Mohsen Adel, Chief Executive of the General Authority for Investment and Free Zones, said that a draft amendment of some provisions of the Investment Law will be submitted to the Council of Ministers within days. He added that one of the most important legislative amendments proposed by the Board of Directors of the Authority, Notary public fees, which was %5 after the approval of the Ministry of Justice.
The discussion was during the meeting of the joint committee for industry and energy at the Egyptian Business Association headquarters. The Meeting was attended by Engineer Ali Essa the chairman of the Association, Engineer Magd El Manzlawy the Chairman of industry committee, Engineer Osama Genedy, the Chairman of the Energy Committee and a number of the Association members.
The Authority Chairman said that the Board member decided that system is going to be totally electronic through cancelling paper documents, pointing that the first electronic program for voting will be launched in next March. He explained that starting from 1st march all documents will be submitted electronically plus electronic signature and Board members conference meeting will be accredited.
Mohsen Adel confirmed that the procedures of company establishment based Egypt takes less than 24 hours and the investor can obtain tax card and Commercial Register and the company prospectus on the same day, in addition the investment Authority has established for the first time a grievance system and turning to electronic system in establishing companies is launched.
