After being approved by the Egyptian Parliament, President Abdel Fatah El-Sisi has issued Law No. 182 of the year 2018 that regulates the contracts and agreements which are concluded by the Public Authorities in Egypt within the upcoming period that includes specific regulations that the General Authorities shall follow and apply.
Commercial fraud is the most common way used by the weak souls to achieve the dream of being rich, where the methods of fraud have been recently developed in our society, as it became a mean of rapid and illegal gain for some companies and individuals.
The Law on Protection of Competition and Prohibition of Monopolistic Practices in Egypt was promulgated by Law No. 3 of 2005 and its Executive Regulation. The aim of the law is to ensure economic activity does not prevent, restrict or damage the freedom of competition. The law sets out a number of rules that regulates the economic activity of persons dealing in the relevant market.
Egypt has finally passed The Security Over Movables Law in November 2015 which introduced a regime similar to fixed and floating charges as applicable under the UK law. The Executive Regulation (ER) of the Law was passed in December 2016. Taking into consideration novelty of the legislation, it has yet to be implemented on the ground and results to be evaluated. However, the main provisions of the Law can be discussed and outlined.
Master Thesis: E-commerce in the Modern World-Electronic Transactions and Some Challenges and Perspectives: Comparative Analysis of UK, Egypt and South African Legislation
The International statistics confirm the growth and expansion of the Internet usage on a global basis, where the growth volume of such usage in the duration between 2000 and 2019 reached 1,104%. The Egyptian share of such growth is 10,840%. Where the internet users in Egypt represent 48.7 % of the total populations which is equal to 101,168,745.
The New Parliamentary Regulations on the Procedures of Incorporation of Transportation Companies according to the Egyptian Investment Law:
Transfer Pricing is that basis used by the Tax authority to determine the price to be used when determining the taxable profit among non-related parties, where such price is determined in accordance with the market and the circumstances of dealings and transactions, and the related party is that party who has a relationship with a Tax Payer, and such relationship affects the determination of the tax base.
Presidential Decree No. (420) of the year 2018
In light of the remarkable development in the climate of investment in the Arab Republic of Egypt, which is working to attract investments, through establishing of companies and branches of companies and representative offices of major foreign companies, which led to the Minister of Investment and International Cooperation HE Sahar Nasr to issue numerous decisions and circulars to facilitate procedures for investment and assistance in the completion of services related to investors in the least time.
The Egyptian Financial Regulatory Authority (FRA) supervises & regulates all non-banking financial markets and instruments, including capital markets, futures exchanges, insurance activities, mortgage finance, financial leasing, factoring, securitization and microfinance.
According to Egypt’s Company Law, the purpose of the foreign representative office is to study the markets and the possibilities of production, without any commercial activities including the activity of the commercial agents, and it shall be closed after completion of the study process. The beneficiaries in this case are the foreign companies.
In Egyptian stock market, many transactions are held on securities and financial instruments that include stocks, bonds, sukuk and securitization bonds. Besides, investment certificates that take the form of companies.The competent authorities are the Financial Regulatory Authority and the Central Bank of Egypt (CBE).
High volume of daily commercial transactions in the economic environment globally and locally requires protection by the law to the interest of damaged parties due to breaching of agreements concluded between them. Therefore, the Egyptian Law defined that civil liability as the obligation to compensate for the damage caused by a breach of the original obligation, the original obligations arising from the contract, and others from the law.
The new investment law in Egypt laid down the basic conditions for the allocation of lands to investors with obliging the concerned authorities (concerned ministries) to provide lands for investment and to notify the General Authority for Investment to include these lands in the investment map. The investment map shall involve the specification of the nature, system and conditions of the investment, as well as its geographic regions and sectors. It shall also specify the real state-owned properties or other public legal persons designated for investment, and the system and manner of disposition thereof according to the type of investment system.
Nowadays, foreign investment in Egypt is becoming easier, and is being facilitated by the new Investment Law No.72 of the year 2017(hereinafter referred to as the Investment Law) offers guarantees, simpler procedures, as well as incentives that include tax breaks and trims customs duties.
Commercial Agency Contract is considered to be one of the most common contracts in the commercial area. Such contracts are governed in Egypt by Law No. 120 of the year 1982 (and the Ministry of Economy’s Decision No. 342 of 1982).
Awarding Public contracts in Egypt is not specified by a certain law, nevertheless, the Egyptian Constitution has set a general principal that it is prohibited to dispose any of the State’s public property. However, disposing of the State’s private property, and public utility concessions are allowed in accordance with the laws promulgated in this regard. The main laws regulating the award of public contracts are: