How to Apply For Revocation, Cancelation of Investment License in Egypt

Apply For Revocation, Cancelation of Investment License in Egypt

With a sufficient basis Based on a sufficient reason, the General Authority for Investment and free zone (GAFI) can suspend the permit to invest until the investor adopts the necessary corrective actions. Anyone who has an the investment permit must be required to submit reports of progress regarding the execution of his plan to his investment body by the close of each three months. They must also provide details about the investment activities of his company whenever requested by the relevant investment organ. Additionally, investors are required to comply with relevant Investment law of their country. If an investor is found to be in violation of the rules in the Investment Proclamation or regulations or directives issued in order to implement them the relevant investment body could temporarily suspend an investment license until the applicant has taken appropriate corrective steps.

The The General Authority for Investment and free zone (GAFI) could revoke an investment license when it is determined that

The person who obtained the permit in fraud or by providing false or misleading information;
the incentives are not properly used or transferred to another person
The investor has failed without just cause to renew the license in accordance with the investment Law. This means that the investor failed to renew the license annually until its goods or services are available on the marketplace or did not extend the expiration date within one month from the expiration date or expiration date of his license.
The investor fails to provide an update on the progress of their project over two continuous months. That is, if the investor failed to initiate the project within two years after obtaining the investment license, or failed to submit a an account of the progress made on the project two times in a row.
The project was started and was not completed in the time frame that was anticipated or in the event that the organization suspects that the project won’t be completed in the time frame specified, this could lead to the being able to cancel an Investment License.

In these cases the relevant investment body will notify GAFI. General Authority for Investment and free zone (GAFI) regarding to the measures to be that are taken in line with the law. If an investment permit is revoked, the investor will lose all rights. permit, the person who applied for it must immediately cease to enjoy all benefits.
A person who has an permits to invest are revoked must be required to return within a month from the date of revocation, all benefits that he has received in officials of the Egypt minister of Investment and the other relevant organs.
A permit to invest cannot be suspended or cancelled by any person other than the relevant investment organization that issued it.
A person who’s investment permit has been removed cannot be issued an investment permit again until the expiration date of one year following the date of the revocation.

Required Documents For Revocation, Cancelation of Investment License

an imagecopy of their Articles of Association
A copy of an image of Regulation for investment Authority.
A photocopy of its memorandum of agreement along with its Articles of Association;
A copy of the authority
A photocopy of the identity card.
A photocopy of the document attesting the status of the investor in the country and two recent passport-sized photos;
A photocopy of the memorandum as well as the Articles of Association;

Office Locations and Contacts

The General Authority for Investment and free zone (GAFI)

Address: GAFI 3 Salah Salem St. Nasr City, Cairo, 1156, Egypt.

Phone : +(202) 2455 452

Fax: +(202) 2455 425

Email : investorcare@gafinet.org

Website :http://www.gafi.gov.eg

How to Apply For Revocation, Cancelation of Investment License in Egypt

Ministry of Investment

Mr. Ashraf Abdel Tawwab Salman img

Address 3 Salah Salem st., Cairo

Telephone number. 24055628- 24055651

Fax: 24055635

E-mail investorcare@gafinet.org

Website http://www.investment.gov.eg

What are all the Eligibility

Foreign investors who have a dormant investment permits;
Foreign nationals, not including Egyptian through birth who are to be investors in the country.
Foreign investors who invest in the areas that are eligible for ;
Foreign and domestic investors make partnerships, but with an unissued Permit.

Fees

Commercial registrations that are cancelled after 5 working days prior to the date of cancellation and will cost LE 100.

Validity

Valid until the problems that caused the cancellation are addressed.

Instructions

Anyone who has an permission to invest should provide progress reports on the execution of their project to the appropriate investment body after each three months. He should also provide details about the investment activities of his investors whenever requested by the appropriate investment body.
Every investor must adhere to any applicable Investment laws in the country, which is administered by the Egypt Ministry of Investment.
All companies must be registered with the General Authority for Investment and free zone (GAFI) and are aware of the regulations governing the filing of returns for investment. .

Requirements Information

A photocopy from its Articles of Association
A photographcopy from an image of Regulation for investment Authority.
an imagecopy of its memorandum of agreement along with its Articles of Association;
A copy of the authority
an imagecopy of the identity card.
A photocopy of the document that demonstrates the status of a domestic investor and two recent passport size photos;
Photocopies of the memorandum along with the Articles of Association. .

Need to have the Document

Even although Egypt offers a wide range of investment opportunities with a variety of incentives, the country also suspends and cancels the investment licenses it grants for not observing the rules of Egypt’s laws on investment.
The General Authority for Investment and free zone (GAFI) may terminate the licenses of investors who do not complete the registered projects they’ve taken on in different regions of the country.If the licenses of any investor remain inactive for more than three years following the date that the permit was granted, the Authority will cancel it. the Authority.