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01 Aug 2021

PM Visits ISC In Ismailia

Madbouly praises the distribution of ISCs in the governorates, as it facilitates procedures for investors, and the level of services provided to achieve public satisfaction. Abdel-Wahab: The number of companies incorporated at the ISC is 5,685. The ISC provides services relevant to Commercial Register; Real Estate Registration and Notarization Department; Real Estate Taxation Authority, and Industrial Development Agency. Prime Minister passes by the land allocated for the implementation of the project of development of capitals of governorates in the city of Ismailia. He affirms that the project contributes to achieving a qualitative leap in line with the projects implemented in the presidential initiative "Decent Life" for development of Egyptian Countryside. Prime Minister, Dr. Mostafa Madbouly, and his entourage visited the Investor Service Center (ISC) in Ismailia at which he inspected a number of departments and was introduced to the services it provides. He also met with a number of investors and conducted dialogues with them to be acquainted with the level of service provided thereto and their remarks, as they all confirmed that the ISC provides them with an outstanding service. Prime Minister praised the keenness of GAFI to achieve the expansion of ISCs in various governorates, and the level of services provided that gains the satisfaction of those dealing with the departments of ISC. He pointed out that such step contributes to facilitating procedures for investors and supporting efforts to push the gear of investment in all regions, allowing benefit from the comparative advantages of each governorate in this regard. Madbouly listened to an explanation from Counselor Mohamed Abdel Wahab, GAFI CEO, who said that the total number of companies incorporate at Ismailia ISC is 5,685 companies, that it is built on a surface area of 1,000 m2 , and that it is dedicated to providing the best service to investors. GAFI CEO stated that the ISC provides many services that include issuing incorporation and amendment decrees for companies and establishments governed by the provisions of Law No. 8 of 1997 that wish to operate within the Internal Investment Framework. ISC also issues certificates of incorporation of companies, governed by the provisions of Law No. 159 of 1981, and ratifies the minutes of meetings of boards of directors and ordinary and extraordinary general meetings of such companies. GAFI CEO added that Ismailia ISC also gives recommendations approving the applications of establishments to amend their data; forms committees that determine the date at which companies and establishments start their operations, production; forms committees that inspect the executive progress of companies and establishments; forms committees that inspect the companies and establishments falling within its jurisdiction in order to determine their executive progress; conducts field visits and prepare reports in their regard based on GAFI CEO decisions; approve import invoices; and issues recommendations regarding foreigners' work permits, recruitment and temporary residence. In order to meet investors' needs, Ismailia ISC includes offices affiliated to other agencies, namely Commercial Register; Real Estate Registration and Notarization Department; the Egyptian Tax Authority; the Value Added Tax Authority; Real Estate Taxation Authority; Industrial Development Agency; Bar Association; Chamber of Commerce; offices issuing work permits to foreigners, Egypt Post; and the Canal Company for Electricity Distribution, GAFI CEO stated. During his tour in Governorates' Capital Development project site in Ismailia, Prime Minister has confirmed that this national project would include the construction of 500,000 housing units in various governorates under H.E Abdel Fattah el-Sisi's initiative “Housing for All Egyptians.” Prime Minister also added that the project would contribute to achieving a qualitative leap in parallel with the projects being implemented within the framework of the presidential initiative "Decent Life" aimed towards developing the Egyptian countryside. Major General Sherif Fahmy Bishara, Governor of Ismailia, elaborates that the land allocated for this project in Ismailia has a surface area of 80 Feddans. The project will be divided into low-income and medium-income housing units, and a commercial area. The project is located on Cairo-Ismailia Desert Road at the entrance of Ismailia City. The project site was received, and the project is expected to be completed within a year and a half.​