Procedures for Establishing Money Exchange Companies in Jordan

PROCEDURES FOR ESTABLISHING MONEY EXCHANGE COMPANY "GENERAL PARTNERSHIP COMPANY, LIMITED PARTNERSHIP COMPANY, LIMITED LIABILITY COMPANY (L.L.C)" First: The persons willing to establish a money exchange company shall submit an application in accordance to the scheduled form for this purpose, accompanied with the following documents: A. A form of personal information supported with a copy of the identification card, two personal photographs as well as a copy of the scientific qualifications and practical experiences. B. A document of financial ability supported with the supported documents for the request. C. A feasibility study for the upcoming three years. D. The approval by the concerned authorities for the allocation of a place incase the exchange company will be based at the border. E. A company registration form from the Ministry of Industry and Trade. F. A declaration of permanent residency in the Kingdom and full-time availability by the proposed director of the company or by the Director / Head of Directors if the company was a L.L.C. G. A proof that no partner has been declared legally incompetence or bankrupt if the company is L.L.C. H. Power of Attorney for the person who will follow up the application. I. Submitting the draft articles of incorporation and articles of association of the company. Second: Inquiry Surveillance will be conducted on all applicants by the concerned security institutions. Third: Requirements for obtaining an initial conditional approval: A. Submitting a certified copy of each of the articles of incorporation and the articles of association.

B. Registration of the company's at the competent chamber of commerce. C. Providing an appropriate place for money exchange business furnished with advanced technical equipment. D. Depositing the company's capital at a licensed bank in the kingdom after the registration of the company at the official competent authorities. E. Submitting a bank guarantee or cash deposit to the order of the Governor of the Central Bank of Jordan. F. Obtaining an occupational license from the competent official authority. G. Paying the fees specified for this purpose. H. Submitting the required commitment for this purpose.  Concerned parties shall be notified in writing of the initial approvals for establishing a money exchange company, noting that such approval would not entitle the parties to practice money exchange business in any way whatsoever. Fourth: Requirements for obtaining the final approval: A. Proving the company's capital, fundamentally, in its records. B. Identifying the transactions that the exchanger can carry out. C. Working with the license until the end of the fiscal year in which the license was granted. D. The compliance with the laws and regulations in force. E. Appointing a legal auditor (L.L.C). F. Any other information deemed necessary by the CBJ.