Egypt slashes paperwork required from new companies by 62 percent: GAFI

Ahram Online , Thursday 14 Sep 2023

Egypt reduced the documents required for new companies to prove their legitimacy and start operations by 62 percent, according to a statement on Thursday by the Egyptian General Authority for Investment and Free Zones (GAFI).

Image depicting investor in a meeting with officials. Getty Images
Image depicting investor in a meeting with officials. Getty Images


GAFI, the government investment regulator, announced reducing the documents required by the committee assessing companies’ investment and operational positions to determine their eligibility for different facilities and incentives.

The regulator also announced limiting the field inspection of companies to certain cases.

Last month, GAFI reduced the documents required from companies to receive some post-incorporation services.

Egypt has taken serious steps towards improving the business climate and facilitating investments as part of a plan to increase the share of the private sector in the economy from 35 percent to 65 percent, under the State Ownership Policy Document.

To that end, GAFI launched an online portal for company incorporation, which entered into operations in August.

Egypt is set to hold the National Investment Forum in the first half of 2024 to partner with the private sector and promote investment in the country.

The country has ambitious plans to exit 19 sectors, starting by offering stakes in 35 state-owned companies to strategic investors by the end of June 2024 in line with its State Ownership Policy that charts the map for a greater private sector engagement into the economy.

The privatization programme is part of Egypt’s commitment under a $3 billion loan agreement with the International Monetary Fund (IMF).

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