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Recent Legislative Developments - Law No. 173 of 2023:
President Abdel Fattah El-Sisi has enacted Law No. 173 of 2023, representing a significant step in the Egyptian Government's commitment to fostering economic growth and attracting investment.
This new law introduces a range of incentives and exceptions for companies seeking registration in the importers' registry.
Notably, it extends an exception from registration requirements to joint-stock companies, stock-limited companies, limited liability companies, and companies with partnerships limited by shares.
This exception applies to companies where non-Egyptian ownership does not exceed 51%.
Such qualifying companies are now eligible for importers' registry registration for a period of up to 10 years, with the potential for a one-time extension of an additional 10 years.
This extension is subject to approval by the Council of Ministers, contingent upon the recommendation of the Minister for Foreign Trade Affairs."
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