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Company Registration in Egypt.
COMPANY
REGISTRATION IN
EGYPT
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EGYPT
Egypt is a large country in North Africa
which boarders the Mediterranean Sea
and the Red Sea and is home to the
highly fertile Nile Valley. Tourism,
manufacturing and construction are
among the most popular industries in
Egypt. Egypt is becoming a more
attractive place to set up business. It
receives more foreign investment than
any other country in North Africa, and
it is vital to Middle East and African
business. We can assist you in setting
up a business in Egypt.
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BACKGROUND
Egypt is officially called the “Arab Republic of
Egypt”. Its borders transcend two continents, the
southwest corner of Asia and the northeast
corner of Africa. It is also a Mediterranean
country bordered by the Red Sea to the south
and the Gulf of Aqaba to the east, and Israel and
the Gaza Strip to the south with Libya to the
west.
Egypt was a British Protectorate from 1882 until
1952. However, in 1922 the United Kingdom
granted Egypt its independence while
maintaining its protectorate role until 1952 when
Egypt became a republic.
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CORPORATE STRUCTURE OF EGYPT
The main types of entities that can be established or acquired by
foreign investors in Egypt are:
•Representative offices;
•Branch offices;
•Joint stock companies; and
•Limited liability companies.
All of above legal entities are subject to the Companies law 159
of 1981 (the “Companies Law”), which is the general law of
application. The Companies Law prescribes all corporate governance
rules and regulations, regulates management and control issues
and fiduciary duty and fiscal policies, together with operation of
the company’s corporate requirements such as board of director’s
meetings, ordinary general meetings and extraordinary general
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However, as will be illustrated later, depending on the
types of activities, companies may be formed either under
the Investment Incentives and Guarantees Law 8 of
1997 (the “ Original Investment Law”) , amended by
Law 17 of 2015 and its Executive Regulations 1820
of 2015 (the “New Investment Law”) (these laws are
hereinafter referred to collectively as the “Investment
Law”) , or the Capital Market Law 92 of 1995 (the
“Capital Market Law”). Representative offices may also be
required to be formed under the Commercial Agency
Law 120 of 1982 (the “Commercial Agency Law”).
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Representative Offices
Foreign companies are permitted to
establish representative or liaison
offices, scientific or technical offices
and other offices for the purpose of
carrying out market surveys or
studying the feasibility of production
without entering into any
commercial operations or
commercial agency activities. A
representative office, which does not
comply with the said purpose, does
not abide by the laws or provides
false information of whatsoever kind,
may be struck of the register.
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Registration
A foreign company may register the establishment of a
representative office either under the Companies Law or the
Commercial Agencies Law which shall in both cases require
submitting an application to the Companies Department of the
General Authority for Investment and Free Zones (“GAFI”).Such
application must specify the name, nationality, company objectives,
capital and head office abroad, whether it has a branch office in Egypt,
the nature of the office to be established, its activities, capital and address
in Egypt, together with certain information relating to the manager. The
applicant should attach the parent company’s constitutive documents and
a resolution of the parent company’s board of directors authorizing
establishment of the representative office, which should be notarized
and legalized up to the level of the Egyptian Consulate in the country of
issuance, all of which must be accompanied by a certified Arabic
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Branch Offices
A foreign company may register a branch
office in Egypt if the company has a contract
with an Egyptian private or public sector party
to perform work in Egypt. Unlike a
representative office, a branch office may
engage in commercial, financial, industrial and
contractual activities within the scope of the
contract entered into.
RegistrationEstablishing a branch office requires
the approval of GAFI and the branch office must
be registered with the Commercial Registration
Department and in the centralized Register of
Foreign Companies maintained with the
Companies Department of GAFI, with such
registration being valid for five years.
