{"id":587795,"date":"2023-06-01T00:00:00","date_gmt":"2023-06-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/"},"modified":"2023-06-01T00:00:00","modified_gmt":"2023-06-01T00:00:00","slug":"cabinet-greenlights-residency-for-investment","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/","title":{"rendered":"Cabinet greenlights residency-for-investment"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Ministers greenlight further investment facilities: <\/span><span style=\"\">The cabinet <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid02aw1ua7n14wFxhPTXVgJspuZfbr5CCW7QiNjDpy275MjQEy8jcS4FvxeuwN1zC6uXl\" style=\"\">yesterday approved<\/a><\/span><span style=\"\">a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8be12b9-1dc8-442c-9865-fa5f44630f7d\" style=\"\">recent<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b8be12b9-1dc8-442c-9865-fa5f44630f7d\" style=\"\">decision<\/a><\/span><span> by the <\/span><span>Interior Ministry to amend the Investment Act regulations to <\/span><span style=\"font-weight:400;\">allow foreign investors to acquire year-long non-touristic residencies when proposing investment plans to the General Authority for Freezones and Investment (GAFI). The residency can then be renewed for six-month or year-long periods depending on how long it takes to establish the business.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Opening up local bank accounts is also getting easier: <\/span><span style=\"\">The amendments will also allow <\/span><span style=\"font-weight:400;\">foreign investors to open accounts at local banks while they\u2019re in the process of establishing a new business. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">It\u2019s getting easier to pay for industrial licenses:<\/span><span style=\"\">Trade and Industry Minister Ahmed Samir <\/span><span>yesterday issued a decision allowing industrial investors to pay for licenses every three or five years, instead of annually, the Industrial Development Authority <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/IDA.Egypt\/posts\/pfbid026KZyHpDeL5e9f9xpVS1QUBT3FxFgoEDMQfDHA3bQ7hgKyH7SUz4kf7wRUd2uqTXQl\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> yesterday. Owners of high-risk factories will be able to pay every three years and operators of low-risk factories can pay every five years.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Part of a bigger plan: <\/span><span style=\"\">Both <\/span><span style=\"\">moves are part of a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a3816fe9-2abf-4b6c-91ce-680ea72e2d1b\" style=\"\">series of measures<\/a><\/span><span style=\"\"> taken by the <\/span><span>government last month aimed at boosting foreign investment. The 22 changes encompass bureaucratic reforms aimed at speeding up licensing and improving the transparency of state firms, new financial incentives for certain industries, and legal reforms to improve contract enforceability.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">ALSO FROM THE CABINET-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Getting El Enany to Unesco: <\/span><span style=\"\">The cabinet decided to form a group, headed by a representative <\/span><span>from the Foreign Ministry, to help former tourism minister Khaled El Enany become Unesco\u2019s next director-general. Prime Minister Moustafa Madbouly <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/99d1e2a3-e594-4f42-9dda-da774915c641\" style=\"\">nominated El Enany<\/a><\/span><span style=\"font-weight:400;\"> for the position in April. If successful, he would head the organization for a four-year term starting from 2025. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Skoda will carry out train maintenance: <\/span><span style=\"\">Cabinet approved a request from the Egyptian <\/span><span>Railway Authority to have<\/span><span>Czech car manufacturer <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/111c81df-5763-4a53-a749-ca3d23692f76\" style=\"\">Skoda renovate and maintain<\/a><\/span><span style=\"font-weight:400;\"> Henschel and Adtranz locomotives for a 15-year period as well as help localize the production of spare parts.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The residency can be renewed for six-month or year-long periods<\/p>\n","protected":false},"author":1,"featured_media":587796,"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":[7306],"tags":[282,104,72,125,397,323],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-587795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cabinet-watch","tag-cabinet-watch","tag-economy","tag-enterpriseam","tag-investment-watch","tag-khaled-el-anany","tag-unesco","wpautop","entry"],"acf":{"mongo_id":"216cde19-25fd-4235-b57a-b93b5adb31d6","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/5\/1792.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Cabinet approves decision granting investors year-long residencies","related_issue":[587780],"teaser":"The residency can be renewed for six-month or year-long periods","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.43f1ac71-6ff1-455d-8e37-76ddbe5e17be.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cabinet greenlights residency-for-investment - 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\/2023\/06\/01\/cabinet-greenlights-residency-for-investment\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cabinet greenlights residency-for-investment\" \/>\n<meta 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their residency","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/35.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":621647,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/11\/14\/last-nights-talk-shows-heliopolis-garage-local-produce-residency-for-home-purchases\/","url_meta":{"origin":587795,"position":1},"title":"Last night\u2019s talk shows: Heliopolis garage, local produce, residency for home purchases","author":"enterpriseam admin","date":"14 November 2018","format":false,"excerpt":"The region\u2019s first \u201cstacked\u201d car garage is about to open in Heliopolis: The first phase of the EGP 230 mn Roxy Garage \u2014 the Middle East\u2019s first public garage with a hydraulic parking system \u2014 is slated for inauguration by next month, Chairman of the Roxy Garage Company Mahmoud Farag\u2026","rel":"","context":"In &quot;Enterprise+: Last Night\u2019s Talk Shows&quot;","block_context":{"text":"Enterprise+: Last Night\u2019s Talk Shows","link":"https:\/\/enterpriseam.com\/egypt\/category\/enterprise-last-nights-talk-shows\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":569954,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/03\/12\/cabinet-approves-plan-for-five-year-tourist-visas\/","url_meta":{"origin":587795,"position":2},"title":"Cabinet approves plan for five-year tourist visas","author":"enterpriseam admin","date":"12 March 2020","format":false,"excerpt":"CABINET WATCH- Madbouly cabinet approves plan for five-year tourist visas: The cabinet has approved plans to introduce a new five-year tourist visa that will come into effect from June. With the new visa tourists would be able to enter the country for multiple 90-day periods for a USD 100 fee.\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":587327,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/05\/25\/egypt-to-relax-freezone-regulations-to-boost-investment\/","url_meta":{"origin":587795,"position":3},"title":"Egypt to relax freezone regulations to boost investment","author":"enterpriseam admin","date":"25 May 2023","format":false,"excerpt":"The cabinet has extended the exemption of airport fees for foreign airlines","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/5\/1376.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550309,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/23\/cabinet-to-introduce-investment-incentives-for-fx-backed-industrial-projects\/","url_meta":{"origin":587795,"position":4},"title":"Cabinet to introduce investment incentives for FX-backed industrial projects","author":"enterpriseam admin","date":"23 October 2022","format":false,"excerpt":"Tax breaks for FX: Companies that use hard currency to fund at least half of the investment cost of industrial projects in Egypt could be handed generous tax breaks under plans greenlit by ministers last week, cabinet said in a statement Thursday. Under proposed amendments to the 2017 Investment Act,\u2026","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/302.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":589167,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/22\/cabinet-approves-raft-of-measures-to-level-the-playing-field-boost-private-sector-investment\/","url_meta":{"origin":587795,"position":5},"title":"Cabinet approves raft of measures to level the playing field, boost private-sector investment","author":"enterpriseam admin","date":"22 June 2023","format":false,"excerpt":"A draft bill to eliminate special tax treatment for state entities","rel":"","context":"In &quot;Cabinet watch&quot;","block_context":{"text":"Cabinet watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/regulation\/cabinet-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/6\/1159.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587795","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=587795"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/587795\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/587780"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/587796"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=587795"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=587795"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=587795"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=587795"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=587795"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}