The establishment of a Public Shareholding Company involves the issuance of a resolution by the Minister of Economy and Commerce.
A Public Shareholding Company should have a Memorandum and Articles of Association which contain the following information:
- The company name and principal place of business.
- The objective for which the company has been established.
- The names of the founders, their nationalities, place of residence, occupations, and the number of shares subscribed by each of them.
- The amount of company capital, the number of shares into which the capital is divided, their type and value.
- The duration of the company.
- A statement of every non-monetary share, the name of the person contributing this share, all the conditions relating to its subscription, and the specific rights in kind attached to this share.
- A statement of the estimated amount of formation expenses, remuneration and costs paid or undertaken to be paid by the company during its incorporation.
- The founding members from among them shall elect a committee of not less than three and not more than five who shall take over the incorporation procedures before the authorized administration.
- The founding members are required to subscribe to not lesser than 20% of the shares and not more than 60% of the shares in the company.
- No founding member shall subscribe to more shares than the percentage allowed in the company’s articles of association.