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A branch office may not employ more than 10% of its work force
as foreigners or pay such foreign employees more than 20% of
the total payroll with the exception of those foreigners employed
as managers. Foreign employees working for a branch office must
have obtained work and residence permits prior to commencing
work in Egypt. Taxes & Social InsuranceA branch office is subject to
corporate income tax at the rate of 22.5% of its net profits. Employees
of a branch office shall be subject to Egyptian salary tax and the branch
office must make the necessary monthly tax withholdings. For Egyptian
employees, Social Insurance contributions are required from both the
employers and employees.ProfitsThe branch office must distribute at
least 10% of its net profits to employees, up to a maximum of its total
annual payroll.
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Joint Stock Companies
Joint stock companies are among the
most commonly used legal vehicles in
Egypt and are usually used in those
cases where there is a manufacturing
project to be established in Egypt that
requires major investments. The main
reason for this is that joint stock
companies have a more organized
management structure and more
stringent corporate governance
requirements. Also, in cases of big
investments, there are no requirements to
pay the full capital upon establishment,
which can be paid over a number of years
based on the development of the project.
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A joint stock company may have an authorized capital and must
have an issued capital (actual and paid in). The issued capital may not
be less than LE 250,000 for closed companies and LE 1,000,000 if the
company intends to offer its shares to the public (according to the
Capital Market Law ). At least 10% of the share capital must be paid
in at incorporation and subsequently increased to 25% within three
months following the incorporation. Full payment of the issued share
capital must be effected within a period of five years after the
incorporation date. Value of SharesThe issued capital of a joint stock
company comprises of shares, the nominal value of which must not be less
than one Egyptian pound (EGP 1) or more than one thousand Egyptian
pounds (EGP 1,000).
Number of ShareholdersThe joint stock company must have a minimum
of three shareholders at all times, whether natural persons or legal
entities. There is no maximum limit for the number of shareholders.
However, if the number of shareholders reaches 100, the company would be
considered as having been offered to the public and the rules applicable to
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Limited Liability Companies
This type of company is usually formed
for small projects that do not require
major financing such as companies
involved in internal trade and services
activities.Constitutive DocumentsA
limited liability company’s constitutive
documents are its statutes. Model
statutes have been issued by a
Ministerial decree and any variations
therefrom must be approved by the
competent authority otherwise the
registration may be rejected.Share
CapitalAccording to the Ministry of
Investment Decree No. 90 of 2009, no
minimum or authorized capital is
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However, the capital must be fully paid at the time of incorporation. Cash
contributions are placed in a blocked bank account, which are then Limited Liability
CompaniesThis type of company is usually formed for small projects that do not require
major financing such as companies involved in internal trade and services
activities.Constitutive DocumentsA limited liability company’s constitutive documents are
its statutes. Model statutes have been issued by a Ministerial decree and any variations
therefrom must be approved by the competent authority otherwise the registration
may be rejected.Share CapitalAccording to the Ministry of Investment Decree No. 90 of
2009, no minimum or authorized capital is required for establishing a limited liability
company. However, the capital must be fully paid at the time of incorporation.
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what are the main considerations?
• Egypt company formation recently has begun allowing 100% foreign ownership in certain fields.
These include industry and mining, tourism, real estate development, maritime transport,
software design, and electronics production.
• Egypt offers competitive corporate tax rates. Corporate tax is generally 20%, however this varies
depending on the industry. Other industries are tax exempt, for example agriculture and tourism
related companies
• There are no minimum capital requirements for limited liability companies (LLC)
• The General Authority for Investment and Free Zones (GAFI) is the governing body on foreign
investment. They assist international investors facilitate their investments within Egypt
• There are specific free zones providing a variety of incentives and benefits. North West Suez
Special Economic Zone is one free zone which provides 5% flat rate on personal income tax, 10%
corporate tax rate, as well as standard infrastructure
• Investors are free to repatriate the capital and profits which originate from Egypt
• At least one manager for incorporated companies that are wholly foreign-owned need to be
Egyptian. This individual does not necessarily need to be a shareholder
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THANK YOU
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