GAFI to ease security clearance conditions for businesses
The General Authority For Investment and Free Zones (GAFI) intends to ease security clearance conditions on investors in the coming period, in an attempt to promote the ease of doing business. Al Borsa reported that the procedures will change from investors currently having to stall their applications until the security authorisation is issued, to having investors continue with their application procedures until the security clearance is completed. In the case of authorities refusing to grant clearance, the application becomes void. Separately, the government will make amendments within weeks to the executive regulations of the Investment Law. The amendments are set to include allowing investors to change the currency in which their business was originally enrolled; currently the law stipulates otherwise. Additionally, the amendments will cancel the law stipulating that an Egyptian national must be a partner in a limited liability company.
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