Article 5: License Requests

The Debt-Based Crowdfunding Company wishing to be licensed shall submit the license request to SAMA. Such request shall be accompanied by the following: 1- A completed license application form as provided by SAMA. 2- Articles of association . 3- A list of the founding members or shareholders, including the number and percentage of shares of each member or shareholder in the Company. 4- The Fit and Proper Form for founding members or shareholders, signed by every founding member or shareholder. 5- The Fit and Proper Form for board members, signed by every candidate for board membership. 6- An irrevocable bank guarantee for an amount equivalent to the minimum capital, issued in favor of SAMA by a bank licensed to operate in Saudi Arabia and renewed automatically until the capital is paid in full, if the license application is submitted for a company under establishment. Such guarantee shall be released upon the request of the license applicant in any of the following cases: i. If the capital is paid in cash. ii. If the license request is withdrawn. iii. If the license request is rejected by SAMA. 7- Draft agreements and proposed contracts with third parties. 8- The proposed business model of the Debt-Based Crowdfunding. 9- Any other documents, data, records or information required by SAMA.