Egypt - Get approval for Opening Foreign Exchange Offices

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Procedure

Apply In-Person:

1. To Get approval for Opening Foreign Exchange Offices in person, the applicant must navigate to the Contact link
2. Visit the Authority to obtain the application form.
3. Complete the application form correctly and then write a cover letter addressed to the Authority and indicate the activities of the company.
4. Then the applicant should obtain all the required supporting documents as mentioned in the “Required Documents” section below and attach the document and the cover letter to the completed application form in a single file.
5. Request for additional information for purposes of processing the application.
6. where it is satisfied that all the necessary requirements have been met, issue a letter of intent to the applicant.
7. Pay the license fee of EGP5,000 to the Central Bank of Egypt by bankers' cheque.
8. transfer the non-interest-bearing deposit of US$30,000 to the central Bank of Egypt offshore account.
9. Invite the Central Bank of Egypt to inspect the bureaus premises prior to commencement of business.
10. Upon fulfillment of the above requirements or otherwise the Central Bank shall: issue a license to the applicant; or inform the applicant in writing that the application has been declined and advise the unsuccessful applicant that an appeal to the Central Bank for review of the decision to decline may be lodged within 30 days from the date thereof.
11. On receiving the license from the Central bank of Egypt, the applicant must obtain the certificate of commencement of Business from the registrar of companies, and submit a copy to the Central bank of Egypt.
12. The application is processed within 60 days.

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Required Documents

• Memorandum and article of association.
• Certificate of incorporation.
• Proof of investment.
• Documentary proof of capital to be invested.
• Registration certificate of the company OR certificate of incorporation.
• Copies of personal and company PIN (Personal Identification Number) if business is running.
• For renewals; audited accounts for previous 2 years and a certificate of tax compliance
• Cover letter.

Office Locations & Contacts

Central Bank of Egypt
Map. Address: 54 El Gomhoureya St. 11511,
Cairo Governorate, Egypt.
E-mail: [email protected];
Contact number of Central Bank of Egypt: 02 27702770.
Telephone: 16777.
Contact link

Eligibility

• • All Individuals or companies registered for Business in Egypt with the Commercial Registrar of Companies.

Fees

• A non-refundable application fee of EGP2,000 (bankers' cheque payable to the Central Bank of Egypt)
• A license fee of EGP50,000 payable to the Central Bank of Giza by banker's cheque.

Validity

• Valid for 5 years.

Documents to Use

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Sample Documents

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Processing Time

• The application is processed within 60 days.

Related Videos

Videos explaining the procedure or to fill the applications.
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websites.
Please remove the '&' inside the tags during implementation.
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e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• For issuance of a license, please submit the duly completed form, to the CBE
• For purposes of an application for a new license, an applicant is required first to seek approval name from the Central Bank of Egypt and thereafter will be advised on the documents to be submitted together with the duly completed form.
• Upon satisfying all the requirements and paying the applicable licensing fees the applicant will be issued with a license.
• All information provided shall be treated as confidential.

Required Information

• Full Name of Applicant
• Address of Applicant
• Location of Foreign Exchange Bureau
• License Number
• A tax clearance certificate.
• Evidence of provisional tax payment
• Full names, addresses and designations of the employees of the bureau.
• Proof of legal identification. Your national driver's license or an international passport is the best for this.
• Proof of legal address. House rent receipts, and utility bills stating your house address are acceptable.
• Bank statement. Not all Authorities require this except for further verification purposes or alternatives.
• Utility Bill Receipt. Some Authorities require this to further verify your legal identity and proof of social responsibility.

Need for the Document

• In terms of Section 10 (1) of the Foreign Exchange Management Act, 1999, the central Bank, on an application, may authorise any person to be known as an authorised person, to deal in foreign exchange as an authorised dealer, money changer or off-shore banking unit or in any other manner as it deems fit.
• A license is required by CBE to purchase foreign exchange from residents and non-residents visiting India and to sell foreign exchange for specifically approved purposes.

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Other uses of the Document/Certificate

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External Links

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