Incorporation and Licenses Requirements for Non-Banking FinTech Startups

Background. The Financial Regulatory Authority (“FRA”) Decree No. 268 of the Year 2023, sets out the incorporation requirements, needed license, and the minimum required capital (authorized and paid-up) for the non-banking financial services companies. In addition, the FRA Decree No. 58 of the Year 2022, also gives a descriptive insight...

A Comprehensive Introduction to Term Sheets

For a wide range of investors such as Angel investors, Seed Investors and Venture Capitalists, term sheets are the foundational blueprints that set the stage for collaborative ventures. This article will focus on the Venture Capitalist’s term sheet and aims to touch on and briefly explain the many provisions falling...

The Recent Amendment to Article (2) of Importer Registry Law

On the 29th of October 2023, an amendment has been introduced with respect to the requirements for the registration of companies with the importers’ registry. In light of the above, the Egyptian official gazette has published Law No. 173 of 2023 (“the New Importer Registry Law”) which has made an...

Prepaid Cards in Egypt

The Central Bank of Egypt (“CBE”) defined prepaid cards, in its Circular dated 8 May 2019 organising the Rules for Payment Services Using Prepaid Cards (the “Prepaid Cards Rules”), as electronic payment cards, where customers load funds in advance and can subsequently use them for transactions, including purchases, transfers, and...

Guide to Consumer Finance Regulatory Framework in Egypt

Consumer finance is a type of finance that allows consumers to purchase goods or services without having to pay the full amount upfront. Instead, the consumer agrees to pay for the purchase in instalments over a period of not less than 6 months. Such payments are typically provided through commercial...

Private Free Zones | Assessment of the Newly Introduced Amendments

Written by Ibrahim Shehata On the 4th of June 2023, several amendments have been introduced with respect to the requirements for establishing Private Free Zones under the Investment Law No. 72 for the year 2017 (Article (76) of the Executive Regulations). The Amendments: These amendments can be summarized as follows:...

Client Alert – IDA Temporary Operation License Launched (June 2023)

On 28th of May, 2023, the Ministry of Trade and Industry published decree No. 149 of 2023 regulating the issuance of a temporary operating license for industrial facilities (“Decision”). The Decision sets out the rules and the procedures to be implemented in the application of Law No. 19 of 2023...