4. The Application Consists of 2 Parts, Namely:

 a. Main application form.

 b. Supporting documents and checklist for completeness. 

The applicant must submit the license application form and the documents shown in the follow-up list after completing the signature and legal approval to support the application for obtaining the license. The applicant is also obliged to provide any other additional information required by SAMA after submitting the application.

5. Main Document that Should be Submitted with the Licensing Request:

a. The license application form approved by the organization after completion according to the sections described in the form.

b. The company's letter to apply for a license to provide payment services, in addition to the shareholders decisions to support the request to obtain SAMA license. 

c. A copy of the founding contract (AOA), and the drafted company bylaw, indicating the names of the owners and their shares of ownership. 

d. A diagram of the organizational structure, including details of the board structure and senior management positions. 

e. Fit and proper form as set by SAMA (including ID and CVs) for each founding shareholder and board member after it is completed, signed by the founding shareholder, and attested by the person authorized to submit the license application. 

f. An irrevocable bank guarantee amount equivalent to the minimum capital as described and required for each type of license, issued for the benefit of SAMA from a local bank, and automatically renewed until the full capital is repaid. 

g. Proof of the commercial register from the Ministry of Commerce or license from the Ministry of Investment to existing companies. h. Any of the other documents supporting the license application in accordance with article 6.6 of the Payment Services Providers Regulations.

6. The Applicant must Complete the Application as Follows:

a. The applicant needs to be legally authorized to submit the request. 

b. All questions must be answered in full and the abbreviations are must be avoided. 

c. Every part of the form should be completed. If any question is not relevant, state not applicable, and, if appropriate, give brief reasons. Failure to do so may result in an incomplete application. 

d. Please ensure all attachments are typed out and clearly labelled. 

e. Avoid compressed and large size files. 

f. Application form and all supporting documents need to be officially signed, stamped and approved