The “golden license” that President Abdel Fattah El-Sisi ordered today to be granted to all applicants for a period of three months, allows for an approval to establish, manage and manage the project, including building permits, and allocate the properties necessary for it. This approval applies to one or more of the incentives provided for by this law on the project, and such approval will be effective in itself without the need for another act..
According to the Investment Law, and according to the official website of the General Investment Authority, a gold license can be granted to companies established to establish strategic or national projects that contribute to the achievement of sustainable development in accordance with the economic development plan of the state..
It is also granted to companies that carry out partnership projects between the private sector and the State or the public sector or the sector of public enterprises in the activities of (public services and infrastructures – new and renewable energies – roads and transport – ports – communications and information technology)..
The resolution of the Council of Ministers no. (56) of 2022 was issued regarding the determination of the conditions for considering the investment project as strategic or national in application of Article (20) of the Investment Law, i.e. that it meets one or more criteria such as helping to increase exports exporting part (50%) of its products abroad annually, within a maximum period of three years from the date of commencement of the activity, and that the project depends for its financing on currencies transferred from abroad through an Egyptian bank and aims to reduce imports, localize the industry and deepen the local component in its products, so that the percentage of the local component of raw materials and production needs in its products is not less than (50%), provided that this percentage it is calculated by subtracting the value of the imported components from the cost of the product.
According to the Investment Authority, one of the controls and conditions of the gold license is that it takes the form of a public company or a limited liability company.The issued capital of the public limited companies and the capital of the limited liability company , must not be less than (20%) of the investment costs of the project, apart from the obligation to provide proof Financial solvency for the implementation of the project.
