If it’s considered that political stalemate and widespread corruption are the most important reasons behind the launch of the revolution of January 25th from Tahrir Square, and the rest of the fields of Egypt, then one of the main causes of the revolution what can be called misdistribution of development returns and management of economy to the detriment of the majority. Therefore, the government -after revolution- started to work on expanding the base of investment and focus on development projects, especially in the field of tourism; facilitating the procedures for establishing companies and obtaining licenses.
The Egyptian government has worked now to eliminate the bureaucracy and corruption in the governmental sector and in state agencies, especially those related to investment.
The essential foundation now is to attract local and foreign investors which will build on the investment in Egypt
From all of this:
- The Egyptian law gives the right to foreigners to establish companies and give him the right to have 100% of the value of shares in limited liability companies also 100% of the value of shares in joint stock companies
- The Egyptian law gives the right to foreigners to be fully in the hands of Chairman and Managing Director in joint stock companies or the Director in the limited liability company.
- The Egyptian law gives the right to foreigners to have his own project like tourist villages, hotels, restaurants, shops, apartments and to manage diving centers.
- The Egyptian law gives the right to foreigners to work in real estate field; to own land and build on it and to sell its units, whether in Egypt or abroad. Also to work in the services field such as marketing or advisor in real estate and consulting advertising and Internet services.
- The Egyptian law gives the right to foreigners to work in the fields of trade for buying and selling as well as in industrial activities.
- The Egyptian government’s idea in the investment field is to focus on the more widely open areas of investment, whether domestic or foreign, in the light of the advantage of the geographical location of Egypt in terms of both tourist or trade and in the framework of support for foreign investment and the organization of the life of the investor and also government offers, investor collaboration with several consulting offices (legal services and consulting, economic and tax) for perfect organization of the foreign investor.
Chartered Accountant - Taxes Consultant
Ashraf Kabil
Chairman of the Tax Experts Group
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