Offshore company in Jordan

The offshore company is one of the new commercial companies in the world of trade and investment. It depends on incorporation within a particular country, acquires its nationality, and at the same time conducts its business in a country other than the country of incorporation. To benefit from the advantages and legislation of this country in which it conducts its business, the reason for the emergence of this type of company is due to several legal, social, political, or economic circumstances related to the nature of the work of the company or the persons of the partners themselves, and offshore companies enjoy the ease of moving their capital and getting out of the problems Double taxation. In this article, we will discuss everything about offshore companies through the following main elements:

Defining the Offshore company:

It is called an “offshore company”, which means the company overseas or offshore, and this term is used to denote companies that are established in a particular country and conduct their business in another country.

(Article 211) of the Jordanian Companies Law defines offshore companies as: “a public joint stock company, a partnership limited by shares, a limited liability company, or a private joint stock company, registered in the Kingdom, and carrying out its business outside it, and the phrase (offshore company) added to its name.” The system stipulated that the name of the company and all its publications should be added to the word “offshore company”, and this was confirmed by what was stated in (Article 5) of the offshore companies system, including: “The name of the offshore company must be accompanied by the phrase (offshore company), and its name should be included Its registration number and address on all papers and publications that it uses in its business and in the contracts it concludes, including certificates of ownership of shares or shares issued by it.

The system also prohibited this company from offering its shares for subscription in the Kingdom, as stipulated in Paragraph (b) of (Article 211) of the Companies Law: “B- The offshore company is prohibited from offering its shares for subscription in the Kingdom.

The system also stipulated that the number of Jordanian employees should not be less than half of the total number of employees in this company, according to what was stipulated (Article 8) of the Offshore Companies Law: “The number of Jordanians working for an offshore company in the Kingdom may not be less than half of the total number of employees in it.

The offshore company in Jordanian law

These companies can be public joint stock, private joint stock, or limited liability, and they are registered as a Jordanian company in accordance with the law, and their business outside Jordan ceases, and the phrase “offshore” is added to their name.

According to Article (211) of the Jordanian Companies Law, the offshore company (the thousand shores) is a public joint stock company, a partnership limited by shares, a limited liability company, or a private joint stock company that is registered in Jordan and conducts business abroad.

The phrase (offshore company) must be added to its name, but according to Article (4) of the Offshore Companies Law of 2007, the offshore company must be committed to working within the purposes for which it was established and not to exercise any of its objectives inside Jordan and to have a clear physical headquarters in Jordan .

The difference between the offshore company and the Jordanian company’s branch abroad, is that the offshore company is registered in the Kingdom and conducts its business outside the Kingdom, so that it has a “headquarters” management office only inside the Kingdom.

What is an out boarder Company?

The term out boarder  company is used to describe a company in at least one of two ways:

A company or other type of legal entity that is incorporated or registered in an offshore financial center, tax haven, or
A company or group of companies (or sometimes a division of it) that engages in manufacturing or services business outside the borders of the country.

The term “offshore” linguistically means “offshore” and refers to licensing the company in a particular country, while it carries out business in another country. For example, an English shipping company can license an offshore company in the Republic of Panama to own ships and raise the flag of Panama so that it avoids paying Exorbitant taxes on its business and its activity outside England.

Second: The characteristics of offshore companies

Due to the different companies offshore from other companies, they have a set of characteristics and advantages that distinguish them from other companies, and these characteristics and advantages are as follows:

1- Tax advantages:

It is one of the most important advantages of offshore companies that are defined as tax haven companies, as they are offshore from tax in the country of their establishment, in addition to the fact that their partners seek to conduct their business in countries with a moderate tax system. In addition, this type of company usually saves the investor from issues of double taxation between the state of registration and the state of work.

2- Confidentiality:

Some investors and businessmen seek to hide their investments or hide their names and use offshore companies as a means; To access their purposes granted to them by these companies with ease, in accordance with the laws and regulations of the countries in which they conduct their business and investments.

