Human investing solution egypt
The Investor Service Center is required to issue licenses within 60 days from submission. Companies can also register online. GAFI has also launched e-establishment, e-signature, and e-payment services to facilitate establishing companies. Outward Investment Egypt promotes and incentivizes outward investment.
Egypt does not restrict domestic investors from investing abroad. The U. The treaty includes provisions for international legal standards on expropriation and compensation, free financial transfers, and procedures for the settlement of investment disputes, including international arbitration.
In addition to BITs, Egypt is also a signatory to a wide variety of other agreements covering trade issues. The agreement provided immediate duty-free access of Egyptian products into EU markets, while duty-free access for EU products into the Egyptian market was phased in over a year period ending in In , Egypt and the EU completed an agricultural annex to their agreement, liberalizing trade in over 90 percent of agricultural goods.
In , Egypt and Israel signed an agreement to take advantage of the U. Egyptian exports to the United States through the QIZ program have mostly been ready-made garments and processed foods. Egypt has a bilateral tax treaty with the United States. In , there were a number of tax disputes between foreign investors and the government, but most of them were resolved through the Tax Department and the Economic Court.
Legal Regime Transparency of the Regulatory System The Egyptian government has made efforts to improve the transparency of government policy and to support a fair, competitive marketplace. Nevertheless, improving government transparency and consistency has proven difficult, and reformers have faced strong resistance from entrenched bureaucratic and private interests.
Significant obstacles continue to hinder private investment, including the reportedly arbitrary imposition of bureaucratic impediments and the length of time needed to resolve them. Nevertheless, the impetus for positive change driven by the government reform agenda augurs well for improvement in policy implementation and transparency. Enactment of laws is the purview of the Parliament, while executive regulations are the domain of line ministries. Under the Constitution, the president, the cabinet, and any member of parliament can present draft legislation.
After submission, parliamentary committees review and approve legislation, including any amendments. Upon parliamentary approval, a judicial body reviews the constitutionality of any legislation before referring it to the president for his approval. Although notice and full drafts of legislation are typically printed in the Official Gazette similar to the Federal Register in the United States , there is no centralized online location where the government publishes comprehensive details about regulatory decisions or their summaries, and in practice consultation with the public is limited.
In recent years, the Ministry of Trade and other government bodies have circulated draft legislation among concerned parties, including business associations and labor unions. This has been a welcome change from previous practice, but is not yet institutionalized across the government. Accounting, legal, and regulatory procedures are transparent and consistent with international norms. The Financial Regulatory Authority FRA supervises and regulates all non-banking financial markets and instruments, including capital markets, futures exchanges, insurance activities, mortgage finance, financial leasing, factoring, securitization, and microfinance.
It issues rules that facilitate market efficiency and transparency. The process actually used to award contracts is broadly consistent with the procedural requirements set forth by law. Further, set-aside requirements for small and medium-sized enterprise SME participation in GoE procurement are increasingly highlighted. The cabinet develops and submits proposed regulations to the president following discussion and consultation with the relevant ministry and informal consultation with other interest groups.
Presidential decrees are published in the Official Gazette for enforcement. The degree to which ministries and government agencies responsible for drafting, implementing, or enforcing a given regulation coordinate with other stakeholders varies widely.
Although some government entities may attempt to analyze and debate proposed legislation or rules, there are no laws requiring scientific studies or quantitative regulatory impact analyses prior to finalizing or implementing new laws or regulations. Not all issued regulations are announced online, and not all public comments received by regulators are made public.
The government made its budget documents widely and easily accessible to the general public, including online. Budget documents did not include allocations to military state-owned enterprises, nor allocations to and earnings from state-owned enterprises. Information on government debt obligations was publicly available online, but up-to-date and clear information on state-owned enterprise debt guaranteed by the government was not available.
According to information the Central Bank has provided to the World Bank, the lack of information available about publicly guaranteed private-sector debt meant that this debt was generally recorded as private-sector non-guaranteed debt, thus potentially obscuring some contingent debt liabilities.
International Regulatory Considerations In general, international standards are the main reference for Egyptian standards. According to the Egyptian Organization for Standardization and Quality Control, approximately 7, national standards are aligned with international standards in various sectors.
In the absence of international standards, Egypt uses other references referred to in Ministerial Decrees No. Egypt notified indicative and definitive dates for implementing Category B and C commitments on June 20, , but to date has not notified dates for implementing Category A commitments. In August , the Egyptian Parliament passed a new Customs Law, Law of , that includes provisions for key TFA reforms, including advance rulings, separation of release, a single-window system, expedited customs procedures for authorized economic operators, post-clearance audits, and e-payments.
If contractual disputes arise, claimants can sue for remedies through the court system or seek resolution through arbitration. Egypt has written commercial and contractual laws. The country has a system of economic courts, specializing in private-sector disputes, which have jurisdiction over cases related to economic and commercial matters, including intellectual property disputes. The judiciary is set up as an independent branch of the government.
To enforce judgments of foreign courts in Egypt, the party seeking to enforce the judgment must obtain an exequatur a legal document issued by governments allowing judgements to be enforced. To apply for an exequatur, the normal procedures for initiating a lawsuit in Egypt must be satisfied.
