{"id":577781,"date":"2022-12-05T04:08:50","date_gmt":"2022-12-05T04:08:50","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/"},"modified":"2022-12-05T04:08:50","modified_gmt":"2022-12-05T04:08:50","slug":"progress-on-golden-licenses","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/","title":{"rendered":"Progress on golden licenses"},"content":{"rendered":"

CUSTOMS-<\/strong><\/p>\n

New customs rules aim to clear backlogs at ports:<\/strong> The Customs Authority is obliging importers to submit import approvals from the General Authority for Freezones and Investment (GAFI) before they request an ACID number for their shipments, Al Borsa<\/a> reports. Importers were previously able to apply for GAFI approval after receiving an ACID number \u2014 a unique ID number that importers obtain through the digital Nafeza customs window at least 48 hours before their goods are shipped. Flipping the order in which the documents are supplied is meant to help ease logjams at ports and crack down on evasion of customs duties.<\/p>\n

INDUSTRY-<\/strong><\/p>\n

Industrial projects take a step closer to golden licenses:<\/strong> Eight industrial projects have had their applications for golden licenses<\/a> preliminarily approved by a government committee tasked with speeding up licensing in the industrial sector, cabinet said in a statement<\/a> yesterday. Cabinet will decide on whether to give final approval in an upcoming meeting.<\/p>\n

REMEMBER<\/strong>- The approvals come weeks<\/a> after President Abdel Fattah El Sisi ordered that all investors be granted three-month golden licenses, making it easier for them to set up projects. It\u2019s unclear if the approvals for the selected projects yesterday would only be set for three months.<\/p>\n

INVESTMENT-<\/strong><\/p>\n

TCV eyes three investments next year: <\/strong>Private equity firm Tanmiya Capital Ventures<\/a> (TCV) plans to add three companies to its portfolio in 2023, Ahmed El Guindy, founding and managing partner at the firm, reportedly told Al Mal<\/a>.<\/p>\n

NBFS-<\/strong><\/p>\n

Non-bank lenders will be required to have solvency ratios of at least 12% at any time<\/strong>, rather than by the end of each quarter, the Financial Regulatory Authority said in a statement (pdf)<\/a> yesterday. The decision is part of efforts to improve financial stability in the NBFS sector.<\/p>\n","protected":false},"excerpt":{"rendered":"

CUSTOMS- New customs rules aim to clear backlogs at ports: The Customs Authority is obliging importers to submit import approvals from the General Authority for Freezones and Investment (GAFI) before they request an ACID number for their shipments, Al Borsa reports. Importers were previously able to apply for GAFI approval after receiving an ACID number […]<\/p>\n","protected":false},"author":1,"featured_media":577782,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7209],"tags":[111,309,72,76,7196,125,595,758,343],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-also-on-our-radar","tag-customs","tag-enterpriseam","tag-financial-regulatory-authority","tag-industry","tag-investment-watch","tag-non-banking-financial-services","tag-private-equity","tag-regulation","wpautop","entry"],"acf":{"mongo_id":"4a93b4bf-88c9-49c5-b259-01f6b9166a38","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/12\/71.jpg","photo_position":"above","related_issue":[577761],"teaser":"","voice_url":""},"yoast_head":"\nProgress on golden licenses - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/12\/05\/progress-on-golden-licenses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Progress on golden licenses\" \/>\n<meta property=\"og:description\" content=\"CUSTOMS- New customs rules aim to clear backlogs at ports: The Customs Authority is obliging importers to submit import approvals from the General Authority for Freezones and Investment (GAFI) before they request an ACID number for their shipments, Al Borsa reports. 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The decision comes as the authority moves to automate\u2026","rel":"","context":"In "Egypt Politics + Economics"","block_context":{"text":"Egypt Politics + Economics","link":"https:\/\/enterpriseam.com\/egypt\/category\/egypt-politics-economics\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":622706,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/10\/10\/finmin-releases-final-draft-of-the-customs-act\/","url_meta":{"origin":577781,"position":1},"title":"FinMin releases final draft of the Customs Act","author":"enterpriseam admin","date":"10 October 2018","format":false,"excerpt":"** #2 LEGISLATION WATCH- FinMin releases final draft of the Customs Act: The Finance Ministry has released the final draft of the amended Customs Act on Tuesday after consultations with business groups and global financial institutions, according to a ministry statement. The ministry plans to introduce the act to the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558696,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/23\/a-rain-check-on-the-new-customs-system-please\/","url_meta":{"origin":577781,"position":2},"title":"A rain check on the new customs system, please?","author":"enterpriseam admin","date":"23 August 2021","format":false,"excerpt":"The business community is once more calling for the postponement of the ACI: Importers and exporters are lobbying for a multi-month extension of the 1 October deadline for registering on the Advanced Cargo Information (ACI) pre-registration system \u2014 also known as Nafeza \u2014 saying they need more time to get\u2026","rel":"","context":"In "Customs"","block_context":{"text":"Customs","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/customs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/8\/234.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":651815,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/02\/21\/customs-authority-prevents-importers-from-storing-staple-goods-outside-the-port-before-customs-clearance\/","url_meta":{"origin":577781,"position":3},"title":"Customs Authority prevents importers from storing staple goods outside the port before customs clearance","author":"enterpriseam admin","date":"21 February 2017","format":false,"excerpt":"Importers will no longer be allowed to store their shipments of staple goods \u2014 including wheat, sugar, corn, and rice among others \u2014 outside official port facilities until they\u2019ve cleared them from customs and paid the levy in full, Al Borsa says. 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