The VAS services are services that are based on the content or format of the information that has changed in the content or body of the information it adds value to or provides integration between it and other services from Operational and/or administrative aspects, or those services that involve user interaction with stored information data.
The Egyptian Parliament approved extending the Tax Dispute Resolution Law No.79 of the year 2016 for the upcoming two years. Such legislation was one of the most critical and important demands in the tax community,where it was issued to ease the process of Tax Dispute Resolution between the Financier and the Egyptian Tax Authority and to accelerate the lengthy tax dispute process, removing cases from court and allowing settlement by committees headed by experts who do not work for the Tax Authority.
Pursuant to the Egyptian Company Law No.159 of the year 1981 and its Executive Regulations as amended by Law No.4 of the year 2018, and chapter No. 6 of this law set forth the basic rules and legal framework for the incorporation of branches of foreign companies in the Arab Republic of Egypt, as well as the documents and procedures to be followed for the purpose of incorporation of branches
Although the lending activity in Egypt has been growing, Egyptian banks continue to enjoy ‘large financial flexibility as the credit facilities to deposits ratio remains low at a mere 42%’. This figure is partially due to the fact that a minor portion of retail and corporate bases ‘actually have a creditor/debtor bank account’.
Tourism in Egypt is flourishing, as it became a destination for many tourists due to its many attractions especially the peculiarity of its food. However, in some cases tourists suffer from diseases, infections or food poisoning due to the failure of hotels and touristic sites to observe the food and beverage hygiene, which lead tourists to the court in order to claim for compensation.
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.
Recently, the Egyptian media has faced challenges directed to its freedom and independence as a result of the vague legislations and the regulatory framework that lacks the definition and determination of the public and private media, where such regulatory framework is considered as a pressure on the Egyptian media.
Changing the company’s legal form is mainly regulated by the Companies Act No. 159 of the year 1981 and its Executive Regulations; in particular Article No. 136 of the Companies Act and Article No. 299 of its Executive Regulations.
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).
Franchise is a practice of the right to run a Company’s business system and brand for a certain period of time. Therefore, when concluding franchise agreements, parties should be aware of “deal breakers” provisions such as liquidated damages clauses, insufficient start-up support, and mandatory arbitration clauses. Franchisors provide many advantages for ambitious Franchisees to start a business. However, the benefits are not for everyone.
On January 16th,2018, a new amendment has been issued under Law no. 4 of the year 2018. Law no. 4 of the year 2018 is considered as an amendment of some articles of the Egyptian Law no. 159 of the year 1981 (the “Companies Law”).
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.
A letter of guarantee is a type of a contract issued by a bank on behalf of a customer who has entered into a contract to purchase goods from a supplier and promises to meet any financial obligations to the supplier in the event of the default. The main purpose of this product is to guarantee payment to the beneficiary regardless of any objection or contestation from any other party.
Egypt after 2011 started to focus mainly on energy and renewable energy sectors as an integral part of the main projects in the sustainable development plan 2030. Egypt recently issued The Electricity Law No. 87 of the year 2015, and its Executive Regulation in 2016 (Ministerial Decree No. 230 of year 2016) and Renewable Energy Law No. 203 of the year 2014.
The Documentary Credit is an essential way for the execution of import & export trade operations, thus it has been requisite for the trade relations which has been defined by Article 341 of the Egyptian Commercial Law No.17 of the year 1999 which stipulates that: ‘Documentary credit is an Agreement by virtue of which the bank undertakes to open a credit upon the request of one of his clients (called ‘the remitter’) in favor of another person (called ‘the beneficiary’ guaranteed by documents representing the shipped goods or goods prepared for shipment’. Such documentary credit contract is separate from the contract because of which the credit was opened. And the bank shall remain alien to that contract. In case there is no special provision prescribed herein, the ICC Uniform Customs and Practices for Document Credits issued from the International Chamber Of Commerce shall apply.
The Transfer of Technology Contract is one of the contracts which are included in the Egyptian Commercial Law No. 17/1999, due to the new era of significant expansion in the field of technology contracts and the legal issues that face the transfer of technology processes at the international level as a result of the conflict of interests between the parties of these processes.
Collision is a maritime danger that frequently occurs especially after the increase of the number of ships sailing in the seas, multiplication of their velocities and unification of navigation lines. Such leads to mass damages to persons and properties.