Individual Company
Requirement:
– Only one shareholder. This company will work as a personal company.
– The activity allowed by such type of organization is limited to 10 activities, mainly Real Estate and Tourism.
– A Work Permit is also required to operate in Egypt. The applicant will need to deposit the amount of 100 000LE in order to obtain the Permit.
– There is no minimum capital required.
– The company can operate under a commercial name or under the civil name of its shareholder.
– The company will be issued a Commercial registry number from the Central Office of Cairo and an ID TAX number from the local District where the company has been registered.
Limited Liability Compant LLC
Requirement:
– There are no restrictions on the activity of the company except the conduct of an insurance, banking, savings activity, receiving deposits or investing funds on behalf of others. Two minimum shareholders are required with a maximum of 50.
– Since 2008 the Minimum Capital amounts to 1 000 Egyptian pound (LE).
– This is a mandatory to have an Egyptian Manager in the company. The other shareholder can be also co-manager.
– A working permit must be granted for the non-Egyptian Manager; even though he is not working in Egypt.
– The overall process will take approximately two months.
– A Power of attorney from the partners must be given to the lawyer in charge of the registration of the company ( Copy of the passport of the partners will be required – A certificate from the bank stating that the account is opened and that the deposit has been lodged – The type of activity will need to be mentioned in the application from.
– The LLC is incorporated once it is registered in the Commercial Register (Article 1 of Law 34 of 1976 governing the Register of Commerce and Article 77 of the Commercial Companies Law).
– The name of the LLC must be derived from the object of the company and may include the name of one or more of its partners/shareholders. Additionally, the words “Limited Liability Company†must be included in the name (Article 61 of Ministerial Decision Implementing the Commercial Companies Law.).
Join Stock Company
Requirement:
– Three shareholders minimum. There are no restrictions on their nationality and they can be foreigners.
– To create the company a minimum capital 250 000 LE is required. Only one work Permit is necessary. This will be for the chairman of the company in Egypt. The two others shareholders since they are not operating in Egypt will not need it.
– The chairman or one of the shareholders will need to appear in the by-laws as the manager of the company, but this manager will be able to give me power of attorney to act on behalf of the company and represent it to take all the steps to and deal with anybody entity on its name.
– The capital must be divided as follow : 200 000 LE for the chairman – 25 000 LE for each of the two others shareholders.
– This money will need to be place also in a deposit account opened in the name of the company.
– 10 % of this amount are required at the beginning of the process – Than 25 % within three months and within 3 years the 65 % needs to be paid.
– When all the capital has been paid and the company has been registered the deposit of 250 000 LE will be transferred back to the company. This will take approximately two months. Therefore if possible the ideal is to complete the 250 000 Euros as soon as possible for example within the first three months, to have it back the earliest possible (approx. 6 months).
– Then another account will need to be opened ( a professional account to proceed with the reception of all the money and transfers).