On 29 October 2023, Egypt issued Law No. 173 of 2023 (the “Law”), providing exemptions from certain provisions outlined in the Importers’ Register Law No. 121 of 1982 (the “Importers’ Register Law”) for companies with less than 51% (fifty-one per cent) ownership by Egyptians or no ownership by Egyptians. The Law represents a significant departure from previous regulations, enabling foreign-owned companies to be registered in the Importers’ Register.
Scope of Application
It is worth noting that this exemption applies solely to the nationality requirement outlined in the Importers’ Register Law. Therefore, all other statutory requirements remain in effect.
Key Statutory Requirements
The statutory requirements for trading-oriented importation in Egypt are as follows:
Duration of Exemption
The Law takes effect on the day following its publication in the Official Gazette.