Jordan Company Registration – A Complete Guide
Jordan has the potential to be an innovative hub, and to encourage this vision, the government has taken steps to make the country business-friendly. One example of the measures is streamlining the administrative processes involved with Jordan company registration, minimising the bureaucracy. One-stop service centres have been set up so investors only need to go to one location to service all their business needs.
Online platforms and portals have been introduced to facilitate the business registration process, too. Jordan is taking things digital to help speed up the company registration process, and our 3E Accounting experts know how to take advantage of that.
Are There Any Tax Benefits to Starting A Business in Jordan?
Yes, there are benefits to starting a business in Jordan. To stimulate economic growth, the Jordanian Government has set up Special Economic Zones (SEZs) where investors can enjoy specific tax incentives. Some of these zones include Aqaba, Al Karama, Al Karak, Sahab, Zarqa, and Queen Alia International Airport.
Among the benefits offered in these zones are 100% foreign ownership, a reduced corporate tax rate of 5%, and no customs duties on imported goods. Moreover, Jordan has Free Trade Agreements (FTAs) with the European Union, Canada, and the United States. To avoid double taxation, Jordan also has tax treaty agreements with several countries.
Jordan also has a law called the Investment Promotion Law. Under this law, projects that are eligible could benefit from a reduction of income tax rates for a specific period. Ask our 3E Accounting experts if your business might be eligible.
How to Start A Business in Jordan
To begin the Jordan company registration process, here are the steps that you will need to take:
Reserve Your Business Name and Register
Reserve your business name and register it with the Companies Control Department (CCD) at the Ministry of Industry, Trade, and Supply. The CCD is the governing body that oversees the registration of companies and businesses in Jordan. When registering your business, you must provide the Articles of Association that is notarised and authenticated by the Chamber of Commerce and Industry.
Open A Bank Account
You must open a business bank account in Jordan. Proof of the account opening must be submitted to the CCD as part of the business registration process.
Register for Taxes
Every business in Jordan must register for Tax Identification Number (TIN) at the Income and Sales Tax Department (ISTD).
Some sectors in Jordan, like the manufacturing sector, require special approvals from the relevant authorities. Some of these approvals include municipality approval, industrial and trade licensing, building and construction permits, fire department approval, health and safety approval, product certification and quality standard approval, among other things. Our experts can advise which of these might be applicable to your business.
Let’s Handle Your Jordan Company Registration Together
Let our experts handle your company registration process in Jordan together. For more information, get in touch with our 3E Accounting experts today.