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General Authority for Investment and Free Zones (GAFI) Presentation CRF 2009
 

General Authority for Investment and Free Zones (GAFI) Presentation CRF 2009

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Presentation by General Authority for Investment and Free Zones (GAFI)

Presentation by General Authority for Investment and Free Zones (GAFI)

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    General Authority for Investment and Free Zones (GAFI) Presentation CRF 2009 General Authority for Investment and Free Zones (GAFI) Presentation CRF 2009 Presentation Transcript

    • Egypt… Improving Investment Climate Neveen EL Shafei Vice Chairman General Authority For Investment and Free Zones Business Registration Reform in Africa Practitioners Workshop Cape Town , March 30 th 2009
    • Doing Business Report 2009 : Top Reformers For the 2nd consecutive year, Egypt is among the top 10 reformers in the Doing Business Report, issued by the World Bank.
    • Doing Business Report 2009 : MENA Region- Aggregate Ranking Despite of moving a head.. Egypt’s rank remains below average for MENA
      • COMESA Countries Ranking in Doing Business 2009
      : COMESA Region- Aggregate Ranking Doing Business Report 2009
    • South Africa-Rankings on the ease of doing business Source: Doing business report, worldbank. South Africa ranks second among southern Africa region in terms of ease of doing business
    • FDI Statistics: Inward FDI stock in African economies 1980-2006 UNCTAD, World Investment Directory 2008 Million Dollars
    • World Investment Report 2008
      • Egypt ranks The First among North African countries and the Second among Africa in terms of FDI Inflows
    • Doing Business Report 2009- Ease of DB in Egypt Rank 114 of 181
    • Doing Business Report 2009 - Starting a business
      • Reduction of LLC minimum capital to EGP 200 (Jan 31 st , 2008)
      • Registering business at OSS has become easier after automation
          • Automation of Commercial registry office at OSS-Cairo (Zero time for checking the company name)
          • Automation of Tax card issuance process (1 day to get the card)
      • Reduction of time to open the insurance file to 1 day.
      • Reduction of the minimum capital requirement –(Drop in % GNI per capita from 12.9% to 2%)
      Recent Reforms to Starting a business in Egypt
    • Doing Business Report 2009 - Starting a business Starting a business indicator - recent progress 2 12.9 694.7 Pain in min. capital (% GNI per capita) 18.3 28.6 68.8 Cost (% GNI per capita) 7 9 19 Duration 6 7 10 Procedures (number) 41 55 126 Rank DB09 DB08 DB07 Starting a business
    • Starting a Business in Egypt 2008 New business registration in Egypt + 113% Doing Business Report 2009 - Starting a business 2 days Register employees with the National Authority of Social Insurance 6 1-2 days Register for taxes 5 1 day Obtain the notification of incorporation 4 1 day Notarize company’s contract 3 1 day Submit documents to the Department of Companies and obtain invoice 2 1 day Obtain a certificate from an authorized bank 1 Time to complete: procedure No
    • Doing Business Report 2009 - Starting a business 931 4656 7750 1513 6793 1918 19.99 19.52 28.23 Starting a business indicator - recent progress
    • Doing Business Report 2009 - Starting a business Procedures to start a business Time to start a business (days) Comparing Egypt to the best practice and MENA Region
    • Doing Business Report 2009 - Starting a business Cost to start a business (% of income per capita) Minimum capital to start a business (% of income per capita) Comparing Egypt to the best practice and MENA Region
    • Ease of Starting a Business - the Top 10 and Egypt Doing Business Report 2009 - Starting a business Source: IFC Benchmarking Report On Registration Procedures-GAFI OSS Cairo,2008-D. Walke
    • How Egypt compares with other countries Doing Business Report 2009 - Starting a business Source: IFC Benchmarking Report On Registration Procedures-GAFI OSS Cairo,2008-D. Walke
