Step I - Write a letter to National bank of Egypt.

An applicant may, by order of writing cancel a license of the Forex Bureau, by submitting the request to National Bank of Egypt in a special form at least one month before the proposed date of re-opening of the Forex Bureau. However a bureau wishing to permanently cease or suspend business shall give a months notice to the Bank.

Step II - inquiry into the conduct of the Forex bureau.

On receiving the application to cancel the Forex bureau, the bank supervisor will conduct an inquiry and , after holding or making an inquiry on the conduct of the Forex bureau in not less than two months will reply in writing to the Directors of the Forex bureau and give their opinion that the society ought to be dissolved, he may make an order in writing for the cancellation of the registration of the society.

Step III - Cancellation effected

Where no appeal is lodged within two months from the making of an order cancelling the registration of a Forex bureau , the order shall take effect on the expiry of that period and where however an appeal is presented within two months, the order shall not take effect until it is confirmed by the Minister or the Commissioner, as the case may be.

Step IV - Custody of Forex Bureau property.

Where the Director makes an order for the cancellation of the registration of the Forex Bureau under The Egyptian Commercial Code, Law No. 17 of 1999 subsections (I) and (2) of the section, he may make such further orders as he may think fit for the custody of the books and documents and the protection of the assets of the Forex Bureau until the order cancelling the registration takes effect. A bureau that permanently ceases to operate or has its licence revoked, may apply to the Bank for a refund of the mandatory deposit The Bank shall reserve the right to use the deposit to offset liabilities of the business prior to a refund of the deposit.

Step V - Appeal

No registered society shall wind or be wound up except by an order of the Director of national bank of Egypt or by order of the court in Egypt. A person aggrieved by an order of the Director of the national Bank of Egypt made under section of the bank Act may appeal to the Minister or Commissioner, as the case may be, within 30 days from the date of the order and the decision of the Minister or the Commissioner shall be conclusive.

Note

The national Bank of Egypt may re-License a closed or suspended Forex Bureau where

• it is satisfied that the licensee has been operating in conformity with the stipulated Act and these Regulations; and
• the licensee has paid the prescribed license fee of twenty currency points and all outstanding fines imposed or levied on the licensee under the

Act, if any.

• Where a person submits an application for re-licensing of a Forex Bureau as provided under sub-regulation (1), it shall not incur any penalty under these Regulations for not having a valid license during the period commencing from the date of suspension of Forex Bureau Business until the date on which the license is re-licensing or the application for re-licensing refused.
• In considering an application under Law No. 88 of 2003 on Central Bank, Banking Sector and Money subsection (2), the National Bank of Ethiopia may be required to be satisfied as to the following licensing criteria

• For a Class AInternational Money Transfer Agency Licence, that the applicant has

• a clear license to operate in the base country for this case Egypt;
• a good track record of conducting Forex Bureau business;
• a recommendation from the regulatory authority in the base country;
• a minimum paid -up share capital of two thousand and five Currency point.
• the ability to comply with all applicable anti-money laundering
• and combating of financing of terrorism standards and measures;
• acceptable Agency Agreements;
• a well spelt-out mode of money remittance that is formal, reliable and transparent;
• an acceptable operational manual;

• For a Class B- Forex Bureau Remittances Licence that the applicant has

• a proven track record of licensed Forex Bureau operations for a period of two years;
• a minimum paid-up share capital of two thousand and five hundred currency points;
• shareholders, directors and officers who are fit and proper persons for purposes of operating a Forex Bureau;
• the ability to comply with all applicable anti-money laundering
• and combating of financing of terrorism standards and measures;
• separate counters and staff dedicated to the money remittance business;
• an acceptable operational manual;
• whether the public interest will be served by the granting of the new license;
• The adequacy of the applicants business and financial plans and earning prospects;
• whether the shareholders, directors and officers of the applicant are fit and proper persons for purposes of transacting Forex Bureau business;
• the geographical locations and branch distribution network of the Forex Bureau under scrutiny business;

• If the applicant is in conformity with the above requirements the bank Supervising Authority will re-license the suspended Forex Bureau to Open up the Business again.

• Any Forex Bureau which fails to meet the re-licensing condition within the stipulated time shall permanently be closed and its license withdrawn.

• Provide the name and full address, including telephone and email address of the proposed Forex bureau;
• A minimum paid up share capital of not less than one thousand currency points.
• A certificate of incorporation
• The applicants memorandum and articles of association
• Individual references relating to the fit and proper status of each of the applicants shareholders and proposed directors
• The names and curriculum vitae of all the applicants proposed shareholders and management tea

Please list down the office locations that can be approached for applying. External links can also be used for specifying office locations.

• Must be a company operating a Forex Bureau and registered under the Companies Act as a limited liability company whose main object is to conduct foreign exchange bureau business.
• A Forex bureau may be established by any eligible corporate body or corporation duly licensed by the National bank of Egypt to buy foreign currency and draft and sell foreign currency.
• A Forex Bureau applicant must be an Egyptian Nationality and have been in a Business of Forex Bureau.

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• No person shall carry out a Forex business unless he/she is in possession of a Forex Bureau business License.Transacting as a Forex bureau without a license is prohibited,and can Lead to cancelling and suspending a Forex Bureau.
• A person who fails to contravenes or fail to comply with re-licensing guidelines shall lead to withdrawal of the License permanently.
• The management, directors and owners who must be persons of good repute and integrity with the necessary qualifications and competence required to reactivate a Forex bureau permit once canceled by the Bank Authority.
• If owned by a bank, be registered as a wholly owned subsidiary of that bank.
• Should have a fixed and identifiable place of business that is accessible to the public and suitable in all respects for the business of a Forex bureau.

An application for re-licensing must be supported with:

• i. A completed re-licensing form
• ii Financial accounts of the previous years
• iii. Valid business registration certificate

Plus the following

• Full Name of Applicant
• Address of Applicant
• Location of Foreign Exchange Bureau
• previous Forex Bureau License Number
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees of the bureau.
• Proof of legal identification. Your national driver's license or international passport are the best for this.
• Proper book keeping register
• Proof of legal address. House rent receipts, and utility bills stating your house address are acceptable.
• Previous business Turn over and net-worth of the Business.
• Bank statement. Not all Authorities require this except for further verification purpose or alternatives.
• Regulatory return from the Supervisor department from the National Bank of Egypt.
• Utility Bill Receipt. Some Authorities require this to further verify your legal identity and proof of social responsibility.

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Any Forex bureau, which is closed or suspended by the National Bank of Egypt, Shall cease to advertise its name, Surrender all unused encashment and sales receipt books as well as the Forex Bureau License to the National Bank Egypt. The National Bank Egypt may reinstate or permit the reactivation of such a Forex bureau within 3 months upon the fulfillment of the licensing conditions. Any Forex Bureau which fails to meet the re-licensing condition within the stipulated time shall permanently be closed and its license withdrawn.

The Bank reserves the right to renew or revoke or suspend the licence of a bureau if

i.) the conduct of the bureau is detrimental to the foreign exchange market.
ii.) the bureau ceases to carry on the business for a period of 10 (ten) working days without the Banks prior approval
iv.) the bureau fails to comply with any of the conditions for the granting of its licence as provided under the regulations in general and regulation 2 in particular
v.) the bureau is discovered to have provided false information in the application for a licence
vi.) the bureau is in violation of any other provision of this regulation for which the sanctions so determine

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