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 authorised 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 percetage allowed in the company’s articles of association.