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Monday, 22 July 2019

GAFI to ensure companies stick to target export mix, eases work and residency permit procedures

REGULATION WATCH- Freezone companies need to stick to target export mix: The General Authority for Investment (GAFI) has commissioned a working group to perform quarterly audits of companies under its supervision to ensure they are maintaining a certain ratio of domestic to international sales, the authority said in a statement. The group will begin auditing 2019 sales in 2020. Companies that fail to achieve the target will be reported to the authority.

GAFI is also easing procedures for companies seeking work and residency permits: Major companies seeking work and residency permits will no longer be subject to field inspections, GAFI said in a separate statement. Document and bureau inspection will be enough to process the request if the company has paid-in capital of EGP 100 mn or more. Companies will be required to present accredited income statements for three preceding years and other documents showing the company’s seriousness.

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