Finance Companies Control law

First: The founders of a finance company or their representatives shall apply to SAMA for a license in accordance with the following conditions: 1. Submission of the organizational structure of the company, operation systems and an investment plan demonstrating its technical capability to engage in finance activities in accordance with the Regulations; 2. The capital of the company shall not be less than the amount specified by SAMA, and not less than the amount specified under the Companies Law. The foreign share in the capital, if any, shall not exceed the percentage specified by SAMA; 3. Each founding member of the company shall be legally competent and shall not: a. be in default of any obligation against his creditors; b. be in breach of the provisions of the Capital Market Law and its Regulations, the Banking Control Law, the Cooperative Insurance Companies Control Law or finance laws; c. have been declared bankrupt; d. be convicted of any crime impinging on integrity, unless rehabilitated pursuant to laws or as specified under the Regulations. 4. The persons nominated to perform monitoring and executive duties in the company shall satisfy professional competence requirements, in addition to the following: a. possess theoretical and practical knowledge in finance; b. not be in breach of the provisions of the Capital Market Law and its Regulations, or convicted of violating the Banking Control Law, the Cooperative Insurance Companies Control Law or finance laws; c. have not been convicted of a crime impinging on integrity, unless rehabilitated pursuant to laws or as specified under the Regulations. 5. Satisfy any other condition stipulated by the Regulations for issuing the license. Second: SAMA shall, upon completion of the application, issue its decision of approval or reasoned rejection within a period not exceeding 60 days. In making its decision, it shall observe the competitiveness and integrity of the industry and quality of services. Third: Upon approval, applications shall be referred to the Ministry of Commerce and Industry to complete company incorporation and registration in accordance with the provisions of the Companies Law. Fourth: Upon completion of the incorporation of the company and issuance of the commercial registration, SAMA shall issue the license permitting the company to practice. The license term shall be five years. Fifth: The Regulations shall specify the fees for issuing, renewing and amending the license.