Required Documents for Establishment Application:
1. Establishment Application: A formal application form detailing the names of the founders and their respective shareholding percentages.
2. Identity Documents: Copies of the personal identity documents for each founder. For legal entity founders, provide the commercial registration certificate, the company's articles of association or deed of association, and copies of the personal identity documents for each member of the legal entity's Board of Directors.
3. Draft Articles of Association: A copy of the draft articles of association for the company, which must include the following:
· Company Type (The legal structure of the company (e.g., limited liability company, joint stock company).
· Company Duration: The specified period for which the company is established.
· Company Purpose: A clear description of the company's primary business objectives and the scope of its operations.
· Company Capital.
· Increase in Company Capital.
· Wavering of Share.
· Modification of Company Purpose.
o An economic feasibility study for the proposed electronic payment, prepared by a specialized entity. This study should be accompanied by detailed information about the electronic payment system, its tools, and its channels.
Terms and conditions of Licensing, Registration, Authorization of Commencement and Necessary Documents:
1. Providing Suitable Headquarters for the Company: The company must secure appropriate premises for its headquarters at the address specified in the company's articles of association or commercial register. The office space must meet the standard specifications that suit the company's activity.
2. Supplying, Installing and Operating the Technical Infrastructure and Information Systems: The company must supply and install the technical infrastructure and information technology systems necessary to practice the activity, according to the relevant applicable decisions.
3. Providing Sufficient and Qualified Personnel: The company must provide sufficient qualified personnel with the competencies necessary for the company's administrative, financial, legal, investment, technical, and technological works.
4. Preparing detailed operations manuals and policies and work mechanisms for all the company’s activities, provided that they include at a minimum the following:
ü Processes and mechanisms of providing the services of the company for which a license is required.
ü The company’s administrative structure and internal instructions, including at a minimum and clearly (a risk management unit - a continuity and emergency response plans unit - an internal audit unit - a technical and technical management unit - a customer service management unit).
ü Record of Data for the general manager and heads of units in the company, including the following documents and information: Copies of personal identification documents - Non-public servant status document - non-convicted document - Curriculum vitae and educational certificates and qualifications - Job title in the company.
ü The risk management system, privacy and information security policies, continuity and emergency plan, sound governance policy for carrying out the activity, and executive procedures, which must include, at a minimum, procedures for securing and protecting electronic operations and preserving and storing data associated with the electronic payment system and customers against disclosure, misuse, damage, destruction, loss and theft, especially in the event of Service interruption at one of the stages of the electronic process, and data protection procedures in accordance with national laws and standards.
o Nominating a general manager for the company who possesses the necessary qualifications and experience to manage the company’s activity. The company shall provide a statement of the general manager’s experience according to the following:
5. The Experience Statement must be submitted in Arabic or, if originally issued in another language, translated into Arabic by a certified translator and then duly certified.
6. The Experience Statement must be issued within the same year as its submission.
7. The general manager must have a minimum of 10 years of relevant experience. Multiple Experience Statements may be submitted to meet the minimum experience requirement.
8. Supporting documentation must be provided to verify the accuracy of the information contained in the Experience Statement.
9. The entity issuing the Experience Statement for the general manager must be a Syrian or foreign company or institution that demonstrably operates in the field of electronic transactions or electronic payments. The company submitting the Experience Statement must provide supporting documentation, such as certificates or business licenses, to verify the issuing entity's area of operation.
10. The general manager must hold at least a Bachelor's degree in Economics, Business Administration, or Information Technology.
11. The general manager's experience must be technical or technological in nature and directly related to electronic services, transactions, e-commerce, or electronic payments.
12. Concluding an agreement with at least one bank or social banking financial institution, taking into account the roles, responsibilities and terms and conditions of the services that are the subject of the agreement in accordance with the relevant effective decisions.
Provisions and Conditions Relating to the Company's Activities:
a. The licensed company may collaborate with one or more banks or social banking financial institutions, subject to the approval of the Central Bank of Syria in accordance with applicable regulations.
b. The company may enter into contracts with entities that issue bills or financial claims, upon obtaining approval from the relevant bank or social banking financial institution, in accordance with applicable regulations and without conflicting with the mandates and tasks of the Syrian Electronic Payments Company.
c. All operational and service delivery systems implemented by the licensed company must obtain approval from the bank or social banking financial institution it collaborates with and from the Central Bank of Syria.
d. The licensed company's activities are subject to the supervision and oversight of the Monetary and Credit Council in accordance with applicable regulations.
e. The licensed company is not permitted to own real estate except for those necessary for its operations.
f. The company's license shall be revoked by law if the company fails to commence its activities within six months from the date of notification of the license decision.
g. The company's license shall be revoked in the following cases:
1. The company's license shall be revoked if it fails to enter into an agreement with a commercial bank or a social banking financial institution within six months from the expiration date of the company's last agreement.
2. The company's license shall be revoked if it ceases its activities for a continuous period of one month or more.
3. The company's license shall be revoked if it violates any laws while carrying out its activities.
4. The licensed company may not engage in cash-out or cash-in operations while performing electronic payment activities in collaboration with commercial banks or social banking financial institutions.
5. The licensed company must implement information security, encryption, and national electronic signature standards in its electronic payment services.
6. The licensed company shall be subject to all relevant Syrian laws and regulations, particularly: The Banking Secrecy Law. The Anti-Money Laundering and Counter-Terrorism Financing Law. The Electronic Transactions Law. The Electronic Signature Law. The Network Services Law. The Electronic Crime Law. Decision No. 115/M.C of 2017 concerning the Central Bank of Syria's commissions. Decision No. 741/M.C of 2021 concerning the determination of the maximum commission for payment or purchase transactions collected by commercial banks and electronic payment companies through electronic payment channels.
7. Companies implementing a locally or internationally developed system for the first time must submit local or international standard test certificates for the system that comply with CMMI/ISO standards to prove its reliability and efficiency of continuity within the banking sector.
