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The Bank of Alexandria branch at the General Authority for Free Zones and Investment (GAFI) issues and delivers the certificate in 1–2 days. The bank certificate cost between EGP 200 to EGP 500, depending on the bank.
Procedure 2.
Submit documents to the Department of Companies and obtain invoice
Time to complete:
1 day
Cost to complete:
see comment
Name of Agency:
Comment:
The founder deposits the company documents at the reception desk, where they are reviewed immediately by a lawyer. A registry employee reviews the documents, and issues a detailed invoice for all fees associated with the company's establishment.
Fees for company establishment: - Notary public fee: 0.25% of capital ( minimum of EGP 10 and a maximum of EGP 1,000 ). - Establishment fees: 0.1% of capital (minimum of EGP 100 and maximum of EGP 1,000 according to Article 17 (d) of the Companies Law). - Service charge: 0.1% of capital (minimum of EGP 1,000 and maximum of EGP 10,000) for services rendered by the Companies Department. - Commercial Syndicate fee: EGP 125 (for capital less than or equal to EGP 500,000) or EGP 250 (for capital more than EGP 500,000). - Publication fee: EGP 150 (for a limited liability company in Arabic) or EGP 300 (for a limited liability company in Arabic and English). - Chamber of Commerce fees: 0.2% of capital (minimum of EGP 24 and maximum of EGP 2,000) in addition to EGP 29 for the issuance of operation certificate. - Commercial registration: EGP 51. - Issuance of operation certificate: EGP 29.
Procedure 3.
Notarize company’s contract
Time to complete:
1 day
Cost to complete:
no charge
Name of Agency:
Comment:
The articles of association must be registered and cerain documents depoisited at the notary counter in the one-stop shop, these documents are: 1. Original certificate of non confusion. 2. Original certificate of an authorized bank. 3. A copy of the powers of attorney from the founders to their represantative. 4. A copy of the founders' I.D. cards or passports. 5. Security clearances for foreign partners. 6. A preliminary consent from the General Authority of Manufacture. 7. Original certificate indicating that the company's auidtor is listed at the Registry of accountants and auditors. 8. The application provided by GAFI. 9. Stamped articles of association.
No stamp duty is levied, according to the amendments (published on July 1, 2006) to the Stamp Duty Law (No. 111 of 1980). Required are the original copies of the articles of association and the powers of attorney.
Procedure 4.
Obtain the notification of incorporation
Time to complete:
1 day
Cost to complete:
no charge
Name of Agency:
Comment:
When the articles of association are submitted, the competent authority must ratify them and issue a decree approving the establishment of the company. This decree is issued within 24 hours. Further, the applicant obtains the approval of the Chamber of Commerce and fills an application in order to obtain an exract of the commercial registry. After the lapse of 15 days the company assumes legal responsibility and judicial personality. Within the 15 days if the comptent authority has no objection, the Department of Companies is thereafter responsible for publishing the notice of incorporation in the Investment Gazette at the company's expense.
Procedure 5.
Register for taxes
Time to complete:
1-2 days
Cost to complete:
no charge
Name of Agency:
Comment:
Upon incorporation, the company can complete tax registration and obtain the tax card at the one-stop shop’s tax counter. Upon obtaining the card, the company may choose to register for sales tax, provided that they have started production. Companies are obliged to register for sales tax only once they reach at least EGP 54,000 in sales for industrial activities and EGP 150,000 in sales for commercial activities. The required documents include the articles of association and the powers of attorney, the bank signature authentication (to be issued to the appropriate person by the manager having the power to sign on behalf of the company), the tax card, an original extract from the company’s commercial register, and the original copy of the company’s lease agreement for its premises.A new reform took place recently that will further reduce the time for this procedure a result of automation of the tax office at the OSS and the tax authority.
Procedure 6.
Register employees with the National Authority of Social Insurance
Time to complete:
2 days
Cost to complete:
no charge
Name of Agency:
Comment:
Social insurance provides compensation for disability, retirement (pension), unemployment, and work-related injuries. By law, employers are required to subscribe to the social insurance system. Otherwise, they may be subject to sanctions.
The employer must submit a fully completed, authority-issued application (Nos. 1 and 2) and the following documents to the competent authority’s office: - Employer’s lease agreement for company premises. - Employer’s tax card. - Employee’s identification card and birth certificate (copy). - Employee’s and employer’s graduation certificate.
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