The jordanian companies law definitions and general provisions. He focuses his practice on transnational projects and transactions, international agreements, public international law and policy, and corporate compliance. The modifications were published in the official gazette on 2 december 2018 with an effective date of 1 january 2019, putting into effect jordans new income tax law no. In 1996 the government of jordan established the executive privatization unit epu to regulate the privatization process, thereby accelerating the project pipeline, which included a number of privatizations in noninfrastructure sectors. Lebanon, and jordan host the largest numbers of refugees among the arab states. The jordanian parliament has approved modifications to jordans current income tax law no. Corporate governance in transition economies jordan.
The ongoing covid19 pandemic spread to jordan on 2 march 2020, when the ministry of health confirmed the first case in the kingdom. Its benefits under jordanian law arise from the fact that it is mainly governed by the rules set out in the companies law that are usually reflected in stan dard. Corporate governance in jordan jalil tarif chief executive officer. Our reputation in the profession only affirms what our clients already know. And every company formed and registered under this.
Obligations, responsibilities or rights should be supported by a legislation. Jordan government adopts to enhance the economic system and encourage new investments in the country4. Legal system of jordan and jordanian company law legal disclaimer the information provided by is not legal advice nor conveyed in the course of an attorneyclient relationship, but is intended merely as general information related to legal issues. I highly recommend jordan law group for legal assistance.
The formation and registration of companies in the kingdom shall be realized in accordance with this law. While foreign investment levels are respectable, curing these. The institutional approach, and the legal approach. Article 2 the following words and expressions, wherever stated in this law, shall have the meanings hereunder assigned to them, unless the context states otherwise. As of may 2, jordan had 460 confirmed cases, with 367 recovered and 9 deaths.
When it comes to fighting for the injured, jordan law is a team on which you can count. A privatization law was subsequently passed in 2000, which also led to the establishment of the executive privatization commission epc, which. As soon as reports about a novel coronavirus in china emerged in early 2020, jordans national epidemics committee and health ministry on 26 january designated. Jic,jordan insurance company adding value to core services and exchanging knowledge and expertise which would contribute to understanding the market and the standards required to fulfill our clients expectations. The concept of criminal liability of parent companies for illegal acts of the subsidiary is a disputed issue in the common law and civil law countries. Corporate governance approaches and jordanian companies law. Restrictive laws used to repress civil society in jordan hrw. Increasing foreign direct investment fdi in jordan has cumulated close to jd 1. This report provides a general overview of the legal measures adopted by these four countries to regulate the status of refugees and the types of benefits they offer to refugees. Covers commercial companies, the manner of registering companies in the kingdom and types of companies. Jordan is considered as a hub and transit country and can play a major role linking oil, gas and electricity networks among the region. Legal background to company law in jordan including legislative and judicial systems. Pdf there are two major approaches towards the realization of corporate governance. This law shall be cited as the companies law of 1997 and shall come into effect after the lapse of thirty days from the date of its publication in the official gazette.
First market companies must provide the ase with its quarterannual report 30 days. Wherever used in this law, and unless the context otherwise provides, the. Basis resident companies are taxable on income sourced in jordan. The primary sources of corporate governance legislation in jordan are the companies law, the securities law, the banking law and a number of instructions. Capital market development strategy and roadmap for jordan.
