Egypt has launched an e-platform for the establishment of new companies in a concerted effort to eliminate barriers hindering potential investors and ensure the realization of “investment leaps.”
Prime Minister Mostafa Madbouly witnessed a live demonstration on Wednesday of the first company to be founded electronically.
The Damietta Company for Green Ammonia was electronically registered via the digital platform of the General Authority for Investment and Free Zones (GAFI).
Madbouly stated that the objective is to “infuse greater flexibility into the executive procedures for company establishment, in line with the Egyptian state’s plans to enhance the investment climate.”
The premier emphasized the need to “promote the newly introduced service to attract investors and acquaint them with the steps for electronic company formation, facilitating the process for them.”
Madbouly also underscored the provision of technical support to ensure service quality and mitigate any issues.
Chairman of GAFI Hossam Heiba explained that investors would register the company and pay fees online. Then, the authority would complete all the measures with the various concerned parties and send the documents to the investors by courier.
“The launch of the service of founding [companies] through the electronic gate is one the authority's plans to enhance the quality of service offered to investors and abide by the highest standards of competitiveness and transparency,” he added.
“Investors will not deal with bureaucracy again and that will not entail extra burdens, as the cost of online foundation is the same as that paid in investor service centers nationwide,” he showcased.
Walid Gaballah, an economic expert and member of the Egyptian Society for Economics, Statistics, and Legislation, commended the step, considering it a “pressing need in line with the comprehensive digital transformation pursued by Egypt.”
“The administrative system for investment has faced numerous obstacles in the past due to the sluggish procedures,” he told Asharq Al-Awsat.
