A New Step towards Improving the Investment Environment in Egypt
In the last few years, Egypt has directed its attention and efforts towards improving the investment environment and attracting many Egyptian and foreign investors. In line with its objective, it has made many decisions, including facilitating land ownership, expanding the issuance of the golden license, reducing financial and tax burdens on investors, and reducing the number of documents required from companies to obtain post-incorporation services. Let’s discover together everything related to the decree of reducing the documents required from companies.
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Decree’s Details
The Chief Executive Officer of the General Authority for Investment and Free Zones (GAFI) issued a decree no. 270 of 2023 reducing the number of documents required from companies to obtain post-incorporation services, with an aim of saving time and effort for both parties; investors and GAFI’s employees. However, companies must keep all the striking off documents and submit them to GAFI upon request.
Striking off Documents
The striking off documents are about 14, which are:
- The ratification application and the declaration of valid information.
- Letters of nomination of members of board of directors and company managers.
- Acknowledgments of acceptance of appointment of BoD’s members and company’s managers.
- Resignation of BoD’s members and company’s managers.
- Proof of appointment of company’s auditors.
- Acknowledgments of acceptance of appointment of company’s auditors.
- Meetings attendance proxies.
- Deed of possession of a company’s branch or site.
- Auditor’s letter of excuse from work.
- Certificate of auditor’s death.
- The minutes of the BoD’s meeting calling a meeting.
- The minutes of all partners meeting amending the articles of partnership.
- Shareholder’s death certificate, the decree of distribution, and a statement by the Egyptian Exchange evidencing that the shares of the deceased shareholder have been distributed on the heirs (In case of a shareholder’s death).
- Partner’s death certificate, the decree of distribution, and a statement by the auditor and the auditor’s liability to the effect that the inheritance has been distributed as per the decree of distribution (In case of a partner’s death).
Statements on this Decree
Mr. Hossam Heiba, CEO of the GAFI, said that this decree is a first step within a plan of action aiming at improving the investment environment and applying the principles of governance and transparency. It is worth mentioning that this decree came in accordance with the administrative reform plan and Egypt’s vision 2030.
Counselor Tamer Al-Batanouni, CEO Deputy of the GAFI, also said that the decree ensures the acceleration and simplification of procedures for investors, and includes the companies’ commitment to their legal responsibility, without prejudice to the legal discipline of the investment environment
It is clear that Egypt in general and GAFI, in particular, exerted a great effort to improve the investment environment in Egypt. If you want to know more about the decree of reducing the number of documents required from companies, click here.