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20 Jul 2020

The prime minister follows up number of files with GAFI CEO


The prime minister follows up number of files with GAFI CEO
The company’s incorporation index increased during last June, with an increase of more than 15% compared to June 2019.
Incorporation of 1672 new companies with total issued capital amounted to EGP 7.9 billion last month, achieving an increase of 71.7% over the same period last year. A decree is issued to form a working group to monitor and evaluate the performance of companies and establishments.
Completion of two Investor Service Centres in Sharm El Sheikh and Qena, and conducting preparation for their opening. Review number of applications to obtain lands to establish new projects ... and the Prime
Minister directs to communicate promptly with the authorities that have jurisdiction toprovide such lands.
Dr. Mustafa Madbouly, Prime Minister, held a meeting with Counselor Mohamed Abdel Wahab, GAFI CEO, where a report was reviewed regarding the rise of companies’ incorporation index during last June, achieving an increase of more than 15% compared to June 2019, as well as discussing number of important issues relevant to the investment file.
GAFI CEO noted that last June witnessed a remarkable increase in the companies’ incorporation indices compared to the same period last year, where number of companies and establishments reached 1672 achieving an increase mounted 15.4% compared to June 2019 where number of companies and establishments reached 1449.
Counselor Mohamed Abdel-Wahab added that the total capital issued of incorporated companies and establishments during last June amounted to EGP 7.9 billion, achieving an increase of 71.7% during June 2019, which amounted to EGP 4.6 billion.
He explained that the ISC acquired the largest share of number of companies that were established during last June, at a rate of 49%, and the Industry Sector came in second place
with 26%, while the Construction Sector came in third place with 14%, and theTelecommunications and Technology Sector came in fourth place with 6%.
GAFI CEO pointed out that Egyptians’ share of the issued capital of incorporated companies and establishments last June reached 98.8% of the total issued capital.
Relatedly, Counselor Mohamed Abdel-Wahab indicated that he issued a decree to form a working group to follow up and evaluate the performance of incorporated companies and establishments in GAFI. The working group is responsible for developing a plan to monitor and evaluate the performance of companies in office and in field through the competent department in the Economic Performance Sector in coordination with GAFI’s relevant sectors, including following up surveys conducted by Central Agency for Public Mobilization and Statistics (CAPMAS) in accordance with the signed protocol in this regard, or those conducted by the competent departments of GAFI, moreover, preparing periodic reports on work results. The decree stipulated that the aforementioned working group would take all measures to ensure updating and development of GAFI’s database in order to be a unified, integrated and updated database, to ensure the quality and authenticity of the stored data in coordination with all GAFI’s relevant sectors and units, so that it allow for the obtainment of reports to follow up the performance of companies. Moreover, to coordinate and follow up with external authorities through submission of companies and establishments’ names to complete the data and information required to update the GAFI's database. the authorities for example; Egyptian Tax Authority, Public Authority for Social Insurance, Civil Status Sector, Real Estate Publicity Department, and other relevant authorities, while studying the possibility of linking GAFI’s database with some bodies according to the work needs. The decree indicated that the ISC is responsible for providing the Central Department of Information Systems and Digital Transformation with all certificates of incorporation and decrees, as well as the amendment decrees of articles of association of the companies and establishments, as well as the status of residencies of investors and bringing of dependents, in addition to all changes that occur to such companies and establishments (liquidation - suspension etc....) to ensure continuous updating of the GAFI's database. Meanwhile the Free Zones Sector is responsible for providing the Central Administration For Information Systems and Digital Transformation with all certificates of incorporation and decrees, as well as the amendment decrees of articles of association, in addition to all decisions of the Free Zones BoD and all changes that occur to such companies and establishments (liquidation – recovery of land possession – suspension – etc.) to ensure continuous updating of GAFI’s database. GAFI CEO assured that two ISCs in Sharm El-Sheikh and Qena governorate have been completed, and that they are ready to open as soon as possible.