Egypt's new Companies Law will require all government approvals for businesses to be completed electronically within 20 working days, matching the fast-track timeline of the state's Golden Licence, the head of the country's investment authority said Sunday. Hossam Heiba, CEO of the General Authority for Investment and Free Zones (GAFI), said the reform is part of a broader digital transformation of investment procedures aimed at making Egypt a more attractive destination for local and foreign investors. "The new system turns investment procedures into a simplified digital experience aligned with international best practices," Heiba said during an Egyptian entrepreneurship summit in El Gouna. He added that startups are set to benefit the most from the streamlined approvals, as they previously faced lengthy establishment processes and higher barriers compared with larger firms. GAFI is also training African countries to replicate Egypt's investor services model, he noted. He also highlighted Egypt's recent reforms in legislation, infrastructure, and the business climate to spur sustainable growth and expand private-sector participation. Heiba said GAFI's Permanent Unit for Entrepreneurship is building bridges between stakeholders to improve the startup ecosystem, while also drafting a strategy that sets numerical targets for new companies, growth rates, and priority sectors after studying global best practices from more than 20 countries. Attribution: Amwal Al Ghad English
