Decree on a New Investment Data Reporting Requirement issued
07 Nov 2019
The Prime Minister recently issued Decree no. 2731 for 2019, amending the Executive Regulations of the Investment Law no. 72 for 2017. The Decree is effective as of 7 November 2019.
According to the Decree, all companies incorporated or to be incorporated in Egypt -regardless the legal regime applied thereto- shall provide the General Authority for Investment and Free Zones with certain information and data in order to calculate the direct and indirect foreign investment capital.
In case of breach of or non-compliance with the submission obligation, the legislator provides a fine of a maximum of L.E.50.000 to be imposed on the person in charge of the effective management of the legal entity if it is proven that he is aware of such breach or non-compliance.
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