Page 55 - EGYPT - En Vol.4 HD

E gypt
Snapshot of E gypt 53
The investment climate in Egypt, especially in the past few years, has
witnessed many legislative and institutional reforms aimed at facilitating Allowing the foreign investor to Resilient legal framework JSC – LLC –
register in the Importers Register for a
and streamlining procedures for investors. This has contributed to period of 10 years. sole proprietorships – Offshore.
achieving positive outcomes related to the required time, cost, and number Widening the scope of issuing the
of procedures to incorporate a company and start a business, as follows: Launching a unified electronic platform golden license to include more projects’
for the establishment, operation and
1. The Supreme Investment Council approved during its meeting headed liquidation of projects in cooperation spectrum.
by President Abdel Fattah El-Sisi, 22 decrees aimed at achieving a with all concerned parties.
quantum leap in reducing the cost of establishing companies, and the Reducing the financial or procedural
time period for obtaining the necessary approvals to start the activity, Speedy resolution of commercial burdens related to the project’s
expanding procedures of the Golden License issuance, facilitating disputes pending before the courts establishment or operation.
the import of production requirements, in addition to providing an Establishing a permanent unit in the Cancellation of exemptions granted
integrated competitive package of incentives and facilities in the sectors Council of Ministers for emerging to state entities in investment and
of agriculture, industry, and energy with regard to green hydrogen companies. economic activities
production.

Incentive Decrees Issued by the Supreme Investment Council for Investment:
2. The President of the Republic issued a Republican Decree issuing Law No.
Allowing licensing for industries Company incorporation in one day. 160 of 2023 regarding amending of some provisions of the Investment
projects based on natural gas as one of And granting investors residency Law No. 72 of 2017. These amendments aim to enjoy all the Investment
the production inputs to operate under immediately after the establishment of Projects governed by the provisions of this Law whether they have
the free zones system (manufacture the project.
- liquefaction - transportation). As been incorporated before or after this Law has come into force and
well as oil refining projects - fertilizer Shrinking the timeline for security irrespective of the legal framework governing same, enjoy the general
industry - iron and steel). (A law passed clearance to 10 days. incentives stipulated in this law exception being made for Investment
by the Egyptian parliament). Projects set up under the Free Zone Framework, and expanding the

First time, to allow service companies Simplifying the requirements and granting of special incentives and the golden license.
to operate as private offshore. controls for the establishment of
private free zones by canceling the
Lifting restrictions on the foreign capital requirement, investment costs,
ownership of real-estate. and the location of the project activity.