{"id":658585,"date":"2025-01-13T00:00:00","date_gmt":"2025-01-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/13\/gafi-mulls-changes-to-the-companies-act\/"},"modified":"2025-01-13T00:00:00","modified_gmt":"2025-01-13T00:00:00","slug":"gafi-mulls-changes-to-the-companies-act","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/13\/gafi-mulls-changes-to-the-companies-act\/","title":{"rendered":"GAFI mulls changes to the Companies Act"},"content":{"rendered":"

Good afternoon all you wonderful people, and happy Monday.<\/strong> Read on for all the latest below.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

Could<\/strong> a revamped Companies Act be on the table?<\/strong> The General Authority for Investment and Freezones (GAFI) plans to prepare a revamped companies law to replace the Companies Act, GAFI boss Hossam Heiba told Hapi Journal<\/a>. This comes as part of efforts to keep up with developments in the investment arena seen over the past few years and to provide a legislative framework that aligns with the increasing reliance on electronic documents. The authority is expected to put the draft legislation up for public consultation after Ramadan, he said.<\/p>\n

Unfamiliar with the Companies Act? <\/strong>The law<\/a> \u201coutlines the regulatory framework for the incorporation, management, and dissolution of companies in Egypt, including governance aspects like shareholder rights and board responsibilities.\u201d You can check out the full text of the law<\/a> on GAFI\u2019s official website. <\/p>\n

What can we expect from the new law?<\/strong> The new law will focus on the incorporation procedures for companies, post-incorporation services \u2014 such as documenting board meetings or general assemblies \u2014 and recognizing electronic procedures and documents, which are still not recognized under the current legislation, Heiba revealed. The new law will also select a single authority through which companies can register their establishment \u2014 a process that currently spans eight different entities.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

Strong US jobs report fuels strong USD amid dimming hope for rate cuts:<\/strong> News that the US added 256k jobs in December released Friday boosted the USD in the early hours of trading Monday, with the GBP falling to a 14-month low against the greenback to USD 1.213 and the EUR falling to near-parity with the USD for the first time in over two years. Global equities also fell, with observers noting that the strong jobs data coupled with persistent high inflation linked to high energy prices could presage a single or possibly no further rate cuts from the US Federal Reserve in 2025. (Financial Times<\/a> | Reuters<\/a>)<\/p>\n

Closer to home, <\/strong>Qatar has presented Israel and Hamas with what it says is the \u201cfinal draft\u201d<\/a> of a ceasefire agreement to end Israel\u2019s bloody war on Gaza. The agreement is currently being considered by both sides, with a Palestinian source close to the talks calling the news \u201cvery promising.\u201d<\/p>\n

AND OVER IN BUSINESS NEWS- <\/strong>Apple\u2019s GBP 1.5 bn lawsuit over App Store fees kicks off<\/a> today in the UK,<\/strong> the first of several class action lawsuits against tech\u2019s biggest firms set to take place in the country over the coming period. The case alleges that the tech giant charges \u201cexcessive and unfair\u201d commissions of up to 30% on App Store purchases, while also using its market dominance to force developers to distribute apps solely through its store.<\/p>\n

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