Shahid Law Firm has successfully obtained an official confirmation from the General Organization for Export and Import Control (“GOEIC”) regarding the appointment of non-Egyptians in the management of import companies.
Pursuant to recent amendments to the Importers’ Register Law no. 121 of 1982 (“Amendments”), non-Egyptians are now allowed for the first time to own up to 49% of import companies’ share capital. 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.
Our team has reached out to GOEIC and has officially obtained their confirmation 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.
If you would like to discuss the impact of these changes on the current set-up of your import company or potential import business, please feel free to reach out to your usual contact at Shahid Law, or write to us at info@shahidlaw.com.
