-        Service Description:

Permitting the establishment of new private banks

-        Service documents:

-         Form: Expresses the interest in establishing a bank.

-         Financial solvency under a guarantee or a bank transfer by an approved bank: A statement of the financial solvency and receivables of each of the founders, including the duly audited financial statements for the last three years of the legal persons, and a statement of capital adequacy before and after the establishment.

-        Statement of Criminal and Administrative Sanctions: A comprehensive statement detailing any criminal convictions or administrative penalties previously imposed on any of the founders.

-        Names of Authorized Representatives: A recent notarized power of attorney granted to the authorized representative to follow up on licensing and registration procedures.

-        Economic feasibility study: A copy of the economic feasibility study for the establishment of the bank.

-        The company’s Articles of Association: Duly certified articles of association of the legal entities participating in the establishment and its commercial register.

-        Curriculum Vitae of Founders and Board Members: Each individual founder must provide a signed and dated CV that clearly outlines their previous experience, current activities, and current residence.

-        Data on the names of members of the board of directors: Data on the names of the members of the board of directors of the contributing legal entities and data on the names of the major shareholders.

-        Application: Official license application.

-        Approval of the public sector’s contribution to the bank: Approval of the competent supervisory authority for the Syrian public sector’s contribution to the establishment.

-        Organizational structure: An organizational structure of the bank to be established.

-        Economic feasibility study: A detailed and accurate study of the economic feasibility of the bank to be established.

-        Estimated budget: The estimated budget for the first three years of the bank to be established.

-        Data on the names of the companies in which the founders contribute: Data on the names of the companies and institutions in which each legal founder contributes, the amount of the founder contribution, his/her membership in the boards of directors, and clarification of whether he/she is a general manager, the nationalities of the companies and institutions, and the addresses of their main headquarters.

-        Statement of financial situation: A statement of the financial situation of joint liability companies or stores.

-        Statement of the financial situation: A statement of the financial situation of each of the joint-liability companies, commercial, industrial, or service companies, and the agricultural property owned or shared by each natural founder, and the type of activity. The statement should be certified by a chartered accountant and by the relevant chambers.

-         Statement of the financial solvency: A statement of the financial information and an accurate assessment of the financial liabilities of each of the legal founders, as well as any significant useful information in examining the application and whether one of them has declared bankruptcy in the past.

-        Payment Notice: Payment of 500.000 Syrian pounds for examination and investigation expenses. 

-        Curriculum Vitae: A detailed CV indicating the professional and banking expertise and the academic qualifications of each founder.

-        Statement of work and familial connections: A statement of familial and work connections (blood relatives or in-laws) between the founder and the rest of the founders or between the founder and the chairpersons, members of the boards of directors, and the general managers in companies and institutions contributing to the establishment of the institution

-        Copy of personal ID: A copy of the personal ID and an unexpired proof of residence for each founder individually.

-        Criminal record extract: An unexpired criminal record extract of each founder.

-         Data on the names of the members of the board of directors of the contributing legal entity: Data on the names of the chairperson and the board of directors’ members and the general manager of each legal entity participating in the establishment of the bank, their nationalities, and their shares in the contributing legal entity.

-         Statement of Shareholdings of Key Executives: A comprehensive statement detailing the shareholdings of the chairperson of the board of directors, board members, and general manager in other companies and institutions. This statement must specify the names of the companies and institutions involved, as well as the number of shares held by each individual in those entities.

-        Financial information of the board members: financial information and creditworthiness statement for each Board Member is required. This statement, verified by a certified accountant, must provide a detailed overview of their financial situation, including a thorough assessment of their creditworthiness and any relevant material information regarding their financial history. Additionally, the statement must disclose if any board member has filed for bankruptcy in the past. the statement must also be endorsed by the relevant Chamber of Commerce and Industry or Chamber of Agriculture.

-        CV: A detailed statement indicating the professional and banking experiences and the academic qualifications of the board of directors and members of the boards of directors of legal entities contributing to the establishment of the bank.

-        Statement of work and familial connections: A statement of familial and work connections between the founder and other natural founders.

-        Personal ID: A copy of the personal ID and an unexpired proof of residence for each of them.

-        Criminal record extract: An unexpired criminal record extract of each of them.

-        Licensing decision: Licensing decision issued by The Presidency of Council of Ministers.

-        Registration application: An application for listing the bank in the banking registry at the Banking Supervision Department, including the following: Authorized capital, paid capital, and the expected date of commencement of work. The number of subscribed shares, the nominal share value, the number of shareholders, the value of subscriptions in Syrian pounds and US dollars, the coverage ratio, and a copy of the allocation decision attached to a table that includes the names of shareholders and the number of shares owned by each of them, both in a hard copy and an electronic copy form. Headquarters address - E-mail, telephone number, and fax.

