-        Service Description:

Permitting the establishment and operation of social banking financial institutions under the supervision of the Central Bank.

Service documents:

-        License application: License application form.

-        Deed of Association: Three copies of the company’s deed of association and the articles of association draft.

-        Payment Notice: Payment of 100.000 Syrian pounds as expenses for examining the application.

-        Organizational structure: The proposed structure of the institution.

-        Economic feasibility study: a serious, detailed, and accurate study of the institution's economic feasibility, in addition to the estimated budgets of the first three years of the institution to be established.

-        Notarized power of attorney: Duly certified notarized power of attorney received by the agent to follow up on the licensing and registering procedures for the institution.

-        Approval by the Minister of Finance: The Minister of Finance’s approval of the Syrian public banks' contribution to the institution establishment.

-        Undertaking: An undertaking to provide any information or documents requested by the Central Bank of Syria to complete the study of the license application by the person authorized to follow up on licensing and registration procedures.

-        Data on the expertise and knowledge: a summary of the expertise and knowledge possessed by the legal partner in the field of small and microfinance activities and other financial and banking services, which are provided to specific segments of the population.

-        Estimated budget: The final budgets for the last three years of each of the legal entities contributing to the establishment that are duly audited by an external auditor.

-        Data on the board of directors: Data on the names of the chairperson, members of the board of directors, partners, shareholders, and the general manager of each legal entity contributing to the establishment of the company, their nationalities, and their shares in the contributing legal entity.

-        Approval of the regulatory authority: Approval by the regulatory authority of the foreign authority contributing to the establishment in case it is subject to special regulatory authority.

-        Data on the names of companies and institutions: Data on the names of the companies and institutions to which each founder contributes, the amount of his or her contribution, the membership in the boards of directors, a clarification of whether he or she is a general manager, and the nationalities of these companies and institutions and their headquarters.

-         Statement of the financial situation: A statement of the financial situation of each of the general partnership companies, commercial, industrial, or service businesses, and the agricultural property owned or co-owned by each founder and the type of its activity. The statement should be certified by a chartered accountant and by the relevant chambers.

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

-        Curriculum Vitae (CV): A detailed curriculum vitae (CV) for each founder should be provided, outlining their professional and banking experience, as well as their academic qualifications.

-        Data on work and familial connections: Data on 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 of companies and institutions contributing to the establishment of the institution.

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

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

-        Commercial registry: Certified copy of the commercial registry if the person is a registered tradesman, or a statement of the opposite in case of otherwise.

-        Proof of residence: An unexpired proof of residence for members of the board of directors of the legal entity participating in the establishment.

-        Licensing decision: A licensing decision issued by the Monetary and Credit Council.

-        Data on the institution: A detailed letter showing:

-        Main center address, E-mail, telephone, and fax number.

-        The capital of the institution and the names of the partners, their nationalities, their addresses, their share percentage separately according to the capital, and the amount of this share.

-        Account opening Application: An application by the founders to open a Syrian pound account and a foreign currency account to deposit their capital contributions, and a special account for the frozen deposit of 5% of the capital.

-        Payment notice: Receipt of notifications confirming that the founders have successfully paid their capital contributions.

-        Transfer notice: Receipt of a notification confirming the complete transfer of the subscription value to the institution's accounts opened for this purpose at the Central Bank of Syria.

-        Deposit notice: Receipt of a notification confirming the deposit of 5% of the capital into a frozen account in the name of the institution at the Central Bank of Syria.

-        Certificate of registration issued by the Chamber of Commerce: Duly certified copy of the company's commercial registry.

-        Company’s Articles of Association: A copy of the company’s articles of association. The company’s articles of association approved by the Monetary and Credit Council must be certified by The Ministry of Economy.

-        Licensing decision: Copy of the license decision published in the Official Gazette.

-        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.

-        Statement of Board of Directorates Members: The Names of the board of directors’ members, partners, contributors and the of general manager.

-        Data on the names of the members of the board of directors: List of names of each of the members of the board of directors, partners, and shareholders, as well as the name of the general manager.

-        Payment Notice: Payment of 150.000 thousand Syrian pounds as expenses for listing the institution in the register of financial and social banking institutions.

-        Commitment/Declaration: The date of expected commencement of work.

-         Undertaking: An undertaking by the institution to inform the Central Bank of Syria of any amendments to the recorded provisions in the Register of Financial Institutions. As well as to provide all the statutes and bylaws set by the company (the workers statutes after being certified by the Ministry of Social Affairs and Labour – The system of operations carried out by the company in order to be approved duly).

-        Service Fees:

-        Examination and study expenses.

-        Registration expenses.

-        Service Classifications:

Citizens