Multiple Country Engagement- Egypt Company Incorporation
Our Client contacted Healy Consultants for assistance to set up a company in Egypt. Our Client is an International University based out of Cyprus that provides tertiary education to potential students all over the world. The main campus of the University is in Cyprus and it is a globally recognized tertiary education provider.
Healy Consultants commenced this engagement by confirming the corporate structure and legal requirements for the Egyptian entity. Healy Consultants recommended that the Client set up an LLC in Egypt.
Every entity in Egypt requires at least one director that is resident in the country. Fortunately, our Client knew this person and did not require our professional passive nominee resident director services.
Egypt LLC Incorporation
The first step towards this company incorporation process was preparing the PoA through which the client authorizes us to register the company on their behalf and attesting the same together with the company’s corporate documents in the Egyptian embassy in Cyprus. Our client took 5 weeks to attest these documents. Unfortunately, the nearest Egyptian embassy was in a different city, so our Client had to courier the same to the embassy and wait until their return.
Upon receiving the Clients’ due diligence and original attested documentation in Egypt, we prepared the Memorandum and Articles of Association and Minutes of Meeting in Arabic and submitted the company registration package to the Ministry of Industry and Trade. Simultaneously, to the incorporation process, a security check commenced. The security check can take up to 6 months. Fortunately, this process runs independently from the company registration process and therefore does not interfere or delay the same.
10 days after submission of the registration package, we received pre-approval from the Ministry of Industry and Trade and proceeded to open a corporate bank account with Alex bank (see below). A temporary bank account was opened within 1 week for our Client to deposit the paid-up share capital amount of US$1,000.
The bank confirmed receipt of the funds and issued a certificate of deposit. We submitted the same to the Ministry of Industry and Trade and 15 working days later, we received the certificate of registration.
Healy Consultants proceeded to register the company with the Egyptian Tax Authority and obtained a unique tax identification number within 1 week. The company was fully incorporated as a legal entity in Egypt and could now conduct business.
Corporate bank account opening
Healy Consultants opened a corporate bank account with Alex Bank in Cairo. Each Egyptian entity must open a temporary bank account and deposit a share capital of approximately US$1,000 before the company is fully registered and the certificate of registration is issued. Opening such account was easy and straightforward.
After the certificate of registration was issued, we converted the temporary account into an operational corporate bank account. This was challenging and took us over 3 weeks to complete. Unfortunately, the bank asked the client to travel for a 1 hour interview.
Luckily, Healy Consultants negotiated with Alex bank to waive the requirement of the client’s presence in Egypt. Instead, the Client visited a branch of Alex Bank in Turkey, where the client was resident at that moment.
The corporate bank account was successfully activated 2 weeks after the client visited the branch in Turkey.
We couriered a company kit to our Client and received excellent feedback with regards to the services provided by Healy Consultants.
For more information on this engagement and/or to obtain the contact details of our Client, please contact our Senior Manager of Client Engagements, Ms. Chrissi Zamora.