Regulatory Alerts2016-01-01
Circular No. 82: Non-Profit Companies
The Palestine Monetary Authority issued Circular No. 82 to enforce Cabinet Decision No. 17/99/15 of 2016, which mandates that all registered non-profit companies and licensed non-profit lending institutions in Palestine must obtain prior written approval from the Ministry of National Economy before receiving donations, grants, or financing. The decision establishes a formal application process requiring companies to submit designated forms and supporting documentation, subject to a seven-day review by the Companies Inspector who forwards a recommendation to the Minister and Cabinet for final authorization. Annual contributions under $100,000 USD or its equivalent are exempt from this requirement, as are fixed recurring operational expenses approved once yearly, though exceeding the threshold or modifying operational costs immediately triggers the full approval procedure.