Amendments to Importers Registry Act pass
Amendments to the Importers Registry Act that would allow foreigners to hold a stake in an import company have officially been issued on Tuesday. According to our friends at Riad & Riad Law Firm, the amendments remove provisions prohibiting registered importers from entering into arrangements with non-Egyptians to import on their behalf. As we have previously noted, the changes also include increasing the minimum capital for individuals to be registered to EGP 500k from EGP 10k, for limited liability companies to EGP 2 mn from EGP 15k, and for joint-stock companies to EGP 5 mn. The law also imposes stricter penalties for violation of import regulations, including imprisonment for up to one year and fines of up to EGP 1 mn. The amendments — which were first announced back in January of last year — had been met with significant opposition from Egyptian importers, who are particularly loathful of having to compete with foreigners.