Egypt Grants 10 New Golden Licenses: Gafi PresidentSource: www.export-egypt.com 5/23/2023, Location: Africa |
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The Egyptian government has granted 10 golden licenses to new businesses, President of the General Authority of Investment (GAFI) Hossam Abu Heiba said during an interview with Asharq Business.
Golden licenses are a recent initiative introduced by the government to streamline the process for companies to begin operating in Egypt, quickly bypassing the otherwise intricate process of gaining approval from multiple government bodies. The government has recently granted a total of 17 golden licenses, Abu Heiba said, adding that he expects more companies to apply in the near future. The licenses are granted within 20 days of getting approval from the prime minister. It is also necessary to gain accreditation from the Industrial Development Authority, according to Abu Heiba. Electronic platform for companies' establishment To accelerate the procedures for creating new businesses, the governement has unveiled a plan to introduce an electronic platform for company incorporation. GAFI's president announced that approximately 90 percent of the preparations for this new platform have been finalized. The platform is set to undergo a trial run in July, with the official launch anticipated during the fourth quarter of 2023. On 26 May, Egypt's Supreme Council for Investment approved 22 decisions to support the investment sector, including expanding the issuance of the golden licenses. |
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