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On December 30, 2018, an amendment to the Executive Regulations of Egypt’s Companies Law No. 159 of 1981 was enacted by virtue of the Decree of the Minster of Investment and International Cooperation No. 256 of 2018, abolishing the statutory requirement mandating limited liability companies to have at least one Egyptian manager.
The Decree amended Articles 203 and 281 (sub-section 1) of the Executive Regulations, the latter providing that at least one of the managers of a limited liability company must be an Egyptian national. The Decree abolished this requirement effective as at December 31, 2018.
What it means for you
Starting from December 31, 2018, limited liability companies are no longer required to have an Egyptian manager and all managers can be of foreign nationalities.
Exception applies to certain company activities such as importation, commercial agency, commercial intermediation, amongst others, for which limited liability companies are still required to have an Egyptian manager in compliance with laws and regulations governing such activities.
