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Pioneers in establishing companies in Egypt

"Establishing Companies Electronically in Egypt: A Quantum Leap Enhancing Investment Attractiveness."

"City Squares Company " in Riyadh and its branch in Cairo are highly praised as a real-life experience for establishing the first electronically-based company through the digital platform of the Egyptian Investment Authority. Prime Minister Dr. Mustafa Madbouly emphasizes the significance of this new step in facilitating company formation procedures and enhancing investment attractiveness in Egypt. He also underscores the importance of the swift implementation of this service in boosting the investment environment in the country.

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"City Plazas Company" praised Riyadh and its branch in Cairo for the first "live experience" in establishing the first electronic company through the digital platform of the Egyptian Investment Authority. Prime Minister Dr. Mustafa Madbouly emphasized the importance of establishing companies through a unified electronic platform, pointing out that it was one of the most important decisions of the Supreme Council for Investment meeting held last May, chaired by President Abdel Fattah el-Sisi, the President of the Republic. He considered it executed in record time, representing a qualitative leap, as it adds greater flexibility to the procedures, thus enhancing the state's plans to create an attractive investment climate.

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_Created with [AIPRM Prompt "Your language to EN translate"](https://www.aiprm.com/prompts/copywriting/writing/1792118557400887296/)_ During a virtual session held today, Wednesday, Dr. Mostafa Madbouly, from the government headquarters in New Alamein city, witnessed a "live experiment" to establish the first electronic company through the digital platform of the General Authority for Investment and Free Zones. Participants in the video conference included Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources; Counselor Omar Marwan, Minister of Justice; Dr. Manal Awad, Governor of Damietta; and Hossam Heba, the CEO of the Authority.

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Mr. Madbouli emphasized the need to promote this important service on a wider scale, to inform investors about the necessary steps to access the online platform, and to follow all the steps until establishing the company electronically. He also emphasized the importance of the continuity of this vital service and the provision of technical support to address any issues.

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In a practical experiment, the authority successfully established the Damietta Green Ammonia Company in the Damietta Public Free Zone in Egypt, as the first digitally founded company in the country. This initiative is part of the first phase of comprehensive company formation services available through the electronic portal of the General Authority for Investment and Free Zones (www.gafi.gov.eg). The authority presented the incorporation procedures on behalf of the company's founders.

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Hossam Heba confirmed that the General Authority for Investment and Free Zones has, with this step, fully launched the electronic company registration service as part of its efforts to facilitate investors and implement the highest levels of transparency. He explained that starting today, investors can establish their companies and pay all fees electronically using electronic signatures. The General Authority for Investment will then complete the remaining company registration procedures with external entities related to company formation and subsequently send the company's documents to the investor by mail.

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Heba said, "The launch of the incorporation service through the online portal is part of the authority's plans to enhance the quality of services provided to investors, and to commit to the highest standards of competitiveness and transparency." She pointed out that investors will not encounter any aspect of bureaucracy again, without bearing any additional burden, as the cost of electronic incorporation is equal to the cost of incorporation through investor service centers that cover all parts of the country." She added, "Electronic company incorporation will contribute to Egypt's advancement in competitiveness rankings, ease of doing business, and other indicators and reports related to the investment environment."

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The electronic portal of the General Authority for Investment provides specific guidance for establishment, in addition to informing the investor about the suitable company for their activity, the required documents, fees, and the service duration. The investor can also track the status of the application through the Authority's portal or email. On his part, Mr. Mohamed bin Rashid bin Adwan Al Mazibri, Chairman of the Board of Directors of Sahaat Al Madin Company, said that this experience is unique and will facilitate investment in Egypt and attract investors. Engineer Hassan Fouad Al-Sabbagh, on his part, stated that this step comes at an important time amidst economic openness under the leadership of President Abdel Fattah El-Sisi, and the transformation of traditional economic institutions into digital institutions that attract investment, leading to a rise in the national economy.

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