Deadline for Joint Stock Companies and Companies Limited by Shares to Register with the Central Depository System is January 16
News

    20-Nov-2018

  • Deadline for Joint Stock Companies and Companies Limited by Shares to Register with the Central Depository System is January 16
  • Source : Andersen Tax and Legal
CAIRO – Joint stock companies and companies limited by shares in Egypt are now required, at the time of incorporation, to register their shares with the central depository system, Misr for Central Clearing, Depository and Registry before January 16, 2019.

Companies that have already been set up before the issuing of law governing commercial companies, have a deadline for registration before January 16, 2019. If they fail to do so, they will not be able to utilize the services offered by General Authority for Investment (GAFI), such as notarizing Board of Director or General Assembly decisions, until they have complied with this requirement of the law. The company will also be unable to transfer shares or distribute dividends.

It’s worth mentioning that the law governing commercial companies in Egypt has been amended recently, in an effort to stimulate investment and economic growth, and to promote a paperless economy. In Q1 of 2018, the Parliament approved amendments to Law No. 159 of 1981 through Law No. 4 of 2018, published them in the Official Gazette, and these were finally implemented on January 16, 2018.
 
Source: Andersen Tax and Legal
 
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