Egypt Removes Restrictions on Foreign Companies to Obtain Importation License
The Egyptian Importer Registry Law No. 121/1982 is amended to allow companies wholly owned by non-Egyptians to obtain an importation license and carry out importation business for trading purposes freely. The law previously mandates that a company must be at least 51% owned by Egyptians.
An Egyptian company that is wholly or partially owned by non-Egyptians is now qualified for an importation license in case it satisfies the following main conditions:
- A minimum share capital of EGP 2,000,000 (USD 64.0k);
- A minimum business turnover of at least EGP 5,000,000 (USD 160.0k) during the year preceding the submission of the application for the license (as recorded in the tax return); and
- payment of an insurance amount of EGP 200,000 (USD 6.4k) to be refunded upon expiry or termination of the importation license.
The importation license will be issued for up to 10 years that is renewable to another 10 years by virtue of a resolution from the Cabinet.
If you need more information about the new law or any assistance in getting your importation license, please contact Dr. Fatma Salah.