Palestine Monetary Authority

Palestinian Monetary Authority

(2008/19) Circular No. 19
To all banks operating in Palestine
Date: Wednesday, February 6, 2008

Subject: Opening Accounts for Foreign Companies

With reference to the above subject, please find attached a letter from the Companies Registrar No. (8066) dated 2008/01/17, regarding the implementation of Article No. (219) of Companies Law No. (12) of 1964, to take the necessary legal measures regarding the execution of the requirements of the attached letter.

Dr. Nasser Abu Sulaiman
Banking Supervision Department
Palestinian Monetary Authority

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Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 www.pma.ps

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Palestinian National Authority

Ministry of National Economy
Palestinian National Authority
Ministry of National Economy

Date: 17/01/2008

Dear Dr. Jihad Al-Wazir, may God protect you,
Governor of the Palestinian Monetary Authority Greetings,

Subject: Registration of Foreign Companies pursuant to Article (219) of Companies Law No. 12 of 1964

The Companies Supervision Department extends its warmest greetings and wishes you a happy year, and hopes that, within the framework of coordination and cooperation between us, you will instruct the relevant parties to issue a circular to banks prohibiting the opening of any account for any foreign company unless it is registered with the Companies Registrar, based on the aforementioned Article.

With highest respect and appreciation,

Naim Ayoub
Companies Registrar

Copy to: Minister
Copy to: Deputy Minister

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Ramallah - Tel: 972-2-2951314/6, 2561651, 2950011, Fax: 972-2-2951307 - P.O. Box 1629 Gaza - Tel: 972-8-2839140/1, 2836119, Fax: 972-8-283307 - P.O. Box 4031 www.mne.gov.ps - E-mail: info@mne.gov.ps

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Chapter Twelve

Foreign Joint-Stock Companies
Article 219
Registration Requirement

(a) No foreign joint-stock company or foreign body engaging in commercial activities may conduct any business in the Kingdom unless it is registered pursuant to the provisions of this Law.

(b) Any violation of the provisions of this Article shall subject the company to a fine not exceeding (250) dinars.

Article 220

Application for Registration

The registration application shall be submitted to the Registrar along with the following data and documents:

(1) A certified copy of its founding contract and internal statutes, or any other document by which it was formed and how it was established.

(2) Any evidence proving that it has obtained approval from the competent authorities in the Kingdom to conduct business and invest foreign capital therein pursuant to any applicable Jordanian laws, regulations, and directives.

(3) A list of the names of its board of directors and the nationality of each member.

(4) A certified copy of the power of attorney authorizing the company to appoint a person who usually resides in the Kingdom to conduct its business and receive messages and notifications on its behalf.

(5) Any other data or information that the Registrar deems necessary.

(6) The registration application shall be presented before the Registrar or a notary public by the person authorized to represent it and conduct all its business.