Egypt - Apply For Credit Reference Bureau License

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Procedure

Apply In-Person:

1. To apply For Credit Reference Bureau License, the applicant must approach the Central Bank of Egypt Contact link
2. Visit the Egypt Investment Authority office to obtain the application form.
3. Documents that are needed for this procedure are mentioned under “Required Documents” section of this page.
4. Book an appropriate name with the Registrar of Companies and write to the Central Bank to seek approval for the name.
5. The name a search and reservation takes one day to complete and a fee of EGP.1000 is charged for the process and that can be found under the "Fees" section of this page.
6. After the name has been approved by the Central Bank, you should proceed to incorporate a limited liability company with the Registrar of Companies.
7. To apply for a Credit Reference Bureau License, one has to fully complete and submit the prescribed Application.
8. The Central Bank’s Inspectors will then carry out an in depth review of the contents of each document submitted for regulatory compliance, relevance and scope.
9. Upon meeting all the above requirements, the Central Bank will grant the applicant a letter of intent (approval in principle).
10. The approval in principle indicates the Central Bank’s intention to license the applicant upon meeting the pending pre-licensing requirements.
11. With the approval in principle, the applicant may proceed to obtain premises, Information Technology Systems and recruit staff for the proposed CRE.
12. Once the applicant is ready with the premises and Information Technology systems, they should commission a security audit by an independent registered audit firm, with approval of CBE, and submit the security audit report to CBE.
13. The security audit report should give an expert opinion on the suitability of the premises, adequacy of the management information systems, and any other relevant aspects.
14. Once the security audit report is forwarded to the CBE, the applicant should invite CBE to conduct an inspection to determine the adequacy of the applicant’s safety and security system.
15. Upon satisfactory fulfilment of the above requirements by the applicant, the CBK will then issue a licence to the applicant and place a notice in the Gazette to formally license the credit reference bureau.
16. The newly licensed credit reference bureau may then open its doors to subscribers.
17. Within thirty days of being granted the licence, the newly licensed credit reference bureau is required to submit to the Central Bank an irrevocable bank guarantee for one million shillings (EGP. 1,000,000) in a format acceptable to the Central Bank.

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Required Documents

• Certified copies of the applicant’s certificate of incorporation and its Memorandum and Articles of Association.
• Feasibility study by the applicant, showing the nature of the planned business, organizational structure, internal control systems and monitoring procedures of the company.
• Sworn declarations of proposed directors, officers and significant shareholders in the forms set out in the Second Schedule to the Banking (Credit Reference Bureau) Regulations, 2013.
• Management processes including the software required for operation, characteristics of products and services to be provided to subscribers, service policies and procedures manuals, as well as the proposed security and control measures aimed at preventing misuse or improper management of information.
• Overview of operations including the description of systems and the design of the data collection including the unique identification system for individuals and enterprises that is adequate to ease the collection of data and handling of the database.
• A description of the applicant’s proposed premises and their suitability for customer service and the description of the security measures to be adopted.
• The proposed fees and cost structure of products and services.
• Audited financial statements for the last three years where applicable;
• A prototype of the final product that demonstrates the principal features and functions of the system.

Office Locations & Contacts

Central Bank of Egypt
Map. Address: 54 El Gomhoureya St. 11511,
Cairo Governorate, Egypt.
E-mail: [email protected];
Contact number of Central Bank of Egypt: 02 27702770.
Telephone: 16777.
Contact link

Eligibility

• Any person is eligible to make an application to run a CRE.
• This application allows a person to operate a Credit Reference Bureau (CRB) in Egypt.
• In Egypt no person shall, operate a CRE unlessens authorized by the Central Bank of Egypt.

Fees

• The name a search and reservation fee of EGP.1000.
• Application fee is EGP. 10,000 for a new licence.

Validity

• The validity period is one year.
• A licence issued under this section shall, unless earlier revoked, expire on the 31st December next following the date of issue:

Documents to Use

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Sample Documents

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Processing Time

• The processing time is 120 days.

Related Videos

Videos explaining the procedure or to fill the applications.
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sevenload, viddler, vimeo, youku, youtube
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Instructions

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e.g. The state office holds birth records since january 1908.

Required Information

• Name of applicant
• Head/ Main office
• Physical and postal address of head office/ proposed new outlet
• Date of incorporation
• Form of incorporation
• Description of the applicants business or functions
• Certificate of incorporation Number
• Details of subsidiaries and affiliates (Name of Outlet, County, City/Town, Street, Building, Date opened)
• Particulars of shareholders (Name, Nationality, Date of acquisition, Amount of shareholding, % of shareholding)
• Particulars of directors (Name, Nationality, Date of appointment, Level of education)
• Particulars of the officers in the order of seniority (Name, Designation, Nationality, Date of appointment)
• Ownership profiles
• Shareholding in any other financial institution
• Name of applicants external auditors
• Declaration

Need for the Document

• This license allows the holders to operate a Credit Reference Bureau in Egypt.
• A person who operates a Credit Reference Bureau without a valid license commits an offence and shall, on conviction be liable to a fine not exceeding five hundred thousand shillings, or to imprisonment for term not exceeding three years, or to both.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

External link

Others

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