Service Documents:
1. Written Application: The application must include the names of the founders and their respective shareholding percentages, as well as the names of the members of the board of directors or managers for the founders who are legal persons.
2. Recent Criminal Record Extract: A recent criminal record extract or an equivalent document for all founders and members of the board of directors or managers.
3. Regulatory authority approval: Regulatory authority approval for non-Syrian legal persons to contribute to establishing a company in Syria.
4. Identity Documents:
5. Copy of the personal ID card for each founder or passport for non-Syrians.
As well as commercial registration for founders contributing to the establishment, along with the company's articles of association or deed of association.
6. Identity Documents for Board Members and Executives: Copy of the personal ID card or passport for non-Syrians for each member of the board of directors of the legal person participating in the establishment and its general manager, the board of directors, or the board of partners, according to the legal form of the legal person.
7. Articles of Association: The draft articles of association, including the services to be provided in accordance with Legislative Decree No. /29/ of 2011. It shall include the role of banks in providing the service - depending on its type - through the company's obligation to conclude a contract with one of these banks in accordance with the provisions of Law No. /28/ of 2001, Law No. /23/ of 2002, and Legislative Decree No. /29/ of 2011. The Central Bank of Syria may request the amendment of the articles of association or the inclusion of provisions that do not conflict with the laws and regulations in force in order to ensure the proper performance of the service and the rights of customers.
8. Statement of Experience and Knowledge: A detailed statement of experience and knowledge in the field of electronic payment and collection, prepared in accordance with the template approved by the Central Bank of Syria.
9. A copy of the Statement of Means: A statement of the electronic means and channels for providing the services and their mechanisms.
REQUIREMENTS:
1. The applicant must clearly define the electronic payment and collection services it intends to offer in its articles of association or deed of association. Any new electronic payment and collection services proposed by the company require prior approval from the Central Bank of Syria. If necessary, the company's articles of association or deed of association must be amended to reflect the approved services.
2. The founders must have financial solvency commensurate with the services provided.
3. Applicants for incorporation must have at least two years of experience in the field of electronic payment and collection, provided that the contribution percentage of founders with experience is not less than 25% of the capital.
4. The licensed company must adhere to:
ü The minimum-security standards aligned with internationally recognized standards pertaining to electronic payment and collection services.
ü The establishment of a dedicated risk management unit.
ü Ensuring Service Continuity.
ü Electronic banking operations controls according to the nature of the services they provide
5. Supervision and Oversight by the Central Bank of Syria: The company's operations are subject to the supervision and oversight of the Central Bank of Syria in accordance with the applicable laws and regulations.
6. Issuance of Electronic Payment Cards: All types of electronic payment cards are exclusively issued by Syrian banks operating in Syria.
7. Companies wishing to operate in the field of electronic payment may enter into agreements with banks to issue co-branded cards (Co-branded) under special contracts. These contracts shall define the roles and responsibilities of each party, ensuring compliance with the following: The management of electronic payment balances remains exclusively the responsibility of banks, regardless of the funding method, whether through cards of all types or any other means.
8. All electronic payment balances, regardless of the funding method, whether through cards of all types or any other means, are guaranteed 100% by Syrian banks operating in Syria.
9. The mechanisms for covering and replenishing electronic payment balances, as well as the distribution of payment tools and channels, are determined by special agreements between Syrian banks operating in Syria and electronic payment companies. These agreements must comply with the aforementioned controls.
10. The Central Bank of Syria may revoke its initial approval for granting an electronic payment license if the company fails to complete the registration procedures within one year from the date of the initial approval decision. An extension may be granted if the company provides justified reasons and the Management Committee of the Central Bank of Syria deems it appropriate.
11. The Central Bank of Syria may revoke an electronic payment license by a reasoned decision in case of the company's violation of the laws, regulations, and instructions issued by the Central Bank or other competent authorities.
12. Administrative measures, penalties, and fines imposed for violations related to electronic payment activities shall be governed by Legislative Decree No. 21 of 2011 and its related instructions. The severity of these penalties will be determined based on the seriousness of the violation and any instances of repetition
13. Cards specifically issued by telecommunications companies and internet service providers for collecting payments for their services are not subject to the provisions of this decision, provided that these cards are not used for any other payment services, and these companies may not partner with banks to practice this activity.
Businesses
Governmental entities
