Business Reforms in Egypt, Arab Rep.

DB2011:

Starting a Business:

Egypt reduced the cost to start a business.

Trading Across Borders:

Egypt made trading easier by introducing an electronic system for submitting export and import documents.

DB2010:

Starting a Business:

Egypt has eased the business start- up process by abolishing the minimum capital requirement.

Dealing with Construction Permits:

Egypt continued to ease the process of dealing with construction permits with the issuance of the Executive Articles of the 2008 Construction Law, and eliminating most pre-approvals for construction permits.

Getting Credit:

Access to credit information in Egypt has expanded with the addition of retailers to the database of the private credit bureau, I-score.

Enforcing Contracts:

Egypt eased the process of enforcing contracts by creating commercial courts.

DB2009:

Starting a Business:

Paid in minimum capital was reduced by 20%, and cost was reduced as a result of bar association fees’ abolishment and time was cut due to tax registration automation.

Dealing with Construction Permits:

Egypt passed a new building code in 2008 that aims to establish a single window for processing construction related approvals and reduce procedures and time.

Registering Property:

Egypt simplified administrative procedures, reorganized the business workflow between the real estate registry and the Egyptian Surveying Authority (ESA) and introduced time limits in several procedures. These reforms decreased the time to transfer a property in Cairo from 193 to 72 days.

Getting Credit:

Borrowers have the right to inspect the data stored in the private credit bureau, thanks to new regulations from the Central Bank of Egypt. Allowing borrowers to check their data helps improve the quality and accuracy of credit information in Egypt.

Protecting Investors:

Egypt strengthened investor protections by requiring that an independent body (auditor) assess transactions between interested parties as a prior step to approval.

Trading Across Borders:

Egypt upgraded port facilities at Alexandria and speeded up customs clearance and greater competition in the banking sector led to a reduction in the time to open a letter of credit.

DB2008:

Starting a Business:

The minimum capital required to start a business was cut from EGP 50,000 to EGP 1,000, and halved start-up time and cost.

Dealing with Construction Permits:

Egypt made obtaining construction permits less expensive by reducing the fee for building registration.

Registering Property:

The cost of registering property was reduced from 3% of the property value to a low fixed fee.

Getting Credit:

Egypt eased the access to credit information by creating a new private credit bureau. The new credit bureau will distribute negative data about consumers and firms. It is guaranteed by law that borrowers can access the credit information stored in the private bureau.

Trading Across Borders:

Egypt eased trade by improving customs administration.