3- Protection:

Whereas economic legislation – in the countries in which investors conduct their business through offshore companies – guarantees investors the application of the company’s nationality law; Therefore, they enjoy asset protection for their business in the countries in which they do business.

4- Ease of registration and no approvals required:

Offshore companies are registered in Jordan in a similar way in terms of provisions and procedures in the same way in the British Islands such as Seychelles, British Virgin Islands, Cayman, Belize, and others, except that the fees are a little high, especially that there is a warranty  amount of 5000 dinars equivalent to 7100 US dollars, noting that this amount is refundable. After closing the company, there are no conditions or complications for the offshore company in Jordan, and bank accounts can be opened in all Jordanian banks.
Third: The difference between the offshore company and the branch of the Jordanian company abroad.

Offshore company vs foreign branch:

Many individuals make the mistake of not distinguishing between the offshore company and the branch of the Jordanian company outside the Kingdom, and the difference between them is clear that the offshore company is registered in the Kingdom and conducts its business outside the Kingdom, so that it has a headquarters only inside the Kingdom, through which it manages some administrative work without commercial, but A branch of a Jordanian company located outside the Kingdom is affiliated with a company registered in the Kingdom and carries out its business within the Kingdom.
The difference is not limited to the way the offshore company and the Jordanian company’s branch operates abroad and the legal personality of each of them, but there is another difference in terms of taxation, as the offshore company is offshore from income tax according to what it decided (Article 4 / c / 3) of the Income Tax Law No. (34) for the year 2014, including: “The income of each of the following persons and entities shall be offshored from tax, provided that the terms and conditions related to this offshoring are determined by virtue of a regulation issued for this purpose: … The offshore company registered under the Companies Law, and which is derived from it from conducting its business outside the Kingdom, with the exception of Income derived from the sources of income that are subject to tax under this law.
As for the branch of the Jordanian company located outside the Kingdom, the partners in the company have the right to add a new branch to the company’s center according to its memorandum of association and articles of association, and it has the right to open branches inside and outside the Kingdom. The income of the branch, which is inside and outside the Kingdom, is subject to income tax in accordance with the provisions of (Article 3 / c) of Income Tax Law No. (34) of 2014 AD, as stated: “Subject to tax:
The net income achieved by the resident person from any source outside the Kingdom, provided that it resulted from funds or deposits from the Kingdom, the total net income achieved by the branch of the Jordanian company operating outside the Kingdom and announced in its final financial statements certified by an external chartered accountant.

Fourth: Procedures for Offshore Companies

In this part, we show all the procedures for private joint stock and limited liability offshore companies, starting from the mechanism of their registration until reaching their write-off or liquidation, as follows:

1- Offshore company registration mechanism
The Offshore Companies Law has clarified the method of registering offshore companies, by submitting an application to register the offshore company to the Controller, by filling out the form prepared for that purpose, attaching the Memorandum of Association and its articles of association, and a statement of the company’s type and objectives. This is according to what was stipulated in (Article 3) of the Offshore Companies Law: “A. The offshore company shall be registered according to one of the types stipulated in Paragraph (A) of (Article 211) of the law.

The application for the registration of the offshore company shall be submitted to the Controller in accordance with the form approved for this purpose, attached thereto its Memorandum of Association and Articles of Association, indicating the type of the company and its objectives.

The offshore company, in the procedures of its incorporation and registration, and the changes that occur thereto, shall be subject to the approval, registration and publication procedures stipulated in the law and this bylaw.

