The recent amendments to the Jordanian Companies Law No. 22 of 1997 and Corporate Regulations, have come into effect on April 1, 2024. These amendments introduce key changes to corporate procedures and compliance requirements for all legal entities established in Jordan.

The amendments include a modification to Article (59), companies can open their bank account within a period of not more than 60 days as of official registration, and shareholders must deposit at least 50% of the Company’s share capital in the bank account, failure to do so may subject the entity to suspension if not rectified within 30 days as of such notification.

While no direct monetary sanctions are imposed with regard to Article (59), companies may be added to the suspended companies list, potentially leading to liquidation initiated by the Companies Controller, for non-compliance.

Additionally, the amendmnets introduce a new compliance obligation regarding the filing of meeting minutes. Companies must now submit the minutes of ordinary or special meetings to the Companies Control Department within ten days. Failure to comply will result in a penalty of 1 JOD for each day of delay.