-        Account opening Application: An application by the founders to open an account in Syrian pounds and a foreign currency account under the name of the bank under established in order to deposit their capital contributions.

-        Payment of capital contributions: Receipt of confirmation notices indicating that the founders have paid their respective capital contribution percentages in accordance with the laws and regulations in force at the Central Bank of Syria.

-        Transfer of subscription value: A transfer notice indicating that the entirety of the subscriptions value has been transferred to the current opened accounts opened at the Central Bank of Syria.

-        Minutes of meeting: A copy of the minutes of the meeting of the founding general assembly certified by the Ministry of Economy and Foreign Trade, and a copy of the minutes of the first board of directors meeting.

-        Application to open a frozen account: An application to open an account in Syrian pound currency and foreign currency under the name of the bank at the Central Bank of Syria.

-        Bank registration certificate in the commercial registry.

-        Payment notifications: Payment of 3 million Syrian pounds for the bank registration expenses.

-        Licensing decision: A copy of the licensing decision published in the Official Gazette.

-        Company’s Articles of Association: A copy of the duly certified articles of association by the Ministry of Economy and Foreign Trade.

-        Data on the names of the members of the board of directors: The name of the chairperson, members of the board of directors, and the general manager, attached to a table with the required information according to the data in the banking registry.

-        List of the founders' names: Natural and legal founders, attached to a table with the required information according to the data in the banking registry.

-        List of subscribers: A hard copy and an electronic copy of the shareholders' names.

-        Application for approval to nominate the general manager: The application should contain the name of the proposed general manager to be approved for appointment by the Central Bank of Syria.

-        Undertaking by the bank: To provide all the bank by-laws, I.e. the worker’s statute, after its approval by the Ministry of Social Affairs and Labour, as well as to provide the manual of the policies and procedures (banking operation system) to be duly adopted.

-        Informing the Central Bank of Syria of the amendments that might occur to the recorded provisions in the banking register.

-        Criminal record extract: An unexpired criminal record extract of each member of the board of directors and the general manager.

-        Curriculum Vitae: The general manager.

-        Registration and Capital Liberation decision: The Registration and Capital Liberation decision is issued by the Central Bank of Syria Management Committee.

-        Account opening application: An application by the founders to open an account in Syrian pounds and an account in foreign currencies under the name of the bank under establishment, to pay their capital contributions.

-        Payment of capital contributions: Receipt of notifications of the percentages of the founders’ payment contributions in accordance with the laws and regulations in force at the Central Bank of Syria.

-        Transfer notice: Receipt of notification of full subscription value transfer to the accounts of the bank under establishment opened at the Central Bank of Syria.

-        Minutes of meeting: A copy of the minutes of the meeting of the founding general assembly certified by the Ministry of Economy and Foreign Trade, and a copy of the minutes of the first board of directors meeting.

-        Frozen account opening application: An application for opening an account in Syrian pounds and foreign exchange in the name of the bank at the Central Bank of Syria.

-        Bank registration certificate in the commercial registry.

-         Payment Notice: Payment of 3,000,000 Syrian pounds as expenses for registering the bank.

-          Licensing decision: A copy of the licensing decision published in the Official Gazette.

-        Company’s Articles of Association: A copy of the duly certified articles of association by the Ministry of Economy and Foreign Trade.

-        Data on the names of the members of the board of directors: The names of the chairperson, the board of directors’ members, and the general manager, attached to a table with the required information according to the data in the banking registry.

-        List of the founders' names: Natural and legal founders, attached to a table with the required information according to the data in the banking registry.

-        List of subscribers: A hard copy and an electronic copy of the shareholders' names.

-        Application for approval to nominate the general manager: Contains the name of the proposed general manager to be approved for appointment by the Central Bank of Syria.

-        Undertaking by the bank: To submit all the systems and statutes set by the bank, including the workers system after being approved by the Ministry of Social Affairs and Labor and the policies and procedures manual (banking operations system) to be duly approved, as well as to inform the Central Bank of Syria of the amendments that occur to the items recorded in the banking register.

-        Criminal record extract: An unexpired criminal record extract for each member of the board of directors and the general manager.

-        Curriculum Vitae: The general director.

-        Registration and Capital Liberation Decision: The Registration and Capital Liberation Decision is issued by the Management Committee of the Central Bank of Syria

-        Service fees:

-        Examination and study expenses.

-        Registration expenses.

-        Service classifications:

Business