After President Abdel Fattah El-Sisi directed to grant the golden license to advanced investors over the next three months, we clarify what is the golden license for projects? It is simply one license granted to new projects with the aim of accelerating the start of productive and investment activity and does not require approvals from a number of authorities such as the traditional license.
The term “golden license” refers to the cabinet meeting on December 23, 2021, which witnessed the approval of Dr. Mostafa Madbouly, the Prime Minister, on the draft resolution presented by the General Authority for Investment and Free Zones regarding determining the distribution of sub-sectors for investment activities in sectors (A) and (B), according to Pursuant to the provision of Article (11) of the Investment Law regarding investment incentives.
The Investment Law focused on the issue of simplifying procedures for investors to set up projects and obtain the necessary licenses. Matters related to simplifying procedures came in 29 articles of the law, all of which were under the heading of overcoming bureaucracy, the most important of which is working to establish an investment window in all branches of the General Investment Authority to deal with requests investors.
The government decided to form a special committee whose role would be to solve the problems of investors, facilitate the granting of licenses and deal immediately with all challenges facing the establishment of new investment companies and projects.
The license does not exempt the investor from specific requirements, but it summarizes everything in one approval, and it is necessary for investment projects eligible for the golden license to meet all regulatory requirements from various government agencies. But the main difference is that the investor goes through a much simpler process, which reduces time and effort, and eliminates the need to obtain separate approval from dozens of different parties. Even the procedures related to building permits are summarized in the golden license. In short, if you obtain the golden license, you have obtained all the necessary approvals to start your project.
Dr. Mostafa Madbouly, Prime Minister, said frankly that the government aims to increase the participation of the private sector to 65% of the total implemented investments, after it was 30% this year, and said, “We will switch to a system of usufruct for industrial lands, and pricing only for the value of utilities in relation to ownership.” “.