-        Service Description:

Permitting foreign banks and other financial institutions to open representative offices in Syria

      -     Service Documents:

1. License Application: A License application expressing interest in opening a representative office in the Syrian Arab Republic - Form 1
2. Data on the group to which the financial institution belongs: Final balance sheets and other financial data. Forms (2-1), (2-2), (2-3), (2-4)
3. Data on the company and its branches: A statement indicating the company’s branches in its home country and abroad - Form 3
4. Data on the board of directors and the general manager: Information on the chairperson and members of the board of directors and the general manager of joint stock companies or partners in case of otherwise - Form 4
5. Statement of representation offices: A statement of the institution’s representative offices located in other countries - Form 5
6. Data on the general manager of the proposed office: Information about the manager of the office to be established - Form 6
7. Statement of shareholders with 5% or more of the capital of the financial institution: Information on the major shareholders of the institution - Form 7
8. Notarized power of attorney: A certified copy of the notarized power of attorney received by the agent to follow up on office registration procedures.
9. Deed of Association: The articles of association or the deed of association of the financial institution, certified by the competent authorities.
10. Commercial Register: A certificate proving the institution's registration with the competent authorities.
11. Approval of the regulatory authority: Approval of the regulatory authority - to which the institution is subject - to open a representative office in Syria.
12. A statement from the regulatory authority regarding the penalties to which the institution was subjected: A list of the penal, financial, and administrative penalties to which the institution was subjected.
13. Financial statements: The financial institution’s statements for the last two years: Prepared and audited lists per international standards.
14. Approval of the institution’s board of directors: Approval of the financial institution’s management to open the representation office in Syria, signed by the chairperson of the board of directors or the authorized signatory, with a statement indicating the entity to which the office is affiliated.
15. Statement of the company’s paid-in capital: Statement of capital of the institution - No less than 1500 million Syrian pounds for banking institutions and 250 million Syrian pounds for other financial institutions based on the Exchange Rate Bulletin on the date of application.
16. Instrument of appointment of the general manager for the office in Syria: An agency whereby the institution appoints a resident of Syria as the office manager and authorizes him to notify and be notified in the stead of the institution.
17. Economic feasibility study: An economic feasibility study concerning the opening of a representative office in Syria.
18. Undertaking: A written undertaking by the financial institution not to violate the laws and regulations in force in Syria.
19. The basic by-law: The internal regulations of the proposed office.
20. Payment receipt: Payment of study and examination expenses 500.000 Syrian pounds.

21. Registration Application: Registration Phase.

22. An application by the financial institution to list the office in the register of representation offices with the Banking Supervision Department, attached with:

✔     Notice of payment of registration expenses of 1.5 million Syrian pounds.

✔     Registration certificate issued by the Ministry of Economy and Foreign Trade.

-        Service fees:

✔     Examination and study expenses.

✔     Registration expenses.

-        Service classifications: Business