Investment issued a decision on the controls of the work of agents of the founders of companies in the Commission

Economy and stock exchange

Mohsen Adel, Chief Executive Officer of GAFI issued a resolution on the controls of the work of agents of the founders of companies subject to the law of joint stock companies, shareholding companies, limited liability companies, single-person companies issued by Law No. 159 of 1981 and the Investment Law promulgated by Law No. 72 of 2017 and their executive regulations in General Authority for Investment and Free Zones.

The resolution ensures that without prejudice to the right of the investor to terminate the procedures of establishing his company, regardless of its legal form in person, or through one of the parties associated with it, the agents representing the founders of the companies must complete the procedures of submitting documents for all stages of incorporation and other transactions before the Commission, Through the Authority's premises or through the Authority's electronic portal, to register with the General Authority for Investment and Free Zones.

A list of the founders' agents registered with the Authority shall be published on the website and updated periodically.

The resolution specified a number of terms of reference for the founder's agent, including dealing with the General Authority for Investment in all matters relating to the incorporation procedures and other transactions before the Authority, and to provide all documents, data, certificates and others that are required to receive the service, and submit applications for incorporation electronically through the electronic portal of the Authority and electronic signature on Contracts for establishing companies and other related documents.

In its article 5, the decision also stipulates that the Commission shall form a committee called the "Follow-up of Founding Agents" to carry out the study, examination and decision of applications for registration, renewal of registration, suspension of registration and cancellation of agents of corporate founders..

The Committee shall issue its recommendations by majority within fifteen days from the date of completion of the documents. Such recommendations shall be adopted by the Executive Chairman of the Authority and a decision shall be issued to approve the registration, renewal, suspension or cancellation of the applicant within one week from the date of adoption of the recommendations of the Committee.

In case of rejection of the application, it must be reasoned. The student has the right to appeal against the decision of the Commission before the Grievances Committee stipulated in Article No. 83 of the Investment Law promulgated by Law No. 72 of 2017 within fifteen days from the date of notification thereof..

The decision also prohibits the founder agent and his subordinates from registering incomplete data or false data in the application for registration or renewal, carrying out any acts or actions not required by the task assigned to, publishing incorrect or incomplete data or information, Shall not be subject to suspension or cancellation by the decision of the Executive Chairman of the Commission and upon the recommendation of the competent committees.

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