Egyptian Investment Ministry submitted the one-person companies draft law to Council of State to approve it as soon as possible, Minister Dalia Khorshid stated Saturday.
The law is set to enhance and support Small and Medium-sized Enterprises (SMEs) besides creating and upgrading investment climate in Egypt, the minister said.
On Wednesday August 3 , the Egyptian Cabinet approved the draft law that allows individuals to launch one-person companies with no need for more employees.
According to the draft law, a single person companies would enjoy the guarantees and incentives on investments.
Minister Khorshid added that the law comes among a number of legislations that the ministry draws up to enhance state’s investment climate and create more job opportunities to support SMEs.
On other side, Trade and industry minister Tarek Qabil that clarified that the draft law encourages various individual small enterprises working in the informal sector to switch to the formal sector, giving them benefits of being a legal enterprise.