Egypt employment visas in 2023
All foreigners are required to secure a work visa in order to work in Egypt. Healy Consultants will assist our Clients prepare visa applications and submit to the local Egypt Consulate. Our fee for this service is US$3,950 per visa. To date, we enjoy 100% visa approval record.
A business visa is available for foreign nationals who conduct short term business activities (conferences, seminars and courses) in Egypt. Egyptian business visas are valid for 3 months with single or multiple entries. The applicant must submit a letter from the employer stating the purpose of their visit to Egypt.
Foreigners who wish to work in Egypt must obtain a work permit from the Ministry of Manpower prior to their arrival. Work permit must be obtained through the employer. Foreigners who arrive in Egypt on tourist visas but want to change their status after arrival are allowed a 3-month non-working resident visa to do so.
An Egyptian tourist visa is valid for 3 months with a single entry, or 6 months with multiple entries. During this time, tourists are not permitted to work in Egypt. Only 11 Arabic countries are exempted from Egyptian tourist visa, citizens of Western Europe, USA, Canada, Japan, and Korea can get tourist visas upon their arrival to Egypt.
Egypt corporate bank accounts in 2023
Since 2003, Healy Consultants Group helps multi-national Clients open multi-currency corporate bank accounts in Egypt for local companies. In our experience, Egyptian banks do not board companies that are not incorporated locally.
Our team will project manage the multi-currency corporate bank account opening process, including preparing a quality business plan for our Client’s business.
We recommend our multi-national Clients read this web page to avoid bank surprises later!
Table of Egypt banking problems and solutions
No. Egypt banking problem Solution 1. Global banks continue to tighten corporate bank account opening procedures, their internal compliance departments completing more thorough due diligence of Clients. Consequently, our Clients should expect Egypt bank account approval to take up to three months. If our Client requires a bank account at short notice, we recommend an immediate Egypt nominee solution (Egyptian company plus already-approved Egyptian corporate bank account). 2. Before, during and after bank meetings, the bank’s In-house Legal and Compliance Department reverts multiple times for additional documentation and information from each i) bank signatory / director / UBOs of the companies as well as ii) our Client’s business and transactions. If some banks decline to board our Client’s business, Healy Consultants Group will immediately inform our Client and action backup banking solutions. 3. Bank requests foreign directors and bank signatories to travel for a one-hour interview before account numbers are issued. Healy Consultants Group will relentlessly negotiate with the bank to secure a travel waiver.
Egypt corporate bank account opening procedure for local companies
- For our Clients forming a new company in Egypt, Healy Consultants Group can assist in opening a local or international corporate bank account within two months of company formation.
- We recommend keeping the corporate structure simple at the time of company incorporation by appointing our Client’s preferred individual shareholder(s) and director(s) and bank signatories. We do not recommend a corporate entity, nominee, trust, or holding companies in tax neutral jurisdictions.
- It is difficult to obtain Egypt corporate bank account approval through newly-formed companies when shareholders, directors and bank signatories reside overseas. Depending on the nationality of the UBO, shareholders, bank signatories, and directors and the nature and value of the business assets and transactions, it is wise to expect that i) corporate bank account approvals will take an average of three months from the date of company registration and receipt of all KYC documentation and ii) multiple banks will request the directors AND bank signatories travel for a one hour interview with the bank officer, before bank account opening.
- Top-tier Egyptian banks now require Clients to travel to meet a bank officer.
- Following review of the application and before approving the corporate bank account, the bank will request our Client to courier all original corporate and personal due diligence and other supporting documents directly to Egypt. These include i) a notary-certified true copy of your Company Registration Certificate ii) Memorandum & Articles of Association/Charter disclosing the directors/shareholders iii) certified true copy of passport for all shareholders/directors and account signatories iv) certified passport size photographs v) original certified copy of proof of address vi) board resolution appointing the bank signatories vii) a letter requesting for opening of the corporate bank account and viii) completed, preapproved, and signed bank account opening forms.
- During the corporate bank account opening process, it is common for each bank’s in-house Legal and Compliance Department to request additional due diligence documents from potential customers including but not limited to i) regulatory licences ii) proof of business globally and in home country including evidence of contracts, invoices and agreements with local Clients and iii) additional KYC information on our Client’s business and place of residency, including nature and volume of transactions.
- If some banks decline to board our Client’s business, Healy Consultants Group will immediately inform our Client and action backup banking solutions.
- Following bank account approval, the bank will email our Client the corporate bank account numbers directly. There is no need for our Client to travel to complete the process.
Healy Consultants Group fees to help open a corporate bank account in EgyptHealy Consultants Group guarantees Egypt company bank account approval. Our fees for different banking services include:
Egypt banking task Our Client travels US$ Egypt bank account for an Egyptian company No 4,950 Egypt personal bank account No 4,950
Our multi-currency corporate bank account opening fees cover the following support services:
- Preparing a quality business plan for our Client’s review then use the same to maximise the probability of successful multi-currency corporate bank account approval with our Client’s preferred bank.
- Healy Consultants Group’s Banking Team completing, on our Client’s behalf, the multi-currency corporate bank account application forms and collating Know Your Customer (KYC) due diligence documents.
- Healy Consultants Group’s Banking Team visiting the Egyptian bank to submit i) required due diligence and ii) signing all required paperwork.
- Over the following weeks, the bank officer reverting to Healy Consultants Group multiple times to prepare an accurate, complete multi-currency corporate bank account opening file. When the Egypt bank officer is ready, our Client will convene a Skype video call with the bank.
- Following successful completion of the above, the bank officer submitting a complete potential customer file to the bank Legal and Compliance Department.
- After several weeks, e-mailing multi-currency corporate bank account numbers to our Client.
- Within three weeks, arranging our Client to receive e-banking log-in details including corporate Visa debit cards.
Other servicesIf required, Healy Consultants Group will assist our Clients with lending and trade finance applications by preparing a quality application consisting of i) a feasibility plan ii) project strength and weaknesses analysis (SWOT) and iii) audited financial statements.
ConclusionEgypt multi-currency corporate bank account opening is easy if you know how. Contact Healy Consultants Group if your Firm needs assistance navigating through the different banking solutions