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Wednesday, 28 February 2018

Import companies can now have a non-Egyptian manager -Shahid Law Firm

FIRST LOOK- Import companies can how have a non-Egyptian manager -Shahid Law Firm. Our friends at Shahid Law Firm tell us that they have obtained official confirmation from the General Organization for Export and Import Control (GOEIC) that “the day-to-day management and financial control of import companies can now be handled by non-Egyptians, provided that the requirement of appointment of an Egyptian import administrator is at all times satisfied.” The news, which Shahid will be sending in a note to clients today, comes pursuant to recent amendments to the Importer Registry Act (law 121 of 1982), which for the first time allows non-Egyptians to own up to 49% of the share capital of an import company. “While the amendments clearly stipulated that only the import administrator must be Egyptian, neither the amendments nor the executive regulations of the Law determined whether this nationality requirement extends to the company’s management; hence the pressing need for clarity,” the firm said.

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