The limited liability company’s trade name typically derives from its purpose; however, it may also contain the names of one or more of its partners. The phrase “Limited Liability Company” must be present. Certain words are forbidden, such as names that imply government or national favor.
Company registration procedure
The actions to formally register a corporation in Egypt are as follows:
Trade name clearance certificate
No two businesses can register with the same name; thus, the applicant should start by checking the Commercial Registry to see if the name is available. Every business needs a name. A business name can be checked for availability for free and in a day. The Commercial Registry then issues a trade name clearance certificate to the applicant.
Procuring a bank certificate
The price of the bank certificate varies by bank and ranges from 200 to 500 EGP.
Submitting the paperwork
The applicant leaves the business records at the front desk, where an attorney examines them right away. Among the documents to be scrutinized are the Trade Name Clearance Certificate, Original Bank Certificate, Power of Attorney from each Founder, Founders IDs, Certified Copy of the Auditor’s Listing on the Registry of Accountants, and Auditors Association, and the Application to GAFI. Before releasing the Articles of Association, the GAFI attorney reviews the paperwork. This is the official contract with the business.
Notarize the business agreement
Before the Articles of Association are notarized, the Public Notary again reviews the documents, paying particular attention to the Power of Attorney. It requires 0.25 percent of the capital (a minimum of EGP 10 and a maximum of EGP 1,000).
Getting a certificate from the Chamber of Commerce
The certificate is issued by GAFI. You will pay 0.2% of your capital for it (minimum of EGP 24 and maximum of EGP 2,000).
Granting the notification of incorporation
Once they are submitted, the GAFI will ratify the articles of organization and issue a decree approving the company’s establishment. This decree is made effective within a day.
The Commercial Registry’s certification
The Chamber of Commerce certificate, the GAFI notification, and the original Articles of Association are all presented to Commercial Registry by the applicant’s attorney on behalf of the applicant. The Commercial Registry gives out the authentic certificate for the Commercial Registry. After 15 days, the firm acquires legal responsibility and judicial personality. The Department of Companies oversees publishing the notice of incorporation in the Investment Gazette at the company’s expense if the competent authorities do not protest within 15 days.
Submitting a tax return
After incorporation, the firm can finish tax registration and obtain the tax card at the one-stop shop’s tax counter. After getting the card, the business may decide to register for the sales tax if it has started producing. Only businesses with industrial activity sales of at least EGP 54,000 and commercial activity sales of at least EGP 150,000 are needed to register for sales tax.
Employee registration with the National Authority of Social Insurance (NASI)
Social insurance covers disability, retirement (pension), unemployment, and work-related injuries. The law requires employers to take part in the social insurance system. Otherwise, they might suffer consequences. A unique social insurance identification number is provided by the NASI.
The general authority for investment and free zones has made it simpler and quicker to form a limited liability company to support SMEs. All the documentation for your newly founded company will be delivered to you in a single step and within one business day. Highlights of changes made to the process to further improve it are listed below:
Authentication of clarity
Without direct interaction with staff members of the commercial registry, the GAFI incorporation lawyer will issue the name reservation process based on the submission of five alternative names arranged in order of preference.
Unified Payment System
Any banking card may be used by the incorporation lawyer to make the one payment that combines all payments related to company incorporation.
Procedure fusion
On behalf of the client, the GAFI follow-up team combined several procedures into a single operation. These include registering a business, obtaining a tax ID, registering for VAT, and registering for social security. All of this can be done without the investor having any involvement with any of these organizations.
VAT
Inspections that were required for VAT registration were all canceled. Without any interaction between the client and VAT staff, the VAT registration certificate is issued by the GAFI follow-up team.
Social protection
The required social security registration inspections were all canceled. Without any interaction between the client and social security staff, the social security registration number is issued by the GAFI follow-up team.
Corporate records
All corporate records that GAFI had previously sought have been converted to electronic records and digitally signed to verify authenticity. Businesses may discontinue using paper books. To form a limited liability company, the founding shareholders of the firm must apply to the Egyptian government for permission; the ministerial decision implementing the Commercial Companies Law specifies the mandatory clauses that must be included in the Memorandum of Association.
