Companies Law

1. The following information shall be included in the articles of association of a Companies Law joint-stock company: a) Company’s name. b) Company’s headquarters. c) Company’s purpose. d) Company’s authorized capital, if any, and its issued and paid-up capital. e) Number of shares; their types and classes, if any; their nominal value; and the rights associated with each type or class. f) Company’s term, if any. g) Company’s management and number of board members. h) Dates on which the company’s fiscal year commences and ends. i) Any other terms, conditions, or information the incorporators or shareholders agree to include in the company’s articles of association that are not inconsistent with the provisions of this Law. 2. The following shall be enclosed with the company’s articles of association upon submission of its incorporation application: a) Incorporators’ names, addresses, and nationalities. b) Statement of projected works and expenses for incorporating the company. c) An acknowledgment by the incorporators that the company’s issued shares are fully subscribed, and a statement of the value of paid-up shares. d) A certificate of the amount of paid-up capital issued by a bank licensed to operate in the Kingdom. e) Incorporators’ decision appointing members of the first board of directors, stating their names, nationalities, addresses, and dates of birth, and the decision appointing the first auditor in cases where an auditor is required under this Law, if not appointed in the company's articles of association. f) An acknowledgment by the incorporators to satisfy all the requirements provided for in this Law which relate to the incorporation of the company. g) A report prepared by an accredited valuer, or more, indicating the fair value of in-kind contributions, if any, and an acknowledgment by incorporators of their approval of the consideration for such contributions.