Offshore companies shall have the right to hold ordinary and extraordinary meetings of the General Assembly, and meetings of the Board of Directors, whether inside or outside the Kingdom, in accordance with what is stipulated (Article 6) of the Offshore Companies Law: “The offshore company may hold ordinary or extraordinary meetings of the General Assembly, or Board of Directors meetings inside or outside the Kingdom.
Upon approval of the offshore company’s registration, an unconditional annual bank guarantee must be submitted, in order to cover the company’s obligations towards the control department, in accordance with what is stipulated (Article 7) of the Offshore Companies Law: “The offshore company shall, upon approval of its registration, submit an annual bank guarantee. Unconditional in the name of the controller, it is automatically renewed to cover its obligations towards the department, and a percentage of its capital is determined in accordance with instructions issued by the minister for this purpose.
upon registration of the offshore company; Therefore, the founders of the company must pay registration fees, and the amount of these fees varies according to the type of the offshore company itself, based on what is stated in (Article 9) of the Offshore Companies Law: “A. The department collects upon the registration of the offshore company the prescribed fees in accordance with the provisions of the Companies Law. applicable.
B-  In addition to the fees referred to in Paragraph (A) of this Article, an annual fee shall be collected from the offshore company within thirty days from the beginning of each fiscal year for it, including the first fiscal year, as follows:
1. (5000) five thousand dinars if it is a public joint stock company.
2. (3000) three thousand dinars if it is a private joint stock company.
3. (1000) one thousand dinars if it is a limited liability company or a recommendation in shares.
The offshore company takes the form of public or private joint stock companies, or limited liability companies, but in most cases, investors tend to choose a private joint stock company or a limited liability company. The procedures for registering these companies are detailed in the following:

Limited Liability Offshore Company Registration Mechanism

To register this type of company, a set of terms and conditions are required, including:
1. The presence of the partner in person or his representative.
2. Submitting a bank guarantee in the name of the Comptroller General of Companies, in which the bank guarantees the first offshore company companies under incorporation in the amount of (5000) dinars, according to the Offshore Companies Regulations No. (105) of 2007.
3. Submitting prior approvals for the exercise of certain objectives.
4. The percentage of ownership by a non-Jordanian partner is subject to some economic activities in accordance with the Regulation of Non-Jordanian Investments No. (77) of 2016.
The required documents :
1. A civil status card for Jordanian partners in the company.
2. A passport for non-Jordanians.
3. The company’s contract and statute, which can be obtained from the department’s box, counter No. (29), or it can be registered through the department’s website.
4. If one of the partners is a legal person, such as a company, the following documents must be prepared:
• Certificate of Registration.
• Memorandum of Association of this company.
• An agency organized by the company in which the authorized signatory is indicated if it is not clear in the other company documents.

Registration processes:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. Call the reference (the recipient of the service) and verify his identity and capacity, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. Fill out the contract and the system with all the data that includes the names of the partners, the capital, the company’s position, and the company’s goals.
4. Presenting the company’s memorandum and articles of association signed by the founders in front of the Companies Comptroller, a notary public, or a licensed attorney.
5. Submit a bank letter proving the deposit of no less than (50%) of each partner’s contribution.
6. Deposit a bank guarantee.
7. After the approval is issued, the employee issues an arrest warrant and delivers it to the auditor.
8. The auditor submits the arrest warrant to the fund, pays the legal fees and receives the receipt.
9. The reference is given to the relevant window.
10. Issuing the certificate and handing it over to the references.

How to Register  Private Joint Stock Offshore Company

Some conditions are required to register an offshore company as a private joint stock company, and these conditions are:
1. The presence of the authorized representative of the company in person or his authorized representative in writing.
2. Submission of the articles of association and articles of association of the company.
3. Submission of a bank letter proving that the shareholders have deposited the full value of their contribution (the subscribed capital), in contrast to the offshore company with limited liability, which must submit a bank deposit of half of each partner’s contribution.
4. A bank guarantee in the name of the Comptroller General of Companies, in which the bank guarantees the offshore company under incorporation in the amount of (5000) dinars, in accordance with the Offshore Companies Regulations No. (105) of 2007.
5. Provide prior approvals if needed.
6. The percentage of ownership by a non-Jordanian partner is subject to some economic activities in accordance with the Regulation of Non-Jordanian Investments No. (77) of 2016.

