Egypt’s first digitally established company came to life on Wednesday, when Prime Minister Mostafa Madbouly virtually witnessed its establishment through the digital platform of the General Authority for Investment and Free Zones (GAFI).
The company, the Damietta Green Ammonia Production Company, was established in the Damietta Public Free Zone.This marked the first time a company was established digitally in Egypt, using the fully integrated company establishment service available through the authority’s electronic portal, which was launched in May.
Madbouly stressed the importance of establishing companies through a unified electronic platform, noting that it was one of the most important decisions of the Supreme Council for Investment meeting held in May, chaired by President Abdel Fattah Al-Sisi. He considered it a qualitative leap, providing greater flexibility in procedures to enhance the state’s plans towards creating an attractive investment climate.
Madbouly directed the promotion of this important service on a wider scale to familiarize investors with the necessary steps to enter the electronic platform and follow all the steps to establish the company electronically. He also stressed the importance of the continuity of this important service and providing technical support to overcome any problems.
The video conference was attended by Tarek El Molla, minister of petroleum and mineral resources; Omar Marwan, minister of justice; Manal Awad, governor of Damietta; and Hossam Heiba, CEO of GAFI.
Heiba confirmed that Egypt’s General Authority for Investment and Free Zones has launched a fully digital company establishment service. This is part of their efforts to facilitate investors and apply the highest standards of competitiveness and transparency.
He added that investors will no longer face bureaucratic hurdles and that the cost of electronic establishment is equivalent to the cost of establishing a business through investor service centres across the country.
The CEO of GAFI stated that the digital establishment of companies will contribute to a significant improvement in Egypt’s rankings for competitiveness indicators, ease of doing business, and other reports related to the investment environment.
The authority’s digital portal offers guidance on establishment procedures, introduces investors to suitable companies for their activities, lists the required documents and fees, and provides information on the service’s duration. Investors can also track the status of their requests through the authority’s portal or email.
