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New requirements to update company information in Egypt
Effective January 2023 and in accordance with the directive from the Central Bank of Egypt (“CBE”) to the Commercial Register Department of the General Authority for Investment (“GAFI”), all entities operating and registered in Egypt are required to revalidate any information that is incomplete or inaccurately maintained by the Commercial Register.
Companies and organizational units based in Egypt are obliged to check their data and give GAFI any information it might be lacking or required, including but not limited to:
- Tax Registration Number of the Entity;
- Any other details about the Entity that GAFI deems relevant.
Companies and organizational units should:
- Review information of the entity;
- Present to GAFI any information about the Entity that it might be missing or that GAFI requests.
The risk of non-compliance
Failing to comply with the requirements may lead to the following:
- The Entity will not be allowed to obtain an official extract from the Commercial Register;
- The Entity will not be able to operate or be compliant with GAFI requirements that require having an official extract from the Commercial Register;
- The Entity may not be able to make its annual corporate filings (including Board Meetings and Shareholder Meetings);
- The Entity’s Commercial Registration may be suspended.