Cabinet approves new decisions to improve business climate
Thursday، 11 August 2022 - 05:46 PM
The Cabinet under Prime Minister Moustafa Madbouli approved Thursday 11/8/2022 several decisions meant to further improve business climate and provide new incentives to investors.
The decisions include an approval to amend the executive regulations of Egypt's Companies Law No. 159 of 1981. The law sets the minimum amount of the registered capital for a one-person company.
During the meeting, Madbouli said that such decisions are meant to support the young investors, startups, and entrepreneurship, saying that this in turn would contributes to promoting investment opportunities.
The amendment which was approved by the Cabinet includes reducing minimum capital of the sole corporation to be EGP 1,000 instead of EGP 50,000, said CEO of the General Authority for Investment and Free Zones (GAFI) Mohamed Abdel Wahab.
The move came within the framework of the State's plan to facilitate procedures for investors and enhance investment opportunities, he added.
The Cabinet also approved a draft law regarding setting conditions on considering the investment project a strategic or national project. This draft law is related to applying Article 20 of Law No. 72 of 2017.
Under the draft law, the investment project is considered only a strategic or national project if implemented in the areas of electricity, renewable energy, petroleum, transportation, industry, IT, housing, tourism, youth and military production.