The required documents :
1. Civil status card.
2. A passport for a non-Jordanian.
3. In the event that one of the partners is a legal person, such as a company, then he is required to:
• Certificate of Registration.
• Memorandum of Association of this company.
• An agency organized by the company in which the authorized signatory is indicated if it is not clear in the other company documents.
• Deposit of prior approvals if the objectives of the company or nationality require that.

Registration processes :
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. Call the reference (the recipient of the service) and verify his identity and capacity, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. Presenting the company’s memorandum and articles of association signed by the founders before the companies’ auditor general, a notary public or a licensed attorney.
4. The employee concerned studies and approves the articles of association and memorandum of association.
5. Addressing ministries and other departments to practice some goals and according to the laws in force.
6. The approval of the department head or director.
7. The approval of the Companies Controller General, and if the company is composed of one person, the approval of the Minister is required.
8. After the approval is issued, the employee issues an arrest warrant and delivers it to the auditor.
9. The auditor submits the arrest warrant to the fund, pays the legal fees, and receives the receipt.
10. The reference is given to the relevant window.
11. Issuing and delivering the registration certificate.

2- How to file the articles of incorporation of offshore companies
In order for the person in charge of the recovered company to be able to file its founding minutes; The following conditions must be met:
1. The presence of the authorized representative of the company in person or his authorized representative in writing.
2. Presenting the meeting of the constituent general assembly.

The required documents:
1- Minutes of the Constituent General Assembly meeting; To elect a general manager who is authorized to sign on behalf of the company and an auditor to audit the company’s accounts for the year in which the company was registered, if the administration is a general manager.
2- The minutes of the meeting of the constituent general assembly to elect the members of the board of directors and an auditor to audit the company’s accounts for the year in which the company was registered, in addition to the minutes of the board of directors for the election of the chairman of the board of directors and the deputy chairman of the board of directors or the appointment of a general manager and a deputy general manager by the board of directors and authorized signatories On behalf of the company, if the management is a board of directors.
3- Meeting attendance sheet.
4- An invitation to the meeting in addition to the agenda.
Minutes filing procedures:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. Call the reference (the recipient of the service) and verify his identity and capacity, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. The financial statements  shall be audited as follows:
• Verify the type of company management in the articles of incorporation (manager or board of directors)
• Matching the type of company’s management to what is mentioned in the advertisement in the company’s file.
• The minutes should be duly prepared according to the form approved by the Companies Control.
• Ensure that an auditor is appointed for the company’s first financial year.
• Ensure that the attendance rate exceeds (50%), if not (100%).
• Ensuring the signature of the present partners, their agents from the partners, or others (provided that it is proven in the contract in the special provisions clause that the partners have the right to authorize others to attend the ordinary and non-regular general assembly meetings regular t)
• Ensure that the absent partners are notified (either by attaching the invitation sent to the absent partner, signed by him in particular that he has received, or it is notified by registered mail, and the chip of the registered consignment is attached, provided that the invitation is addressed in both cases (15) days before the date of the meeting).
4. Approval of the transaction.
5. Pay legal fees.
6. Issuance of the certificate according to the rules.
3- How to file the financial statements of offshore companies
To carry out this procedure, it is required to either do it electronically via the company’s portal, or in the presence of the authorized representative of the company in person or whomever he delegates in writing.

The following documents must also be brought:
1. A request or a letter from the company’s management.
2. Annual financial statements.
3. The minutes of the annual general assembly meeting.
4. Report of the board of directors or the general manager.
5. Invitation to attend the meeting in addition to the agenda.
6. A statement of attendance at the annual general assembly meeting showing the names of the partners, the amount of their shares and the signature.

