Egypt has officially launched a startup new unit. The Entrepreneurship and Startup Companies Unit, inaugurated by Hossam Haiba, CEO of the General Authority for Investment and Free Zones (GAFI), aims to streamline the process of starting and running a startup in the country.

What the Unit Offers Startups

• Centralized Information Platform: The unit has launched an online platform that provides all the information startups need, including available services from government agencies, details on financing agencies (incubators, accelerators, and investment funds), and the latest updates on the startup environment in Egypt.
• Policy Advocacy: The unit has formed an advisory council composed entirely of private sector representatives and entrepreneurs. This council will work with the unit to propose policies, laws, and regulations that support the growth of startups in Egypt.
• Simplified Procedures: The unit is working on developing a clear definition of startups and entrepreneurship projects. This will make it easier for startups to qualify for the incentives outlined in the Micro, Small and Medium Enterprises Development Law of 2020.
• Reduced Bureaucracy: The unit aims to streamline the business establishment process and reduce the exit time for startups (the time it takes to liquidate a company) to less than 90 days.
• Dedicated Support: The unit’s headquarters will include dedicated offices to handle electronic startup establishment procedures, answer entrepreneur inquiries, and receive proposals, complaints, and challenges from startup representatives.
• Nationwide Reach: The unit plans to establish branches in governorates across Egypt to ensure better communication with entrepreneurs throughout the country.

Government Backing for Startups

In June last year, Egypt’s Prime Minister, Mostafa Madbouly, approved the establishment of the unit. The unit’s primary objective is to propose policies, laws, and regulations that are conducive to the development of startups in the country. The government authorized the executive director of the General Authority for Investment and Free Zones (GAFI) to lead the unit. The executive director will also chair its meetings. To fulfill its mandate effectively, the unit will have the authority to recruit experts to provide valuable assistance in their assigned tasks.

The establishment of the Entrepreneurship and Start-up Companies Unit demonstrates the Egyptian government’s commitment to fostering a thriving startup ecosystem.

The General Authority for Investment and Free Zones (GAFI) is the government agency responsible for overseeing and facilitating investment in Egypt. It acts as a one-stop shop for investors, offering a streamlined process for establishing and operating businesses in the country. GAFI also promotes Egypt as an attractive investment destination through its research, market intelligence, and investment promotion efforts.