While foreign investment levels are respectable, curing these. The formation and registration of companies in the kingdom shall be realized in accordance with this law. Its legal system has been influenced by many sources. The criminal liability of parent corporations for acts of. The jordanian companies law securities depository center. Achieving a long term economic presence and significance. Jordan corporate governance regulations comparative study. Jordan accounting and tax, jordan legal and compliance.
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. Corporate governance in transition economies jordan. This portion of the website is designed to help you access u. It is wise to use a local attorney as a legal adviser to help in the process. Foreign companies and institutions can register and operate in jordan through the ministry of industry and trade moit. Covers commercial companies, the manner of registering companies in the kingdom and types of companies. Embassy in amman is committed to supporting trade and investment between the united states and jordan. This guide to law online jordan contains a selection of jordanian legal, juridical, and governmental sources accessible through the internet. Jordan law group is the firm that prepared the contract for the sale of my dental practice. As a recording artist, hes served as a vocalist and songwriter, with two solo singles to his credit. Legal background to company law in jordan including legislative and judicial systems. 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. 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 is considered as a hub and transit country and can play a major role linking oil, gas and electricity networks among the region.
Jordan government adopts to enhance the economic system and encourage new investments in the country4. Obligations, responsibilities or rights should be supported by a legislation. Jordanian tax law does not define residence for tax purposes, but a company that is registered in jordan is deemed to be resident. Jordan has a huge potential of renewable energy utilization wind, solar. Provisional law 25 amending the companies law icnl. English translation securities depository centre, jordan pdf consulted on 20101115 abstractcitation. The privatization proceeds fund shall be supervised by the council and. 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. Jordans organic law was instituted in april 1928 under the guidance of emir abdullah. And every company formed and registered under this law shall be considered a jordanian corporate entity, with its headquarters situated in the. When it comes to fighting for the injured, jordan law is a team on which you can count. 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. Jordan laws is an american music producer, recording artist, and dj. Basis resident companies are taxable on income sourced in jordan.
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. The ongoing covid19 pandemic spread to jordan on 2 march 2020, when the ministry of health confirmed the first case in the kingdom. Pdf there are two major approaches towards the realization of corporate governance. Capital market development strategy and roadmap for jordan. A special fund called the privatization proceeds fund shall be created pursuant to this law in which all privatization proceeds shall be deposited. In accordance with jordan law, each entity must obtain a tax identification number tin and register for vat at the companies registry. 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. 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. It provided for a consultative parliament, and jordans first elections were held in april of the following year.
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. I could not be more pleased with the competency, professionalism, and legal advice that they provided. Incentives of ship registration under jordanian flag law no 46 for the year 2006 law of jordan maritime authority law no. A privatization law was subsequently passed in 2000, which also led to the establishment of the executive privatization commission epc, which. Subject to the provisions of article 10 of the jordan investment corporation law no. First market companies must provide the ase with its quarterannual report 30 days. Specialist law firm in jordan, amman firm overview abdullahs law firm is one of the biggest law firms in jordan. To a certain extent, it touches on the broad strokes of corporate governance. Under jordanian company law different types of companies offer different advantages and have different requirements and conditions for both registration and. 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. The companies law provides guidance for registering foreign companies and establishing regional and representative offices. 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. 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.
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. Jordan has a huge potential of energy resources oil shale, uranium. Increasing foreign direct investment fdi in jordan has cumulated close to jd 1. Sep 30, 20 jordan corporate governance comparative study ifc. The institutional approach, and the legal approach. 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.
Hes produced pop culture mashups, combining elements of music, film and television, and is an international performer. However, the principle of corporate criminal liability, in general, has changed over the years. Wherever used in this law, and unless the context otherwise provides, the. 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. Corporate governance in jordan jalil tarif chief executive officer.
Links provide access to primary documents, legal commentary, and general government information about specific jurisdictions and. Domestic companies are subject to income tax on worldwide income, although income from the export of goods is exempt until 31 december 2018. Article 3 the minister of commerce and industry shall issue the executive regulation and orders necessary to. Unctad report 2008 ranked jordan as country with increasing potential for fdi due to natural resources and strategic position. 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. 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. Restrictive laws used to repress civil society in jordan hrw. 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.
He focuses his practice on transnational projects and transactions, international agreements, public international law and policy, and corporate compliance. The jordanian companies law definitions and general provisions. I highly recommend jordan law group for legal assistance. 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. 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 recently had the pleasure of working with jordan law group. The law does not set an efficient interaction between the company and its stakeholders who stand. 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. And every company formed and registered under this. Our reputation in the profession only affirms what our clients already know. The primary sources of corporate governance legislation in jordan are the companies law, the securities law, the banking law and a number of instructions. 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. Corporate governance approaches and jordanian companies law.
41 1202 1066 452 1228 1522 603 1279 671 1316 951 910 940 934 76 61 12 454 964 711 656 935 102 516 131 375 989 526 671 297 1424 901