This procedure is done by following these steps:
1. Either do this electronically or go to the building of the Ministry of Industry and Trade – Department of Companies Control – Directorate of Foreign and Offshore Companies.
2. Calling the reference (the service recipient), verifying his identity and capacity, then the concerned window employee withdraws the application with the incoming number, and attaches the required documents.
3. The transaction is audited.
4. The annual statements are approved if the transaction is completed in all legal and financial aspects.
5. Legal fees are paid.
6. The auditor receives a receipt notification.
7. Documenting the payment of fees on the company’s request.
8. In the event of deficiencies or incompleteness of the transaction, the claimant shall be informed of this; To complete it or correct errors, and it is documented on the company’s request.
4- How to increase or decrease the capital of the offshore company

The following procedure is required:
1. The presence of the authorized representative of the company in person or his authorized representative in writing.
2. Submission of a letter from the bank that the partners deposit an amount not less than (50%), or the entire value of the increase (in the event of a capital increase), and if the increase is through debt capitalization, or the partner’s current account; A letter must be brought from the auditor with the origin of its composition.

The following documents must be brought:
1. Minutes of an extraordinary general assembly meeting.
2. Meeting attendance record.
3. An invitation to the meeting in addition to the agenda.
4. A statement showing the partners’ shares before and after the redundant increase or decrease, in addition to the auditor’s letter.
5. A letter from the auditor showing the payment of the previous capital.
6. On entering new partners, A copy of their documents is attached.
7. An amended contract and incorporation system.

After bringing the previous documents; The following steps must be taken:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. Call the customer (the recipient of the service) and verify his identity and capacity, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. The financial statements, the bank book, the auditor’s book, and the minutes of the meeting are audited.
4. In the event of the entry of new partners; The nationalities of the partners are ascertained, and the Ministry of the Interior is addressed if necessary.
5. The recipient of the service receives an advertisement; To publish it in the daily newspapers in the event of a reduction in the company’s capital.
6. The declaration is supplied to the transaction file.
7. The recipient of the service pays the legal fees in the fund and receives a receipt for the amount.
8. The service recipient shall deliver the receipt to the relevant window, and the receipt shall be fixed in the transaction.
9. A certificate is issued and received by the service recipient.

5- How to make amendments to the offshore company
To perform this procedure, the following is required:
1. The presence of the authorized representative of the company in person or his authorized representative in writing.
2. Amending the Memorandum of Association and Memorandum of Association.
3. Presenting an extraordinary general body meeting.
To do this procedure, the following documents must be brought:
1. Minutes of an extraordinary general assembly meeting.
2. Minutes of a board of directors if the company’s management is amended to a board of directors.
1. Meeting attendance record.
2. An invitation to the meeting in addition to the agenda.
3. An amended contract and articles of association.

Once these documents are brought, the following steps must be taken:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. Call the reference (the recipient of the service), and verify his identity and capacity, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. The transaction is checked by the concerned employee.
4. If there are deficiencies in the transaction, the auditor is informed of this to complete it.
5. If the transaction is completed, it will be approved.
6. The reference pays the legal fees to the fund and receives a receipt for the amount.
7. The receipt shall be delivered to the relevant counter, and the receipt shall be fixed in the transaction.
8. A certificate is issued and received by the auditor.

6- The mechanism of transferring shares for offshore companies :

To carry out this procedure, the presence of the authorized representative of the company in person or his authorized representative in writing is required. Each of them must bring the following documents:
1. Share transfer voucher available on the department’s website http://www.ccd.gov.jo (forms and requests), or at the public reception desk.
2. A list of the partners’ names before and after the transfer.
3. No objection from the partners in the event the sale is for non-partners. It is also permissible, according to the company’s contract and statute, not to require the consent of the partners if the assignment is free of charge to the wife or a relative up to the second degree or endowment.

