Reasons for Starting a Business in Jordan?
There are many reasons why people choose to start businesses in Jordan. One of these reasons is because entrepreneurs believe that a local market is more secure than foreign markets. Another reason is that Jordan offers many chances for success, such as its free economy and free trade zones. Moreover, entrepreneurs prefer doing business with Jordanian partners rather than with foreigners. This increases their chance of succeeding in their business ventures. Also, since most businessmen operate within their own social circles or regional groups, they tend to promote each other’s businesses through word-of-mouth marketing.
What are the Natural Resources in Jordan?
The natural resources of Jordan include arable land, small deposits of gold and phosphate, limited supplies of crude oil, fresh water from springs and some small hydroelectric plants. Despite these natural resources however, the Jordanian economy in an attempt to stimulate economic growth, King Abdullah II has made it a priority for Amman to become more attractive for foreign investment. As part of his initiative he has worked towards reducing government bureaucracy, establishing free trade zones with preferential tax rates as well as creating incentives for companies operating in Jordan's free zones by exempting them from taxes for up to 15 years.
What are the Business Opportunity?
There are a lot of economic and investment opportunities in Jordan, and many global investors from neighboring countries, Europe, Asia and America take advantage of these to start their businesses or expand their current operations. The law of investments is not complicated and it is easy to create a limited liability company (LLC) with an investment capital not exceeding JOD20,000 at any commercial register. Foreigners can also open companies on behalf of their Jordanian nationals by means of local sponsors. Jordan, you can start a business if you have a unique idea for goods or services, and have enough money to start up. In order to run a profitable business, your goods or services must be: i) desired by people; ii) easy to provide or deliver (so as not to limit how many people can buy them Jordan lacks natural resources on like some other Middle East countries; hence the country’s major source of income revolves around agriculture, trade and commerce, tourism, transportation and communication, construction, mining, finance and manufacturing. Jordan is known to be one of the largest producer and exporter of Phosphate in the world and also it has the 5th largest oil shale reserves in the world. Manufacturing business is yet another very lucrative business that any big investors can start in Jordan. Transportation Business that an entrepreneur can easily start in Jordan is transportation business is properly managed you will definitely get good returns on your investment. If you are a trained electronic technician, then you should consider starting your own electronics repair in any of the city in Jordan
Is Jordan Good for Business?
Like many countries in Africa, Jordan’s business environment is extremely liberal. You can start a business with minimal upfront investment and operate within almost any industry, including food and beverage; manufacturing; information technology; financial services; mining and natural resources; professional, scientific and technical services; telecommunications, broadcasting and electronic media; wholesale trade. Foreign investors are welcome to establish businesses in Jordan. There are no restrictions on foreign ownership of companies or assets, although there are some restrictions on foreign ownership of land. The main restriction applies to certain sectors that are considered strategic for national security reasons. These include defense, transportation, water and sewerage systems, power generation systems (except small-scale solar power), and oil refining and distribution system.
Business-Friendly Policies and Government Initiatives;
Jordan ranked 27th on Doing Business 2014, an annual report by The World Bank that assesses business regulations around the world. The government took notable steps to boost efficiency and transparency, including introduction of an e-governance system that allows entrepreneurs to electronically apply for required permits and licenses. Entrepreneurs are also supported by small-business grants from various entities within government—several large companies have set up support centers for small businesses near their headquarters in Amman. In addition, there is substantial public-private sector collaboration to improve access to finance and skills training.
The Jordanian economy is largely driven by private consumption (68 percent), followed by services (24 percent) and industry (8 percent). While it’s important for any entrepreneur to be aware of economic conditions in his or her country of operation, it’s especially crucial for those looking at markets outside Western Europe or North America; consumer spending patterns can vary widely across regions.
Jordan Industrial Infrastructure;
When it comes to opening up company, there’s nothing like knowing that your products and services will have access to key infrastructure. In today’s hyper-connected world, where businesses are no longer restricted by borders, companies of all sizes must be able connect with and serve customers on a global scale. Nations around the world recognize that fostering strong networks of infrastructure provides citizens with new opportunities for growth and helps attract investment from outside. By taking an active role in shaping its own industrial future, Jordan is setting itself up as a prime location for foreign investment and entrepreneurship. With strong infrastructure comes better transportation options, lower logistics costs, greater economic stability and higher quality of life—and these factors make Jordanian entrepreneurs more competitive on a global stage.
What are the steps for Starting a Business in Jordan?
(1) Register your company;
(2) Trade name registration;
(3) Search for an office or space to rent/buy. To make it simple, we’ve listed down all of them here: Registering your company in Jordan is very easy. You can register online through JORDAAN website, which will take registering your company, you should apply for trade name at Intellectual Property Center (IPC).
(4) The next step is to search for an office or space. There are many real estate agents in Amman who help with commercial spaces and rents. Then comes choosing employees and partners if any, then setting up a bank account and dealing with other formalities that come along with establishing a new business in Jordan.
(5) Finally, you have to advertise your services and start
(6) That’s it! Good luck on your journey as a successful entrepreneur in Jordan
Market size of Jordan
Agriculture. Jordan is a net food-importing country, with a growing market of 10.8 million consumers, including refugees. Jordan has increasingly westernized consumer tastes and imports up to 98 percent of consumable items from abroad, including wheat, barley, sugar, rice, powdered milk, tea, coffee, corn, vegetable oil (excluding olive oil), cheese, chickpeas, vermicelli, lentils and value-added products such as tree nuts and poultry and poultry products. The Jordanian market is worth around $2.78 billion, which makes it highly attractive for foreign investors looking to break into new markets. The private sector, which dominates economic activity, is highly competitive and relatively prosperous by regional standards, with annual growth rates above 5% for much of the past decade. The banking sector is well developed by regional standards with over 150 banks. At almost 20% of GDP, remittances from workers The Jordanian market can be divided into three categories: Households, SMEs and Governmental institutions the population of Jordan was estimated at 9.5 million people in 2016, according to World Bank projections. The country has an average population density of about 96 people per square kilometer (247 per square mile). Its capital and largest city is Amman, with a population of about 4 million
Industrial Growth
As of more than 40% of Jordanian companies were foreign-owned. The growth of manufacturing, tourism and other major industries has contributed greatly to Jordan’s status as an economic powerhouse in its region. These businesses also contribute significantly to Jordan’s GDP. In fact, according to Arab Advisors Group, industrial and services sectors are key contributors to employment rates – which currently stand at 53% for males and 32% for females – as well as foreign exchange rates and capital revenues within the country.
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