The Ministry of Economy has issued a new decree (No. 586) of 2024, which introduces the following requirements for trademark renewals: Financial Statement Requirement: Applicants are now required to submit…
New facilitations and incentives for investors and Egyptian companies regarding registering in importers’ registry
Within the framework of promoting the economic reform program and the objectives of the Egyptian Government in implementing development plans and confronting the negative repercussions and continuing to develop the Egyptian economy positively and under the incentives given by the Government to many investors in all fields and encouraging investment and existing projects, President Abdel Fattah el-Sisi signed Law No. 173 of 2023, with the exception of the registration of some companies not owned by Egypt (51%) of certain provisions of Act No. 121 of 1982 concerning importers’ registry.
Article 1 of the Law adopted by the Chamber of Deputies states that it is an exception to first paragraph of Article 2e (2) Of Law No. 121 of 1982 on the importers’ registry, joint-stock companies, stock-limited companies, limited liability companies or companies of Partnerships Limited by Shares companies whose shareholding shares are not owned or owned by Egyptians in a proportion less than (51%) In the importers’ registry, the total duration of registration in the registry shall not exceed 10 years from the date of the application of the provisions of this Law, and may be extended for only one period not exceeding 10 years by decision of the Council of Ministers upon the presentation of the Minister for Foreign Trade Affairs.
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Official Journal – Issue No. 43 (Bis – A) – Dated 29th of October, 2023
Law No. 173 of the Year 2023
On Excepting Entry of Certain Companies
Not Owned By Egyptians Or Owned Thereby
At A Rate Less Than (51%)
From Some Provisions of Law No. 121 of the Year 1982
Concerning the Importers’ Register
In the name of the people
President of the Republic
The House of Representatives passed the following law and it is hereby promulgated:
Article: 1
As an exception to the first paragraph of item (second/e) of article (2) of law no. 121 of the year 1982 on the importers’ register, joint stock companies, partnerships limited by shares, limited liability companies or partnerships, where the stocks or shares of their partners are not owned by Egyptians or owned thereby at a rate less than (51%), may be recorded in the importers’ register, provided that the total periods of entry in the register shall not be more than ten years as of the date of enforcing the provisions of the present law. Such period may be extended to one other period only of not more than ten years, by virtue of a decree to be issued by the cabinet based on the proposition of the minister concerned with foreign trade affairs.
Article: 2
The present law shall be published in the Official Journal, and shall apply as of the day following its date of publication.
This law shall be stamped with the seal of the State and shall be enforced as one of its laws.