To finish this procedure; The following steps must be taken:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. The reference (the recipient of the service) is summoned, his identity and capacity are confirmed, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. Documents are audited.
4. The transaction is transferred to the legal department; To indicate the attachment or mortgage on the selling partner.
5. The transaction is transferred to the Directorate of Foreign and Offshore Companies; To complete the quota assignment procedures.
6. It is done the parties to the assignment deed shall be signed before the competent employee if they were not signed before a licensed attorney or a notary public.
7. The transaction is approved by the Directorate of Foreign Companies and Offshore by the employee concerned with the transaction.
8. After the approval is issued, the employee issues an arrest warrant and delivers it to the auditor.
9. The auditor delivers the arrest warrant to the fund, pays the legal fees, and receives the receipt.
10. The auditor delivers the receipt to the relevant counter, who, in turn, delivers the new voucher.

7- Adding the heirs to the offshore company:

One of the partners in the company may die, at which time his heirs must enter his place – each according to his legal share – in his share owned by him. To carry out this procedure, the presence of the company’s authorized person in person or his written representative must be brought, and the following documents must be brought:
1. A deed of determination of inheritance, or a general deed of exit, or a recent deed of private exit.
2. A list of the partners’ names before and after the introduction of the heirs.

To do this, the following steps must be taken:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. The reference (the service recipient) is summoned by the concerned employee, and his identity and capacity are confirmed, then the concerned window employee withdraws the application with the incoming number and attaches the required documents.
3. The transaction is checked by the concerned employee.
4. The transaction is transferred to the Legal Affairs Directorate; To report the existence of any seizure or mortgage on the share of the deceased.
5. The transaction is transferred to the Directorate of Foreign and Offshore Companies; to complete the transaction.
6. If the transaction is completed, it will be approved.
7. The legal fees are paid to the fund, and the auditor receives a receipt for the amount.
8. The reference is delivered to the relevant window, and the receipt is fixed in the transaction.
9. The certificate is issued, and the auditor receives it.

8- How to liquidate the offshore company.

The following conditions are required for the liquidation of offshore companies:
1. The presence of the company’s authorized representative in person or his authorized representative in writing.
1. The issuance of a decision by an extraordinary general assembly meeting to liquidate the company and to appoint a liquidator.
2. Submit the companies duly filed financial statements.

To carry out this procedure, the following documents must be brought:
1. Minutes of an extraordinary general assembly meeting that include the liquidation decision and the appointment of a liquidator for the company.
2. Meeting attendance record.
3. An invitation to the meeting in addition to the agenda.
4. Declaration of non-dealing in international stock exchanges.

After processing these documents; The auditor must take the following steps:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. The reference (the recipient of the service) is summoned by the competent employee, and his identity and capacity are confirmed, then the concerned window employee withdraws the application with the incoming number and attaches the required documents.
3. The transaction and the attached documents are checked.
4. The employee is appointed to undertake liquidation work.
5. Obtaining the approval of the department head.
6. The auditor receives a declaration (Article 254/b); To advertise in two newspapers.
7. The auditor submits the newspapers announced to the Directorate.
8. A certificate of liquidation is issued.
9. An announcement (Article 264) shall be made in two newspapers and twice (14) days between them.
10. Submit a clearance application from the following authorities: Social Security, income and sales tax, customs, the central registry, the Greater Amman Municipality, and the Employment and Training Fund.
11. Obtaining permission from the competent court; To sell the company’s assets, if any.
12. Submit a request for the partners’ approval of the liquidation report and the liquidator’s discharge.
13. Submitting a request for a final report from the company’s liquidator, where it is studied from both the legal and financial aspects and approved if it meets the conditions.
14. After the legal period has passed and all legal papers are completed, the file is transferred to the director of the legal department; to give an opinion
15. The file is transferred to the assistant observer for technical affairs for approval.
16. The application for liquidation of the company is approved.
17. An arrest warrant is issued, and the auditor receives it.
18. The auditor submits the arrest warrant to the fund, pays the legal fees, and receives the receipt.
19. The reference is given to the relevant window.
20. A certificate is duly issued and received by the auditor.

