Egypt’s GAFI Develops Automated Investor Data Verification for Online Company Formation
Egypt’s General Authority for Investment and Free Zones (GAFI) is working to introduce automated mechanisms for verifying investors’ data and documents as part of ongoing efforts to upgrade the country’s electronic company formation system.
The planned improvements also include creating a unified digital file for investors, developing electronic document delivery channels, and expanding the use of self-service machines to simplify procedures and improve access to investment services.
The developments were discussed during a meeting chaired by Mohamed Awad, CEO of GAFI, with representatives of relevant government entities. The meeting reviewed preparations to enhance electronic company incorporation services and strengthen inter-agency coordination, in line with directives from Mohamed Farid Saleh, Minister of Investment and Foreign Trade.
Daily Investor Visits Drop by 65%
The meeting reviewed the authority’s progress, in cooperation with entities involved in the company formation process, including the completion of accumulated incorporation requests.
The average number of investors visiting GAFI offices daily declined from 500 to 175, representing a 65% reduction. Paper consumption also fell by 60%, reflecting improvements in operational efficiency.
SMS Updates to Track Company Formation Requests
Participants discussed strengthening digital integration among government entities and enabling investors to track their company formation applications through text messages providing updates on different processing stages.
The discussions also covered introducing a unified operating system nationwide, electronically distributing incorporation requests, and linking the employee incentive system to completion rates and procedural accuracy.
Pilot Operation of the New Digital System
The meeting reviewed the latest developments in the pilot operation of the new electronic company formation system, as well as coordination mechanisms among the government entities involved in its operation.
Automated verification of investor data and documents remains one of the measures GAFI is working to introduce. The authority has not announced a specific launch date for this mechanism.
