About Board of Investment (BOI) Law in Amman, Hashemite Kingdom of Jordan
The Board of Investment in Jordan (BOI) is the primary organization responsible for promoting and facilitating investments in the country. Its activities and operations are controlled by an investment law that provides legal protections and incentives to both local and international investors. This law aims to attract and encourage investment in different sectors, by offering tax exemptions, duty-free operations and 100% foreign ownership.
Why You May Need a Lawyer
Investors often require legal assistance to understand the landscape of BOI and its associated laws. Lawyers assist in navigating through the registration process, preparing necessary documents, ensuring compliance to the commercial laws, handling any disputes, and providing advice on tax, legal and financial implications. It's particularly crucial for foreign investors unfamiliar with Jordan's legal system to seek legal help in order to avoid any potential pitfalls.
Local Laws Overview
Jordan's Investment Law No. 30 of 2014, governs the BOI. This law provides a range of incentives and protections for investors, including tax immunities and exemptions from customs fees. Key sectors for investment include manufacturing, IT, tourism and agriculture, with special zones for development. Any violation of the provisions of the Investment Law will incur penalties, which is why it's essential to have legal assistance to ensure compliance.
Frequently Asked Questions
What is the role of BOI in Jordan?
The BOI in Jordan is responsible for promoting, attracting and facilitating both local and foreign investments in key sectors of Jordan's economy.
Can foreign investors fully own a property or a project?
Yes, Investment Law allows 100% foreign ownership in all sectors and there is no requirement for Jordanian participation.
Are there any tax benefits for investors?
Yes, the Investment Law provides a variety of tax reliefs, incentives, and exemptions to encourage investment.
What happens if you violate the Investment Law?
Violations of the Investment Law can result in penalties, fines, and even revocation of the investment license.
How can a lawyer assist in the BOI process?
A lawyer can guide through the complex investment process, ensuring compliance with local laws, handling any disputes, and providing advice on tax, legal and financial implications.
Additional Resources
In addition to consulting with a lawyer, interested investors should also consider resources like the Jordanian Chamber of Commerce and the Jordanian Chamber of Industry. Local finance and accounting firms also offer valuable insight and services in relation to investment in Jordan.
Next Steps
If you need legal assistance with BOI in Jordan, the first step is to consult with a lawyer familiar with the Investment Law and other relevant legislations. It is also crucial to conduct due diligence before beginning any investment project. Lastly, always ensure your investment aligns with the economic development goals of Jordan and have all the necessary permits and licenses before commencing operations.
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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation.
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