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Article of Association

Two or more natural or legal persons are obligated to draft an Articles of Association among themselves, which includes each person's contribution to a profit-oriented project by providing a share of money or work. Subsequently, they share in the project's resulting profits or losses. These rules may include, but are not limited to, the appointment of directors, issuance of new shares, and procedures related to board meetings and shareholder discussions. Thus, all shareholders share all the losses incurred by the project or the profits it generates.

A dedicated contract refers to one that is drafted by an accredited lawyer and reviewed by the relevant authorities during the company's establishment procedures. All companies are required to have a dedicated Articles of Association, except for limited liability companies (LLCs), which can choose between a standard Articles of Association and a dedicated one. A representative office, professional office/establishment, and sole proprietorship do not need to submit an Articles of Association. The same applies to establishing a branch of a foreign company contracting with the State, but in this case, the signed project contract with the State or direct contractor must be attached.

General Conditions

The Articles of Association must include:
•    The company's name and main office address.
•    The purpose for which the company was established.
•    The names, nationalities, places of residence, and occupations of the founders.
•    The amount of the company's capital.

Special Conditions for (Public/Private Shareholding Companies)
•    The number of shares subscribed by each partner.
•    The amount of issued capital and the number of shares it is divided into, their type, nominal value, and the amount paid for each share.
•    The company's duration.
•    A statement of any non-monetary share, the name of its provider, all terms related to its provision, and the real rights associated with this share.
•    An approximate statement of the expenses, fees, and costs that the company incurs or commits to due to its establishment.

Special Conditions for (Simple Partnerships/General Partnerships)
•    The company’s branches, if any.
•    The birth date and residence of each partner.
•    The amount of the company's capital and the share each partner commits to providing, whether in cash, in-kind, or rights owed by others, the estimated value of these shares, and how and when they are to be provided.
•    The date of the company's establishment and its duration.
•    How the company is managed, with the names of the persons authorized to sign on behalf of the company and the extent of their powers.
•    The start and end of the company's fiscal year.
•    How profits and losses are distributed.
•    The names of the general and limited partners.
Special Conditions for (Limited Liability Companies)

This type of company is established by a founding document signed by the partner(s), including the information specified by the minister’s decision, which should include the following:
•    Type of company.
•    The amount of capital and each partner's share, a statement of in-kind shares and their value, and the names of the providers if any.
•    The names and nationalities of the company’s managers, whether they are partners or others, if their names are included in the founding document.
•    The names of the supervisory board members, if any.
•    The company's duration.
•    How profits and losses are distributed.
•    Conditions for transferring shares.
•    The form that should be observed in the company’s notifications to the partners.