      • In March 2007 a visit to GAFI OSS made by COMESA Advisor and 12 RIA representatives.
      • The Sudanese IPA visited GAFI OSS in May 2007 and Feb. 2008
      • As Kenya seeks to establish OSS for SMEs, 4 visits were made to GAFI OSS by Trade Minister of Kenya (Feb. 2007), Investment Committee of Kenya (July, 2007), Investment Authority (April,2008) and 15 governmental representatives (May,2008)
      • Investment Promotion Agency of Libya was expected to visit Egyptian OSS in Oct. 2008 (Postponed)
      • Tunisian UN expert specialized in Investment treaties visited Cairo OSS in Oct. 2008.
      • A delegation from the republic of Mali, visited Cairo and Alexandria OSS, this visit organized upon request of IFC within the framework of the technical assistance provided to Mali Ministry of Trade and Industry.
      GAFI One Stop Shop-Shared Experience with African Institutions
    • Proposed Recommendations
      • Reduce fees A need for a substantial overall reduction in order to significantly impact the Doing Business rankings.
      • Abolish minimum capital The number of countries which do not require minimum capital has now risen to 79 such as Saudi Arabia and Yemen.
      • Abolish the requirement for notarising company contracts A need to consider the experience of Portugal, Estonia and Georgia. This would further improve the country’s Doing Business ratings with a reduction of one procedure and one day.
      • Move towards online systems T he whole registration process could be conducted online
      • Introduction of a standard classification system for business activities
    • Registration procedures Source: IFC Benchmarking Report On Registration Procedures-GAFI OSS Cairo,2008-D. Walke
    • Registration procedures Source: IFC Benchmarking Report On Registration Procedures-GAFI OSS Cairo,2008-D. Walke
    • Registration procedures Source: IFC Benchmarking Report On Registration Procedures-GAFI OSS Cairo,2008-D. Walke
    • Registration procedures Source: IFC Benchmarking Report On Registration Procedures-GAFI OSS Cairo,2008-D. Walke
      • Thank you
    • Doing Business Report 2009 - Starting a business There were no LLC’s Under EGP1000 This year witnessed a remarkable impact of reduction to EGP 200 Starting a business indicator - recent progress
    • Investment Climate: Starting a Business in COMESA Who regulates business start-up the least –and who the most? Procedures (Numbers) Time (days) Cost (% of income per capita) Paid-in minimum capital (% of income per capita) 12 Kenya 7 Ethiopia 13 Swaziland 6 Zambia 13 Djibouti 6 Egypt 13 Eritrea 5 Madagascar 18 Uganda 5 Mauritius Most Fewest 43 Burundi 16 Ethiopia 61 Swaziland 14 Rwanda 84 Eritrea 7 Madagascar 96 Zimbabwe 7 Egypt 155 Djibouti 6 Mauritius Most Fewest 188.6 Comoros 28.6 Zambia 200.2 Djibouti 18.3 Egypt 215 Burundi 11 Madagascar 432.7 Zimbabwe 8.3 Seychelles 435.4 D.R. Congo 5 Mauritius Most Fewest 280.8 Comoros 0 Malawi 289.8 Madagascar 0 Uganda 396.7 Eritrea 0 Seychelles 514 Djibouti 0 Kenya 693.6 Ethiopia 0 Mauritius Most Fewest
      • COMESA countries are changing their laws and procedures in order to facilitate the flow of investment
      Investment Climate: Reform Sectors in COMESA by Country (2009)
    • Investment Climate: Net Number of Reforms Improving a Set of Doing Business Indicators
    • Egypt (114)
      • Egypt continued its reform by keeping a position among the top 10 reformers for 3 consequent years by achieving great in the following :
          • starting a business: decreasing procedures (7 to 6), no .of days (9 to 7) and paid in min. capital (% of GNI per capita) from 12.9 to 2
          • registering property: decreasing no of days from 193 to 72 and cost (% of property value) from 1 to 0.9
          • Getting credit: by improving credit information, private and public registry coverage (% adults) because of establishing the first credit bureau which started its activity in Jan 2008.
          • Protecting investor: by improving disclosure and protecting minority shareholders
          • Laws have been issued to improve dealing with construction licenses and enforcing contracts.