In theory, freedom of establishment is guaranteed in most of Egypt, except for certain areas (like the Sinai Peninsula). In practice, foreign companies can face some discrimination compared to their competitors from the Egyptian public sector.
Acquisition of Holdings
The acquisition of the majority interest in a domestic company is allowed in Egypt. In fact, the Egyptian Companies Law does not set any limitation on the number of foreigners, neither as shareholders nor as managers/board members. Only in the case of Limited Liability Companies at least one of the managers should be an Egyptian citizen.
Obligation to Declare
Companies are required to obtain a commercial and tax license, and pass an often lenghty security clearance process. The investor has to declare the following information: the name of the contracting parties, the company's legal form, the name of the company, the type of activity, the company's length of existance and its capital, the Egyptian and non-Egyptian contribution percentage, the means of subscription and each partner's liabilities.
The Import-Export Law requires companies wishing to register in the import registry to be 51% owned and managed by Egyptians, although the new Investment Law allows companies wholly owned by foreigners to import goods and materials. Several laws (Law No. 15 of 1963, Law No. 143 of 1981, and Law No. 230 of 1996) limit the ownership of land by foreigners.
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