Move permits company founding by online notification,
wider tax exemptions, more tech free zones
Cairo – Egypt’s President Abdel Fattah El Sisi has called for further action to encourage startups and entrepreneurships in the field of communications and information technology, especially through permitting the launch of such companies by online notification.
Directives to this effect were given by President Sisi during a meeting he called with Prime Minister Moustafa Madbouli and Minister of Communications and Information Technology Amr Talaat on Sunday, Presidency Spokesman Ambassador Bassam Radi said.
The meeting, he added, was devoted to following up on national projects launched in the communications and information technology sector to attract investments.
Permitting company founding by online notification comes within the framework of the state’s orientation to remove all obstacles that CIT startups and entrepreneurs may face, President Sisi said in remarks during the meeting.
The relevant presidential directive applies also to the opening of virtual CIT companies without demanding the prior existence of physical premises for such entities in order to cut costs and facilitate the process of launching companies, spokesman Radi said.
President Sisi’s directives during the meeting also implied easing up the terms and conditions for establishing single person-run companies.
The presidential directives also contained expanding the establishment of free technological investment zones, widening tax exemptions for startups and activating the white lists for importing electronic components for specialized companies, spokesman Radi said.
Following a review of CIT Ministry’s projects regarding human resources and human building, President Sisi called for expanding the granting of the scholarships to top graduates of specialised universities under the Digital Egypt Initiative.
In this connection, President Sisi gave directives for the immediate start of the Young Digital Egypt initiative which aims to train excellent school students in communications and IT sciences, the Presidency spokesman said.
In a presentation he made during the meeting, CIT Minisetr Talaat reviewed the progress of action to set up the Knowledge City in the New Administrative City (NAC), including the Electronics Design Center which will host the companies specialised in this field.
The president was then briefed on the activities of the Egypt’s Digital Creativity centres in their first stage, and directed the CIT Ministry to complete the remaining phases nationwide, spokesman Radi said.
Minister Talaat also reviewed the executive position of some projects under way to boost digital transformation and consolidate the informatics infrastructure, including a project to introduce national numbers for properties and another for for promoting state property governance, the Presidency spokesman said.
Government efforts to finalise the move to the NAC were then reviewed, with Minister Talaat noting that the government had completed the digitisation of as many as 150 million documents that constitute all paper files of Cabinet ministries and agencies, the Presidency spokesman said.
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