In July 2019, the Investment Law No. 72 of 2017 (Investment Law) was amended to impose new data reporting requirements on companies with foreign investment in Egypt for statistical purposes. The data consists primarily of financial data and corporate data. The General Authority For Investment & Free Zones (GAFI) is now taking active steps in enforcing these new reporting requirements.
On January 14, 2018, an amendment to Egypt’s Companies Law No. 159 of 1981 was enacted by virtue of Law No. 4 of 2018, which provided that any newly established joint stock company or partnership limited by shares must centrally deposit their securities (mainly shares) with the Misr for Central Clearing, Depository and Registry (MCDR), prior to registering with the commercial register.
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.