8 controls for obtaining a golden license for companies

Dr. Alaa Ali, professor of economics and member of the Economic Committee of the National Dialogue, said that President Abdel Fattah El-Sisi launched the golden license more than a year ago to make it easier for investors and manufacturers.

The economics professor added in a media interview that obtaining a license before required going to 13 parties, pointing out that previous procedures were time-consuming, effort-consuming, and expensive.

National projects

He pointed out that President Sisi launched the golden license for key activities in national projects such as: infrastructure, renewable energy, and complementary industries feeding major industries.

Golden licence

He explained that an electronic platform is being prepared through which one can apply for the golden licence, and that will make data and information available. Because Egypt has issued many laws that carry many advantages and incentives for investors.

Encouraging investment

He added that Egypt enjoys the availability of elements to encourage investment, including tax exemption, alleviating the burdens of exporters, low labor and energy prices, availability of land, and availability of infrastructure.

According to the text of Article (42) of Law No. 72 of 2017 of the Executive Regulations of the Investment Law No. 72 of 2017, whoever applies for the single approval stipulated in Article (20) of the Investment Law is required to meet the following conditions:

1- It must take the form of a joint stock company or a limited liability company in accordance with the provisions of the Investment Law promulgated by Law No. 72 of 2017 or the Law of Joint Stock Companies, Limited Liability Companies, Limited Liability Company and Single Person Companies promulgated by Law No. 159 of 1981.

2- The issued capital of joint-stock companies and limited liability company capital must not be less than 20% of the project’s investment costs.

3- Commitment to provide evidence of the financial solvency to implement the project.

4- The company must be established at a later date than the date on which the aforementioned investment law comes into effect.

5- He must commit to submitting an initial feasibility study for the project prepared by one of the licensed national or international expert houses with a reputable reputation.

6- He must commit to providing a timetable for implementing the project.

7- To submit an acknowledgment of the commitment to provide all private infrastructure facilities (roads, water, sewage, electricity, communications, waste treatment).

8- To submit an acknowledgment of compliance with all requirements and controls related to the company’s activity in accordance with the laws and regulations regulating it.