ARTICLE
23 August 2023

New GAFI Decree Expediting Corporate Procedures

SH
Soliman Hashish & Partners

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Soliman, Hashish & Partners is a full-service corporate law firm, recognized as one of the leading financial and corporate law firms in Egypt by IFLR 1000, Chambers and Partners and Legal 500, focusing on Corporate, Mergers & Acquisitions, Banking & Finance, Telecom, Media and Technology (“TMT”), Energy & Electricity, Public Procurement, Dispute Resolution, Intellectual Property Rights (“IPRs”) and Employment
On August 8, 2023, the General Authority for Investment and Free Zones ("GAFI") issued Decree No. 270 of 2023 (the "Decree"), which expedites corporate procedures by reducing the number...
Egypt Corporate/Commercial Law

On August 8, 2023, the General Authority for Investment and Free Zones ("GAFI") issued Decree No. 270 of 2023 (the "Decree"), which expedites corporate procedures by reducing the number of documents required to be submitted for certification before GAFI. In accordance with the Decree, specific documentation is no longer required to be submitted for certification and shall merely be executed and retained at the company's headquarters, such as the certification request addressed to GAFI, attendance proxies and the minutes of the Board of Directors meetings calling for an Extraordinary General Meeting.

In addition, the Decree amended the wording of the declaration of the Chairman of the Board of Directors for Joint Stock Companies or Directors in Limited Liability Companies (as the case may be), which is included in the minutes of the meeting, in order to transfer the liability for maintaining all supporting documents at the Company's headquarters to the Chairman or Director (as the case may be), as well as ensuring the Chairman or Director's declaration to submit them to GAFI upon request.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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