Egypt Law : Investment Zones, Investment Regime in the Investment Zones
Investment zones for the various investment fields of investment shall be established under a decree issued by the Prime Minister based on a proposal by the competent Minister of Investment Affairs and the concerned minister and based on the recommendation of the Authority's Board of Directors in light of the application submitted by an applicant wishing to establish the investment zone.
The decision shall include the data on the location, coordinates and area of the zone, the nature of activity(ies) to be practiced therein, the time schedule for the establishment and operation, and any further conditions related to practicing such activities inside the zone. More activities may be added to the activity(ies) permitted to practiced inside the zone by a decree issued by the Prime Minister based on a proposal by the Competent Minister.
Every investment zone shall have a developer who shall perform the works of establishment, management, development and promotion in accordance with the time schedules determined in the decision of incorporation, otherwise the decision shall be deemed null and void.
It may, under a decree issued by the Prime Minister, or whoever he may authorise, and based on the approval of the Authority's Board of Directors, extend the time schedule for establishing and operation of the zone in light of the justifications submitted by the Developer. The applications for establishing the investment zones shall be submitted to the concerned Minister or the entity desiring to establish the investment zone, enclosing with the following: 1) A description of the site upon which the investment zone proposed to be established, that include its area, location, coordinates, new cadastral map and the legal nature of land ownership.
2) A statement of the existing utilities and elements of the infrastructure and those required to be inserted, and a statement of the quantity of water and power required for the zone in the different phases of activities.
3) The strategy of zone development and marketing, including a general description of the type of the projects proposed to be attracted and prompted in the zone, their estimated number and the capitals necessary for the same and the number of workers anticipated to be hired in the different phases of activities.
4) The general plan proposed for the zone, that includes the services to be provided to the Investors.
5) The information of the company entrusted with establishing, development, management and promotion of the zone, including the previous experience, a statement of its shareholders, allotment of capital and the basic information of the other entities applying for the licenses.
6) The time schedule proposed for establishing and utilizing the zone.
7) An acknowledgment about observing all environmental and health criteria and civil defence, safety and health conditions applicable in the Arab Republic of Egypt, and observing the decision conditions related to the establishing of the zone.
8) The form of contract to be concluded with the Investors in the zone, that includes the Investor's commitment with the criteria and conditions mentioned in the previous paragraph, and the decisions, rules and Regulations set by the Authority's Board of Directors for regulating and managing the investment zones, and the terms of lands recovery when not being utilized during a certain period.
