Ministry of Investment and International Cooperation adopted Sole Proprietorship companies

 

Dr. Sahar Nasr minister of Investment and International Cooperation, has accredited the decree of establishing the Sole Proprietorship companies, which came into action today August 16th, 2018 Dr. Nasr has stated the benefits of the Proprietorship companies which is to encourage the small business and startups. Documents required for establishing the Sole Proprietorship Company:

  • Non-ambiguity certificate approved by the Commercial Register
  • A bank certificate with a deposit of the entire capital, not less than EGP 50,000
In case that a legal entity wishes to establish a Sole Proprietorship Company, the following documents shall be submitted:
  • Eligible power of attorney from the individual.
  • A copy of the recent commercial record of the legal entity (Original copy is only requested for review)
In case the founder of the Sole Partnership Company is a person of the public law, the approval of the Prime Minister or the competent minister should be obtained, according to the case, the following documents shall be submitted:
  • Power of attorney enclosing the right of establishing a company, signature of articles of association before the notary public.
  • Security check form for the company founder and/or foreign manager.
  • Original extract from the register of accountants and auditors is required for the accounts auditor to be appointed, the extract shall be enclose his right to review and approve the budgets of the company, hence, a copy or confirmation of  the appointment  has to be submitted in advance to the GAFI.
  • Identity proof copy (Original copy is only requested for review)
  • In case of “In Kind share” an evaluation of the “share” shall be submitted from the competent experts and the founder’s approval of the validity of the said evaluation.
  • In the case of a public free zone, the approval of the Authority shall be obtained before incorporation and the approval of the Board of Directors of the free zone to which the project is to be established.
Our experienced and specialized attorneys at Eldib & Co will guide you step by step for any company incorporation matters. Should you have any questions and queries, please contact us at mail@eldib.com and we will be proud if you turn to us with confidence.
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