Egypt is an independent country located partly in Northeast Africa and the Middle East. It is the 3rd most populous state in the African continent and most populous state in the Arab world.
When planning to register a company in Egypt and open a bank account in Africa, take a look at the following:
- A capital is Cairo;
- A population is over 99,5 million people;
- State languages are Arabic and English;
- A currency is egyptian pound (EGP). 1 USD is approximately 16,1 EGP;
- The country is a member of the Arab League, AU, OIC and others;
- 3 neighboring countries and Palestinian territories (Gaza Strip);
- 100% foreign ownership is allowed.
If you want to start a business in this jurisdiction, then request for qualified advice on a business organization process in Egypt from YB Case specialists.
MAIN DIRECTIONS FOR AN EGYPTIAN COMPANY
If you are seeking to set up a business in Egypt, please take into account these promising solutions:
- Registering a tourism company in Egypt;
- Opening an Egyptian production company (food industry, light industry, manufacturing industry, chemical industry, textile industry, metallurgy);
- Setting up an agricultural company in Egypt (cotton, rice, corn, cereals and legumes, vegetables, sugarcane);
- Registering a mining company in Egypt (oil, natural gas, iron ore, zinc, lead, deposits of gold, manganese, limestone and phosphates);
- Setting up a pharmaceutical company in Egypt.
Also, it can be profitable to open an Egyptian construction company.
Business entity types and taxes
In order to start a business in Egypt and open an account with an Egyptian bank, you can choose the following legal forms:
- Free Zone JSC;
Minimum share capital
14 000 USD
Also, you can open a branch in Egypt with an income tax of 22,5% and register a representative office.
In order to set up a company in Egypt remotely, you will need the following:
- 2 shareholders and directors. Directors must be residents of Egypt;
- A local registered office;
- A local secretary;
- The annual tax and an audit are required;
- Terms of registration are 5 weeks.
How to open a business in Egypt
If you are intended to register a company in Egypt remotely and open an account for an Egyptian company, you can consider the following banks:
- HSBC Egypt;
- NBE Egypt;
- Banque MISR Egypt;
- CIB Egypt;
- Alex Bank Egypt;
- SCB Egypt.
Those, who are interested in conducting business in Africa, we recommend asking for professional assistance in a company registration procedure in Egypt from YB Case team.
Also, we can provide you with qualified advice on how to open an account with an Egyptian bank and to register a local office.