does not constitute a grant of the license or permission to engage in the activity.
  4. The application will be referred to the Ministry of Commerce to complete the company's establishment procedures and registration according to the Companies Law, or to complete the procedures for regularizing the status of an existing company. The company must provide SAMA with a copy of the commercial register, the Articles of Incorporation, and its bylaws after its establishment or regularization, along with proof of full capital payment and any additional initial funding outlined in the business plan, and take all necessary measures to start the activity, such as providing the necessary human resources, systems, and equipment.
  5. The company must provide SAMA with confirmation of obtaining a legal entity identifier from the Saudi operating unit accredited by the central registration unit (GLEIF) for the Legal Entity Identifier (LEI) system.
  6. Specialists in SAMA will visit the company's headquarters, meet with its officials, and review the systems, procedures, and records to verify compliance with regulatory requirements and the company's readiness to engage in the activity.
  7. SAMA will issue a decision to grant the license after the company has completed the requirements outlined in paragraphs (4) and (5) of this section.