Egypt - Apply For a Forex Bureau License

ProcedureEdit

Apply In-Person:

To apply for the Forex Bureau License, the first step is to book an appropriate name with the Commercial Registrar of Companies and write to the Central Bank Contact Link to seek approval for the name.
The name should incorporate the words Forex Bureau, Foreign Exchange Bureau or Bureau de Change.
Once the name is approved by the Central Bank, register the company and then make a formal application to the Director, Bank Supervision Department, Central Bank of Egypt in a duly completed FORM attaching the documents mentioned in the “Required Documents” section of this procedure along with any other information as may be required by the Central Bank of Egypt.
Within the 90 days of lodging the application, the Central Bank will request for additional information for purposes of processing the application; where it is satisfied that all the necessary requirements have been met, issue a letter of intent to the applicant.
The applicant needs to pay the license fee of EGP 5000 to the Central Bank of Egypt by banker’s cheque and invite the Central Bank of Egypt to inspect the bureaus premises prior to commencement of business.
Upon fulfilment of the above requirements or otherwise the Central Bank shall:
- issue a licence to the applicant; or
- Inform the applicant in writing that the application has been declined and advise the unsuccessful applicant that an appeal to the Central Bank for review of the decision to decline may be lodged within 30 days from the date thereof.
On receiving the license from the Central bank of Egypt, the applicant must obtain the certificate of commencement of Business from the registrar of companies, and submit a copy to the Central bank of Egypt.
Notify the Bank of Egypt of its Shareholders, directors and Staff of the Forex Bureau including the following details:
- Names
- Residential Address
- Specimen signature
- Recent passport size photos endorsed by the Bureau Directors.

Required DocumentsEdit

Proper book keeping Register
Academic Qualification documents
Designation and specimen signature of the staff members
Address of applicant
evidence of provisional tax payment
A tax clearance certificate.
non-refundable application fee of EGP2,000 (bankers cheque payable to the Central Bank of Egypt);
a certified copy of a statement of affairs of the applicant;
a certified copy of the applicants memorandum and articles of association;
a certified copy of the applicants certificate of incorporation;
a feasibility study including financial projections for three years (balance sheet, profit and loss account and cash flow statements), organizational structure, physical location and postal address;
bank statements of the bureaus shareholders and directors for a period of six months prior to the date of application;
duly completed fit and proper forms for the shareholders, directors and principal officers of the bureau;
credit reports from a credit reference bureau for the shareholders, directors and the principal officers of the bureau;
a declaration by the applicant that none of its directors and/or shareholders has ever been declared bankrupt, participated in the management of a collapsed institution, convicted by any court of competent jurisdiction in Egypt or elsewhere of a criminal offence involving fraud, money laundering, tax evasion, or any other act of dishonesty;
a declaration by the applicant that none of its directors and/or shareholders holds a similar position or role in any other forex bureau;
an undertaking by the applicant to comply with the provisions of the Central Bank of Egypt Act, the Regulations, the Forex Bureau Guidelines and any instructions/ directions issued by the Central Bank of Egypt regarding the establishment and operations of forex bureaus at all times.

Office Locations & ContactsEdit

Central Bank of Egypt
Address:
54 El Gomhoureya St. 11511, Cairo Governorate, Egypt
E-mail: [email protected]
Telephone: 16777
Contact link: Link

Ministry of Finance
Arab Republic Of Egypt
Address:
Finance Ministry Towers - Ramses Extension - Nasr City – Cairo
Email ID: [email protected]
Phone: 02/23428830
Fax: 02/23428830
Contact link: Link

EligibilityEdit

A Forex bureau may be established by any eligible corporate body or corporation duly licensed by the Central Bank of Egypt to buy foreign currency and draft and sell foreign currency.
A Forex Bureau applicant must be of an Egyptian Nationality
Any Individual or company registered for Business in Egypt with the Commercial Registrar of Companies is eligible.

FeesEdit

A non-refundable application fee of EGP 2,000.
A license fee of EGP 50,000 payable to the Central Bank of Egypt by banker’s cheque.

ValidityEdit

The license is valid for 5 years.

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Processing TimeEdit

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InstructionsEdit

No person shall carry out a Forex business unless he/she is in possession of a Forex Bureau business License.A person who fails to contravene or fail to comply with section 88 shall be guilty of any offense and shall be dealt with in accordance with law.

Required InformationEdit

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e.g.
1. Date of Birth.
2. City or Country of Birth.

Need for the DocumentEdit

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