The General Authority for Investment and Free Zones (GAFI) issued a decision on Sunday to eliminate the condition of organising field checking visits for companies applying for operation licenses and residence when the companies’ paid-up capital reaches EGP 100m.
A statement by GAFI said that the new decision aims to simplify the procedures and help investors to facilitate business in the Egyptian market.
The new decision committed the companies to offer GAFI the financial status of the companies over the past three years at least, with approval of the auditor, except for the newly founded firms, the statement clarified.
The companies should provide GAFI with the needed documents that support its serious investment plans in Egypt, after paying the needed fees, the statement mentioned.
In February 2019, GAFI issued decision number 96 for 2019, committing companies to forgo paper documents and turn to digitalisation, upon Law No 159 for 198, as well as Law No 72 for 2017, according to a past statement.
Firms’ founding procedures will be electronically implemented, the statement said, adding that the GAFI will electronically offer the service of archives and records’ establishment.
The GAFI retains its traditional regulatory powers, and is also an effective, proactive investment agency with promotion and facilitation services, and business matchmaking, in addition to serving Egyptian expatriates and offering investor aftercare, as well as encompassing research and market intelligence functions.