• Companies under formation:

If the company is under formation, a copy of its preliminary memorandum of association must be submitted so that the bank may accept deposits from subscribers in an account of a joint-stock company under formation only (Account of “name of the company” Under Formation). Payment from this under-formation company account shall only be allowed upon announcement of the company formation. If the founders wish to open a special account for the formation expenses, the bank shall obtain an application to this effect from the individuals authorized under the preliminary memorandum of association, indicating the purpose of the account, the amounts specified, the authorized persons and how to treat such amounts after the formation of the company. In addition, the bank must receive the approval of the Ministry of Commerce for such expenditure account, which shall be opened under the name "Account of (name of the company) Company Formation Expenses".

• Licensed joint-stock companies:

Documents required are as specified in (300.1.3) above.