The women, business and the law index, composed by eight indicators structured around womens interactions with the law as they begin, progress through and end their careers, aligns different areas of the law with the economic decisions women make at. Article 3 the minister of commerce and industry shall issue the executive regulation and orders necessary to. Because of the stringent conditions contained in the ngo law, the trend in jordan has been for aspiring ngos to register as a nonprofit company in accordance with article 7d of. Economy profile of jordan doing business 2020 indicators in order of appearance in the document starting a business procedures, time, cost and paidin minimum capital to start a limited liability company dealing with construction permits procedures, time and cost to complete all formalities to build a warehouse and the quality control and safety. Jordan has a huge potential of renewable energy utilization wind, solar. Jordanian companies law requires all public shareholding companies, general partnerships, limited partnerships, limited liability companies, private shareholding companies, and foreign companies operating in jordan to prepare annual audited financial statements in accordance with internationally recognized accounting and auditing principles. It was established in amman in 2000 to form a new generation of lawyers, attorneys and advocates based on energetic law practice principles, serving the needs of families, individuals as well as businesses. It is wise to use a local attorney as a legal adviser to help in the process. Jordans present legal system is based on the constitution, the court establishment law of 1951, a civil and criminal code plus islamic and ecclesiastical laws in certain cases.
In accordance with jordan law, each entity must obtain a tax identification number tin and register for vat at the companies registry. Sep 30, 20 jordan corporate governance comparative study ifc. The criminal liability of parent corporations for acts of. Achieving a long term economic presence and significance. Unctad report 2008 ranked jordan as country with increasing potential for fdi due to natural resources and strategic position. The system developed from codes of law instituted by the ottoman empire based on french law. Embassy in amman is committed to supporting trade and investment between the united states and jordan. Jordan laws is an american music producer, recording artist, and dj. This law shall be named the investment law of the year 2014 and shall come into effect as of the date of its publication in the official gazette. Regulation 57 on the standard provisions of association bylaws august 28, 20. For a foreign entity to operate for any period of time in jordan, even for one day, it must be established and registered with the authorities.
Jordan has a huge potential of energy resources oil shale, uranium. Corporate governance at the jordanian companies law. And every company formed and registered under this law shall be considered a jordanian corporate entity, with its headquarters situated in the. However, the principle of corporate criminal liability, in general, has changed over the years. Incentives of ship registration under jordanian flag law no 46 for the year 2006 law of jordan maritime authority law no. The privatization proceeds fund shall be supervised by the council and.
Commercial laws of jordan an assessment by the ebrd december 2014. I recently had the pleasure of working with jordan law group. As a recording artist, hes served as a vocalist and songwriter, with two solo singles to his credit. I could not be more pleased with the competency, professionalism, and legal advice that they provided. This law shall be cited as the companies law of 1997 and shall be put into effect after the lapse of thirty days from the date of its publication in the official gazette. Jordan corporate governance regulations comparative study. Citation of the law and coming into force this law shall be cited as the companies law of 1997 and shall come into effect after the lapse of thirty days from the. This portion of the website is designed to help you access u. Hes produced pop culture mashups, combining elements of music, film and television, and is an international performer. A special fund called the privatization proceeds fund shall be created pursuant to this law in which all privatization proceeds shall be deposited. Its legal system has been influenced by many sources. Subject to the provisions of article 10 of the jordan investment corporation law no. Capital market development strategy and roadmap for jordan 2 developing jordans capital market there are regulatory and mechanical obstacles that impede foreign investors from coming to jordan.
It provided for a consultative parliament, and jordans first elections were held in april of the following year. Specialist law firm in jordan, amman firm overview abdullahs law firm is one of the biggest law firms in jordan. This guide to law online jordan contains a selection of jordanian legal, juridical, and governmental sources accessible through the internet. Under jordanian company law different types of companies offer different advantages and have different requirements and conditions for both registration and. The law does not set an efficient interaction between the company and its stakeholders who stand. The companies law provides guidance for registering foreign companies and establishing regional and representative offices. Domestic companies are subject to income tax on worldwide income, although income from the export of goods is exempt until 31 december 2018. Jordan accounting and tax, jordan legal and compliance. Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and. Foreign companies and institutions can register and operate in jordan through the ministry of industry and trade moit.746 232 1681 1662 1346 63 1212 1541 687 663 191 193 937 54 1077 1267 441 1611 619 832 1330 288 531 88 1299 1136 870 914 1029 1661 1646 867 965 691 734 421 662 123 608 875 1009 760