Best Corporate Governance Lawyers in Zarqa

3. Local Laws Overview

• Companies Law No. 22 of 1997 (as amended) governs the formation, organization, governance, and dissolution of companies in Jordan. This law provides the framework for corporate decision making, director responsibilities, and shareholder rights across Jordan, including Zarqa. For official information on company registrations, consult the Department of Companies Control and related MTI guidance. Department of Statistics and Companies Registry.
• Corporate Governance Code for Public Shareholding Companies issued by the Jordan Securities Commission (JSC). This Code sets mandatory governance standards for public companies, including board structure, committees, disclosure, and shareholder protections. Updates are published by the regulator and apply to corporations with public shares operating in Zarqa as well. Jordan Securities Commission.
• Capital Markets Law (as applied to public offerings and disclosures) also shapes governance in publicly traded entities. The Jordan Securities Commission administers this framework to ensure fair markets and transparency in reporting by public companies. Jordan Securities Commission.

These laws create a layered governance regime for Zarqa businesses, from private company operations under the Companies Law to public company disclosures under the CG Code and Capital Markets Law. For the current text and latest amendments, consult official pages above. Note that local practice may require additional compliance steps in Zarqa’s industrial zones and registries. For practical guidance, a Zarqa-based attorney can tailor compliance programs to your exact company profile.

4. Frequently Asked Questions

What is corporate governance in Jordan and why does it matter for Zarqa?

Corporate governance governs how a company is directed and controlled. It matters for Zarqa because local businesses may attract investment and must comply with national standards published by regulators.

How do I start implementing the Corporate Governance Code in a Zarqa-based company?

Begin with a governance gap analysis, then author governance policies, appoint independent directors, and implement disclosure and board committees as required by the CG Code. An attorney can guide the process.

What is the role of a director under Jordanian Companies Law?

Directors are fiduciaries responsible for prudent management and protecting shareholder interests. They must follow statutory duties, disclose related party transactions, and ensure proper record keeping.

What is the difference between a solicitor and an attorney in Jordan's corporate practice?

In Jordan, the common term is attorney or advocate. A solicitor role is less typical in Jordan’s corporate context. Seek counsel who is licensed to practice as an attorney of the Jordan Bar Association.

Do I need a local Zarqa attorney to represent me in corporate governance matters?

Yes. A local attorney understands Zarqa's regulatory environment, local registries, and court procedures, which helps in timely and accurate compliance and dispute resolution.

How long does a governance dispute take to resolve in Zarqa courts?

Resolution times vary by complexity and court workload. Simple disputes may take several months; larger matters can extend beyond a year.

What are the costs associated with hiring a corporate governance lawyer in Zarqa?

Costs depend on scope and seniority. Expect consultation fees, document drafting charges, and retainer arrangements for ongoing advice.

How much disclosure is required for public companies in Jordan?

Public companies must disclose material information to the market, maintain board transparency, and publish annual and quarterly reports as per the CG Code and Capital Markets Law.

What are related party transaction rules under the CG Code?

Related party transactions require independent approval, clear disclosure, and adequate risk assessment to prevent conflicts of interest and ensure fair terms.

What steps are involved in registering a company in Zarqa?

Steps include name reservation, submission of constitutional documents, shareholder details, capital structure, and payment of registration fees to the Department of Companies Control.

Is there a timeline to become compliant with the CG Code?

Timelines vary by company size and public offering status. A typical plan spans 3 to 12 months for private to public transition steps and ongoing annual disclosures.

What should I prepare for a corporate governance due diligence in Zarqa?

Prepare board minutes, share registers, related party disclosures, governance policies, and financial statements for review by counsel and potential investors.

5. Additional Resources

• Jordan Securities Commission (JSC) - Regulates capital markets and enforces the Corporate Governance Code for Public Shareholding Companies. https://www.jsc.gov.jo
• Department of Statistics (DOS) - Official source for economic data, company registrations, and sector-specific information. https://dos.gov.jo
• Ministry of Industry, Trade and Supply (MOITS) - Governs company formation, licensing, and general corporate registry procedures. https://www.mti.gov.jo

6. Next Steps

1. Define your governance needs and scope the engagement. Decide if you are private or seeking public listing in Zarqa.
2. Identify potential corporate governance lawyers in Zarqa with relevant practice and jurisdictional experience. Gather 3-5 candidates for initial contacts.
3. Check credentials and regulatory status. Confirm the attorney is licensed to practice in Jordan and affiliated with the Jordan Bar Association.
4. Schedule an initial consultation. Bring Articles of Association, board minutes, shareholder registers, and any governance policies.
5. Request written engagement terms. Obtain a clear scope, fees, timeline, and deliverables in a formal retainer letter.
6. Compare proposals and select the best fit. Consider practicality, local knowledge, and responsiveness in Zarqa matters.
7. Implement the agreed governance program. Create board policies, approve necessary disclosures, and set up committees as required by law and the CG Code.