9- How to delete the registration of an offshore company:

After its establishment, the company may be subject to write-off for any reason. For the offshore company to be written off, the following is required:
1. The presence of the authorized representative of the company in person or his authorized representative in writing.
2. The company does not carry out any business.
3. Not doing business in the stock exchange.
4. Undertaking to pay any future obligations.
5. The company has no assets.
6. A clearance from the competent authorities (Social Security, Income and Sales Tax, Customs, Central Registry, Amman Municipality, Employment, Training, Vocational and Technical Education Fund, and the Directorate of Import and Export at the Ministry of Industry and Trade). A clearance is submitted if the company is more than two years old.

To carry out the cancellation procedure, the following documents must be brought:
1. The request to write off the company according to (Article 277), signed by all the partners, indicating the reason.
2. A letter from the company’s legal auditor that the company has not practiced any business to date.
3. An acknowledgment that the company did not deal in international stock exchanges.
4. Deposit the annual budgets approved by the company’s general assembly.
5. A letter from the partners pledging to pay any obligations that may arise in the future, and that it has not practiced its business and has no assets.

Deleting steps:
1. Go to the Ministry of Industry and Trade building – Companies Control Department – Directorate of Foreign and Offshore Companies.
2. The reference (the recipient of the service) is summoned, his identity and capacity are confirmed, then the concerned counter employee withdraws the application with the incoming number and attaches the required documents.
3. A clearance is audited by the following authorities: Social Security, income and sales tax, customs, central registry, Amman Municipality if the period is more than two years.
4. In the event of its completion, a memorandum shall be prepared for His Excellency the Minister approving the delisting of the company in accordance with (Article 277) of the law.
5. In the event of approval, the applicant will be given a notice (Article 277); To advertise in newspapers Tin two daily.
6. A copy of the declaration is submitted to the office of foreign or offshore companies.
7. The auditor pays the legal fees to the fund and receives a receipt for the amount.
8. The auditor delivers the receipt to the relevant window, and the receipt is fixed in the transaction.
9. A certificate is issued to cancel the company’s registration.

Fifth: Oversight of the business of offshore companies:

Oversight of companies can be defined as: “a system or mechanism for measuring the extent to which the obtained results match the desired results and to compare the company’s actual performance with the plan set for it.
Oversight of the offshore companies’ business plays a major role in ensuring their commitment to the purpose for which they were established, and that they do not engage in any business inside the Kingdom. This control is exercised through external bodies from the company, such as the Minister of Commerce and the observer who gave them the right to monitor the companies’ business, as Article (273) of the Jordanian Companies Law stipulates: “The Minister and the Controller may take the measures they deem appropriate to monitor companies to verify their compliance with these provisions, contracts, regulations and decisions. Oversight includes the following:
A- Examination of the company’s accounts and entries.
b- Ensuring the company’s commitment to the objectives for which it was established.
The Corporate Control Department has a supervisory and preventive role over the offshore companies. Examples of this control include obligating offshore companies to submit a bank guarantee upon request for their registration, as well as monitoring their business, budgets and annual reports.

Articles of Offshore company in Jordan law

It’s possible to establish the company operating outside the borders of the Kingdom (Offshore) in the form of a private shareholding company with limited liability , limited by shares , public company or a special contribution is the Company’s operating outside the borders of the country (Offshore) as a Jordanian and it’s not allowed to be exercised any commercial business in Jordan .

Is not permissible for these companies to offer its shares for public subscription in Jordan, and these companies shall adopt the minimum share capital of companies operating outside the boundaries of the State (Offshore) regarding the form of these company: as follows:

Thirty thousand (1) JD of the Limited Liability Company

Fifty thousand (50.000) JD Private Shareholding Company

Fifty  thousand (50.000) JD Public Shareholding Company

Two million (2.000.000) JD banks.

Ten million (10.000.000) JD insurance companies

Fifty million (50.000.000) JD reinsurers

Notice : every 1 JD equal 1.41 USD