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Understand the Jurisdictions Setup Requirement Before Proceed Your Egypt Company Incorporation Services
With a population of almost 90 million people, Egypt is one of the lower-middle-income countries and the third-largest economy in Africa. Egypt’s economy has steadily been growing since 2014 and has been forecasted to continue it upward growth for the foreseeable future. Thanks to its significant investments in infrastructures like ports, highways, railways and airports, Egypt has become accessible and the movement of goods much more efficient.
Among the more common business entities in Egypt, a limited liability company is one of the most commonly owned type of entities. An LLC in Egypt is considered a separate legal entity from the individuals who are in charge of running the company.
In an LLC, the shareholders are liable to lose only the value of the share capital to which they have subscribed to. An LLC in Egypt can also be 100% foreign-owned and the good thing about this type of business entity is that it is relatively easy and quick to incorporate.
Egypt Company Incorporation – Services & Process
Incorporating a company in a foreign country is always best done with the help of professional agencies who can assist to ensure the process is carried out as efficiently as possible. Egypt company incorporation services is no different, although the process may be a fairly straightforward one, there is still a lot of benefits to be had by enlisting help.
The company incorporation process in Egypt can be summarized into the following steps:
- Selecting a Company Name – If incorporating an LLC in Egypt, business names should end with or include “Limited Liability Company” in the appropriate abbreviation. Company names in Egypt will be approved by the Registrar and once approved, the company name is reserved for a maximum of 10 days for the business. When incorporating a company in Egypt, keep in mind that certain words such as those suggesting governmental patronage are strictly prohibited from use.
- Acquiring a Registered Office – All companies in Egypt are required to have a registered office space. In this office space, all official company documents and correspondence will be legally carried out. If you don’t have an office space already prepared, a professional company incorporation services agency can assist you with securing one.
- Directors – Only one director is required for an LLC, which can be either an individual or a corporate entity. One director should be an Egyptian resident. There are no other restrictions on nationality and residency of other directors.
- Shareholders – A minimum of two shareholders are required. The maximum number of shareholders is capped at 50.
- Minimum Share Capital – The minimum share capital to incorporate a company is EGP 1000.
- Filing Requirements – All registered LLCs must file their audited annual financial statements and annual tax returns.
Directors and shareholders are required to provide proof of identity during the incorporation process.
Ready to kickstart your Egypt company incorporation process? Get in touch with us at 3E Accounting today to see how we can be of assistance.