Online company formation was first introduced in Egypt within Investment Law No. 72 of 2017 and its executive regulations (the “Law”). Chapter three of the Law regulates incorporating companies online, and specifies the steps to be followed for those wishing to establish new companies, and lists in Article 33 of the Law all documents needed to be submitted for completing this process.
The first step as clarified in Article 32 of the Law provides that those wishing to establish companies online must create an account on the electronic portal of the General Authority for Investments and Free Zones (“GAFI”), through which individuals obtain electronic incorporation services.
The second step is to complete the incorporation form, which specifies the form and legal system to which the company is subject to, and all data and documents necessary to obtain the service.
The third step is to submit electronically the incorporation application, or to complete all amendments (if any).
The fourth step is to pay the incorporation fees electronically in one payment to the account of the entities related to the provision of incorporation and post-incorporation services.
The fifth and final step is electronically signing all forms, and the authority expresses its opinion on the approval for the name of the company when submitting the application for incorporation.
So, what is new?
Egypt’s President directed the incorporation of companies through digital notification via a platform established for this purpose, in the context of removing all obstacles for start-ups and entrepreneurs, and allowing the opening of virtual companies without being bound by the necessity of having a physical headquarters, with the aim of saving expenses and facilitating those companies, which will eventually lead to attracting more and more investments in Egypt.
President El Sisi also directed facilitating the requirements for establishing single-shareholder companies, expanding the establishment of free technology investment zones, as well as expanding tax exemptions for start-ups, in addition to activating white lists to import electronic components for specialized companies.
The decree has not been officially published yet, but the spokesperson for the meeting that was held on Sunday the 15th of May 2022, declared very promising statements, which will make life easier for start-up companies and entrepreneurs.
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