To encourage investors to establish new businesses in Egypt by ensuring a simple procedure for registering their companies, the General Authority for Investment and Free Zones (GAFI) launched on 9 August a fully automated online registration service for new companies.
Prime Minister Mostafa Madbouly, who was at the government headquarters in New Alamein, attended through video conferencing the process of the first online registration which involved the Damietta Company for Green Ammonia in Damietta Free Zone.
Minister of Petroleum and Mineral Resources, Tarek al-Mulla; Minister of Justice, Omar Marwan; and Damietta Governor, Manal Awad, also attended the launching of the new service via video conferencing.
According to Hossam Heiba, Chairman of GAFI, as of today, investors can register their companies online through GAFI’s electronic portal and carry out all procedures involved, including payment of fees, using digital signature. GAFI, he said, would then complete the remaining foundation-related procedures with the third parties concerned, following which it would send investors their new companies’ documents via courier.
Mr Heiba explained that GAFI’s electronic portal provides all instructions for the registration of new businesses, as well as information and advice including the type of company that corresponds to the activity of the entity being registered, the documents required, the fees and the time to be taken until the registration process is completed. After an investor completes the application, he or she can track the request through the portal or through email. Investors will not incur any additional expenses through the online registration, Mr Heiba divulged, pointing out that the online registration will spare them any red tape.
In addition to saving time and effort for investors who wish to register their new companies, this move will contribute to raising Egypt’s ranking in the worldwide investment environment indicators, Mr Heiba explained.
PM Madbouly lauded the move which was implemented in record time, he noted, reminding that the idea of the online registration of nascent companies was among the most important decisions made by the Supreme Investment Council that was held last May, chaired by President Abdel-Fattah al-Sisi. He commented that the flexibility and smoothness offered by online registration of new businesses represents a quantum leap that endorses the State’s plan to create an investment friendly climate.