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Egypt Finally Establishes Online Method for Starting a Business

6 August, 2017
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In a much needed move for Egypt’s economy and aspiring businessmen, the Ministry of Investment and International Cooperation has opened an online portal through which companies can establish themselves and invest in Egypt.

Under the supervision of the General Authority for Investment and Free Zones, Minister Sahar Nasr launched “Incorporate Your Company by Yourself” on its website to allow investors to incorporate their companies online without having to go to the Investment Service Center (ISC).

“Our main target for launching this initiative is the Egyptian investor living abroad,” the ministry’s spokesperson Hany El Wazeery told BECAUSE. The ministry also wanted to make procedures easier for investors in different governorates, who previously had to travel to the capital to get businesses started, he explained.

“The online platform bypasses the bureaucracy that people have been complaining about,” El Wazeery added.

In an official statement, Nasr indicated that time is precious when it comes to Egypt’s economy.

There are three alternatives for investors to finalize procedures for starting a business, namely ISC, offices accredited to ISC or ordinary procedures through line ministries. She pointed out that the Investment Law's executive regulations explained all facilitation procedures.

The ministry has been working on the legislative framework to improve the investment environment. The parliament also recently approved amendments to the Capital Market Law and the Companies Law. Nasr pointed out the ministry’s keenness on promoting community dialogue during the amendment of such laws.

The ministry is giving a special focus to the injection of investments in the sectors of infrastructure, industry, agriculture, transportation and petroleum. It has worked on finalizing the investment map that includes about 600 investment opportunities in coordination with all ministries, including the ministries of health, petroleum, transportation and electricity.

Nasr also mentioned in the statement that the ministry has been working with all agencies that contribute to improving Egypt’s rank on the Doing Business Report.

Moreover, the minister reiterated the government’s keenness on engaging the private sector to improve the investment climate, adding that the new Investment Law offers incentives and guarantees to regions that have fallen behind.

 

The minister asserted the government's full support and awareness of investors' role in productivity, stating "we tell those who left to come back. We send out a message to investors worldwide to assure them that we support them and provide them with an adequate investment environment".

Tags Ministry of Investment and International Cooperation Sahar Nasr Investment Law Business economy