President of the General Authority of Investment (GAFI), Hossam Abu Heiba, announced the issuance of golden licenses for newly launched businesses in Egypt, under a recent initiative introduced by the government to facilitate the approval process for the launch of new projects in Egypt.
The government has recently granted a total of 17 golden licenses, Abu Heiba said, adding that he expects more companies to apply shortly.
The licenses are issued within 20 days of getting approval from the prime minister. It is also necessary to gain accreditation from the Industrial Development Authority, as stated by Abu Heiba.
To further speed up the procedures for establishing new businesses, the government has revealed its plan to introduce an electronic platform for company incorporation.
GAFI’s president announced that almost 90% of the new platform setup has been finalized. The platform is set to undergo a trial run in July, with the official launch anticipated during the fourth quarter of 2023.
