Egypt: New GAFI Decree simplifying Corporate Procedures10 Oct 2023 371 Views
The General Authority for Investment and Free Zones aims at facilitating investment, and therefore the Chairman of the Board of Directors of the Authority issued decree No. 270 of the year 2023. The text of the Decree included dispensing with some of the documents required to be submitted by companies during the filing procedures for the annual General meetings, Board of Directors meetings, Extraordinary Meetings … etc. Article No. (1) of the decree stipulates: “Reducing the number of documents required to be submitted during the Authority’s performance of post-legal services in the administration
The legal centralization of the investor services centers by dispensing with the following documents:
- Certification request and confirming the accuracy of the information;
- Nomination letters for members and directors of companies;
- Declarations accepting the appointment of members and directors of companies;
- Resignations of members and directors of companies;
- Document appointing auditors;
- Acceptance letter of auditors;
- Delegations letters to attend meetings;
- Ownership document for the company’s branch or headquarter;
- Auditor’s apology letter;
- Death certificate of the auditor;
- Minutes of the Board of Directors calling the Extraordinary meeting to convene;
- Minutes of the group of partners regarding amending the company contract;
- Death certificate + inheritance notification + certificate from the Egyptian Stock Exchange for the distribution of the deceased’s shares to the heirs (for joint stock companies in the event of the death of one of the shareholders); and
- Death certificate + inheritance notification + certificate from the auditor of the inheritance distribution according to the legal notification under
His responsibility (in the event of the death of one of the partners).
Accordingly, it has become easier for companies to submit and approve meeting minutes, given that some of these requirements represent many complications for companies during the procedures for filing meeting minutes, before the competent Authority. Taking into consideration that the Authority obliged the companies to keep the original of these documents at the headquarter of the company and add a declaration at the end of the minutes of the meeting that the companies are obliged to submit the originals of those documents, if requested by the Authority.
This decree has been activated and implemented since the beginning of September of the year 2023, and many of the documents above-mentioned have already been dispensed during the filing of meeting minutes procedures.