Judges in Egypt enjoy a high degree of public trust, according to Egyptian lawyers and opinion polls, and are the designated monitors for general elections. The Judiciary is proud of its independence and can point to a number of cases where a judge has made surprising decisions that run counter to the desires of the regime.
Laws and Regulations on Foreign Direct Investment No specialized court exists for foreign investments. In , the Parliament also passed the Industrial Permits Act, which reduced the time it takes to license a new factory by mandating that the Industrial Development Authority IDA respond to a request for a license within 30 days of the request being filed. As of February , new regulations allow IDA regional branch directors or their designees to grant conditional licenses to industrial investors until other registration requirements are complete.
In , the Import-Export Law was revised to allow companies wishing to register in the Import Registry to be 51 percent owned and managed by Egyptians; formerly the law required percent Egyptian ownership and management.
Later in , the inter-ministerial Supreme Investment Council also announced seventeen presidential decrees designed to spur investment or resolve longstanding issues. The ECL prohibits vertical agreements or contracts between purchasers and suppliers that are intended to restrict competition, and also forbids agreements among competitors such as price collusion, production-restriction agreements, market sharing, and anti-competitive arrangements in the tendering process.
The ECL applies to all types of persons or enterprises carrying out economic activities, but includes exemptions for some government-controlled public utilities. In early , the Egyptian Parliament endorsed a number of amendments to the ECL, including controls on price hikes and prices of essential products and higher penalties for violations.
In addition to the ECL, other laws cover various aspects of competition policy. The ECA has the authority to receive and investigate complaints, initiate its own investigations, and take decisions and necessary steps to stop anti-competitive practices. The law also provides guarantees against seizure, requisition, blocking, and placing of assets under custody or sequestration.
It offers guarantees against full or partial expropriation of real estate and investment project property. Private firms are able to take cases of alleged expropriation to court, but the judicial system can take several years to resolve a case. The Dispute Settlement Law was amended in to include disputes between public enterprises and the private sector. To enforce judgments of foreign courts in Egypt, the party seeking to enforce the judgment must obtain an exequatur. Egypt has a system of economic courts specializing in private-sector disputes that have jurisdiction over cases related to economic and commercial matters, including intellectual property disputes.
The Egyptian courts generally endorse international arbitration clauses in commercial contracts. For example, the Court of Cassation has, on a number of occasions, confirmed the validity of arbitration clauses included in contracts between Egyptian and foreign parties. In particular, the Ministerial Committee on Investment Contract Disputes is responsible for settling disputes arising from investment contracts to which the GoE, or a public or private body affiliated it, is a party.
Businesses have, however, reported difficulty collecting payment from the government when awarded a monetary settlement. Over the past 10 years, there have been several investment disputes involving both U. Most of the cases have been settled, though no definitive number is available. Local courts in Egypt recognize and enforce foreign arbitral awards issued against the government. There are no known extrajudicial actions against foreign investors in Egypt during the period of this report.
International Commercial Arbitration and Foreign Courts Egypt allows mediation as a mechanism for alternative dispute resolution ADR , a structured negotiation process in which an independent person known as a mediator assists the parties to identify and assess options and negotiate an agreement to resolve their dispute.
The Economic Court recognizes and enforces arbitral awards. Judgments of foreign courts may be recognized and enforceable under local courts under limited conditions. In most cases, domestic courts have found in favor of state-owned enterprises SOEs involved in investment disputes. In such disputes, non-government parties have often complained about the delays and discrimination in court processes.
Many foreign investors employ clauses that specify that U. Bankruptcy Regulations Egypt passed a Bankruptcy Law Law 11 of in January , which was designed to speed up the restructuring of troubled companies and settlement of their accounts. It also replaced the threat of imprisonment with fines in cases of bankruptcy. As of July , the Egyptian government was considering but had not yet implemented amendments to the law that would allow debtors to file for bankruptcy protection, and would give creditors the ability to determine whether debtors could continue operating, be placed under administrative control, or be forced to liquidate their assets.
In practice, the paperwork involved in liquidating a business remains convoluted and protracted; starting a business is much easier than shutting one down. Bankruptcy is frowned upon in Egyptian culture, and many businesspeople still believe they may be found criminally liable if they declare bankruptcy. In August , President Sisi ratified amendments to the Investment Law that allow its incentive programs to apply to expansions of existing investment projects in addition to new investments.
General Incentives: All investment projects subject to the provisions of the new law enjoy the general incentives provided by it. If the establishment is under the provisions of the new investment law, it will benefit from a two-percent unified custom tax over all imported machinery, equipment, and devices required for the set-up of such a company.
Additional Incentive Program: The Cabinet of Ministers may decide to grant additional incentives for investment projects in accordance with specific rules and regulations as follows: The establishment of special customs ports for exports and imports of the investment projects.
Parts of the population, such as women and young people, also face structural disadvantages. It also implements projects on behalf of other German ministries, the European Union and international organisations. GIZ runs a project designed to promote the more efficient use of water in agriculture in order to prevent future water shortages.
It advises on general water supply improvements and on the management of wastewater and solid waste. Another priority area is support for technical vocational training and the private sector.
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