Egypt - Revocation, Cancelation of Investment License

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Procedure

Based on sufficient reason, The General Authority for Investment and free zone (GAFI) may suspend the investment permit until the investor takes due corrective measures. Any investor with investment permit shall submit progress reports on the implementation of his project to the appropriate investment organ at the end of every three months; and provide information concerning his investment activities whenever required by the appropriate investment organ. Further any investor is required to comply with the applicable Investment laws of the country. Where an investor violates the provisions of the Investment Proclamation or regulations or directives issued to implement same, the appropriate investment organ may suspend the investment permit until the investor takes due corrective measures.

The The General Authority for Investment and free zone (GAFI) may revoke an investment permit where it is ascertained that

• The investor obtained the permit fraudulently or by submitting false information or statements;
• incentives granted are misused or illegally transferred to another person;
• The investor has failed, without good cause, to renew the permit in accordance investment Law. In other words, if the investor did not annually renew his investment license until its products or services are supplied in the market or did not renew the license within a month of the expiry of the license.
• The investor fails to submit progress report of his project for two consecutive periods. In other words if the investor did not institute the project within 2 years of getting the investment license or did not present report on the execution of the project for two consecutive times.
• The project began and did not finish at the time expected time or if the agency believes that the project will not be finished within the time framed this may lead to cancellation of the Investment License.

In such cases, the appropriate investment organ shall notify the General Authority for Investment and free zone (GAFI) as to the measures of revocation taken in accordance with the law. Upon revocation of an investment permit, the investor shall immediately lose entitlements to all benefits.

An investor whose investment permit is revoked shall return, within one month as of the day of revocation, all the benefits granted to him to the Egypt ministry of Investment and other appropriate organs.

An investment permit may not be suspended or revoked by any organ other than the appropriate investment organ having issued same.

An investor whose investment permit is revoked may not be issued with a new investment permit before the lapse of one year from the date of revocation.

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Required Documents

• a photocopy of its Articles of Association
• a photocopy of the Regulation for investment Authority.
• a photocopy of its memorandum of association and Articles of Association;
• a photocopy of the power of attorney;
• a photocopy of the identity card
• a photocopy of the certificate evidencing the domestic investor status and his recent two passport size photographs;
• a photocopies of the memorandum of association and Articles of Association;

Office Locations & Contacts

The General Authority for Investment and free zone (GAFI)

Address  : GAFI: 3, Salah Salem st; Nasr City, Cairo, 11562, Egypt.

Telephone  : +(202) 240 55 452

Fax  : +(202) 240 55 425

Email  : [email protected]

Website :http://www.gafi.gov.eg

Ministry of Investment

Mr. Ashraf Abdel Tawwab Salman img

Address 3 Salah Salem st., Cairo

Phone no. 24055628- 24055651

Fax 24055635

E-mail [email protected]

Website http://www.investment.gov.eg

Eligibility

• Foreign investors wit dormant investment permit;
• Foreign nationals, excluding Egyptian by birth, taken for domestic investors.
• Domestic investors investing in areas eligible for ;
• Domestic and foreign investors making investments in partnerships but with a dormant Permit.

Fees

Cancellation of commercial registration 5 working days and will cost you LE 100

Validity

Valid until the issues that led to cancellation are resolved.

Documents to Use

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Sample Documents

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Processing Time

Instant.

Related Videos

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Instructions

• Any investor with investment permit should submit progress reports on the implementation of his project to the appropriate investment organ at the end of every three months;and provide information concerning his investment activities whenever required by the appropriate investment organ.
• Any investor is required to comply with the applicable Investment laws of the country under the Egypt Ministry of Investment.
• All Companies must register with General Authority for Investment and free zone (GAFI), and be familiar with the rules relating to the filing of investment returns. .

Required Information

• a photocopy of its Articles of Association
• a photocopy of the Regulation for investment Authority.
• a photocopy of its memorandum of association and Articles of Association;
• a photocopy of the power of attorney;
• a photocopy of the identity card
• a photocopy of the certificate evidencing the domestic investor status and his recent two passport size photographs;
• a photocopies of the memorandum of association and Articles of Association. .

Need for the Document

Even though Egypt provides ample investment opportunity with various incentives, it also Suspends, Revokes, Cancels investment licenses it granted for failure to comply with the requirements of the countrys investment laws.

The General Authority for Investment and free zone (GAFI) can cancel a license of any investors if they fail to carry out the registered projects they have undertaken to do in different parts of the country.If any investor's licenses lies dormant for more than three years after the permits were awarded it will be cancelled by the Authority.

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

http://www.oecd.org/mena/investment/BCR%20Egypt_April29_with_cover.pdf

http://www.sis.gov.eg/En/Templates/Articles/tmpArticles.aspx?CatID=359

https://www.kpmg.com/EG/en/issuesandinsights/Documents/Issues-Insights%20PDFs/Doing%20Business%20in%20Egypt.pdf

http://www.gafi.gov.eg/EN/Default.aspx

http://www.telelaws.com/egypt/investment-incentives

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