{"id":649331,"date":"2017-04-30T04:04:32","date_gmt":"2017-04-30T04:04:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/mps-pass-industrial-permits-act\/"},"modified":"2017-04-30T04:04:32","modified_gmt":"2017-04-30T04:04:32","slug":"mps-pass-industrial-permits-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2017\/04\/30\/mps-pass-industrial-permits-act\/","title":{"rendered":"MPs pass Industrial Permits Act"},"content":{"rendered":"

<\/a> One key piece of economic legislation that MPs were fit to pass on Thursday was <\/strong>the Industrial Permits Act<\/strong>, which aims to reduce the time it takes to license a new factory. The act, whose key points are reviewed in Al Borsa<\/a>, mandates that the Industrial Development Authority respond to a request for a license within 30 days of the request being filed. Industries will be offered licensing on two tracks: The first is for any heavy industry that carries significant environmental, health, safety, or security risks. These manufacturers have to apply for a license and receive prior approval from the IDA and pay fees of up to EGP 20,000. The second path targets smaller, lower-risk manufacturers, who can simply inform the IDA of their intention to open a factory. These will receive temporary licenses for up to 90 days, after which they must meet the IDA\u2019s standards to receive a full permit. A 180-day extension on that grace period will be granted if these standards are not met. Licensing fees will be much cheaper at EGP 5,000. SMEs will be granted a 50% discount on these fees. Penalties have also been tightened, where violators could see up to a year in jail and fines of up to EGP 10 mn depending on the licensing path. The legislation is now with Maglis El Dawla for a final review and will have to be signed by President Abdel Fattah El Sisi and published in the Official Gazette before becoming law.<\/p>\n","protected":false},"excerpt":{"rendered":"

One key piece of economic legislation that MPs were fit to pass on Thursday was the Industrial Permits Act, which aims to reduce the time it takes to license a new factory. The act, whose key points are reviewed in Al Borsa, mandates that the Industrial Development Authority respond to a request for a license […]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-649331","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"58482c1e-d40d-42ab-b8b7-d1324908e6e3","order":"0","is_powered_by":true,"section_story_id":"585fd938-4f9c-40ca-aaa8-2f49f44c6eef","story_type":"1","photo_url":"","photo_position":"above","related_issue":[649320],"teaser":"","voice_url":""},"yoast_head":"\nMPs pass Industrial Permits Act - 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\/2017\/04\/30\/mps-pass-industrial-permits-act\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MPs pass Industrial Permits Act\" \/>\n<meta property=\"og:description\" content=\"One key piece of economic legislation that MPs were fit to pass on Thursday was the Industrial Permits Act, which aims to reduce the time it takes to license a new factory. 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