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Tuesday, 6 December 2016

Licenses to renew automatically each year under Industry Permits act

Licenses issued under the Industry Permits Act will automatically be renewed at the end of each year as opposed to the currently system of issuing temporary 3-5-year permits, said the head of the Industrial Development Authority Ahmed Abdel Razik. The act, which aims to cut wait times for industrial licenses to as little as 30 days, will also guarantee investors will receive licenses simply by applying for them if they can prove their facilities meet health, safety and environmental regulations, he added, according to Al Borsa. Last we heard, the law had been introduced to the House of Representatives.

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