Expanding into
Egypt
Global expansion is a step to make for any business, regardless of what you wish to achieve. The opportunities that can come with an expansion can be both incredibly exciting as well as intimidating and confusing, especially when you consider all the registration procedures that need to be done and the documentation required.
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Expanding into Egypt allows international companies to set foot into the Cradle of Civilisation. It is home to magnificent historical icons such as the Sphinx and the Pyramids of Giza, with the estuary of the world’s longest navigable river, the Nile, on its Mediterranean coastline.
It is geographically and politically strategically placed in North Africa giving easy access to markets in Europe, the Middle East, and the rest of Africa with Asia within reach through the Suez Canal and the Red Sea.
Egypt is a popular destination for foreign workers, especially teachers, IT specialists, media personnel and the oil and gas industry.
Each new markets bring new challenges, and these can be worked through more efficiently and cost-effectively with the support of a Professional Employer Organisation (PEO) such as Bradford Jacobs, especially through our Employer of Record (EOR) framework.
This can be best utilised when businesses are just beginning their expansion process and require more information before committing to incorporating an entity and fully establishing themselves in that market.
Hiring Staff
in Egypt
The Economy of Egypt used to be highly centralised, focused on import substitution under president Gamal Abdel Nasser (1954–1970). During the rule of president Abdel Fattah el-Sisi (2014–present), the economy follows Egypt’s 2030 Vision. The policy is aimed at diversifying Egypt’s economy.
The country’s economy is the second-largest in Africa after Nigeria regarding nominal GDP and 33rd in the worldwide ranking as of 2022. Since the 2000s, the pace of structural reforms (including fiscal and monetary policies, taxation, privatisation and new business legislation) helped Egypt move towards a more market-oriented economy and prompted increased foreign investment. The reforms and policies have strengthened macroeconomic annual growth results.
Egypt is a significant economic force in the region with a membership in the Greater Arab Free Trade Area, the African Free Trade Zone and the Common Market for Eastern and Southern Africa. Globally, Egypt has a free trade agreement with the European Union (EU) and is a member of the United Nations, the International Monetary Fund, the World Bank and the World Trade Organisation.
Egypt is a significant oil and gas producer, with large sectors in construction, architecture, engineering, health care, telecommunications, and tourism. Investment also goes into chemicals, pharmaceuticals and renewable energy. Egypt’s population of 100 million and a workforce of around 30 million includes a pool of well-educated, highly-trained and often multi-lingual professionals.
Egypt is a lower-middle-income country with an estimated population of 80 million that is growing at an annual rate of just over 2%. Recent reforms in Egypt resulted in spectacular progress at the macro level. The real GDP growth rate reached 7.2% in 2008, while annual GDP growth averaged 4.7% from 2000 to 2008.
This was reflected in very healthy economic indicators, such as high growth, a stable exchange rate, commendable accumulation of foreign reserves, a balance of payments surplus and an unprecedented spurt of both domestic and foreign investment.
However, the impressive growth rates witnessed over the past few years did not translate to lower poverty levels, improved income distribution or higher per capita expenditure.
This is explained by the fact that this growth was mainly the result of an increase in revenue from the Suez Canal, tourism, oil and worker remittances from the Gulf and was by no means coming from the development of the SME sector or the growth of innovative entrepreneurship.
Hiring Staff
in Egypt
The country’s economy is the second-largest in Africa after Nigeria regarding nominal GDP and 33rd in the worldwide ranking as of 2022. Since the 2000s, the pace of structural reforms (including fiscal and monetary policies, taxation, privatisation and new business legislation) helped Egypt move towards a more market-oriented economy and prompted increased foreign investment. The reforms and policies have strengthened macroeconomic annual growth results.
Egypt is a significant economic force in the region with a membership in the Greater Arab Free Trade Area, the African Free Trade Zone and the Common Market for Eastern and Southern Africa. Globally, Egypt has a free trade agreement with the European Union (EU) and is a member of the United Nations, the International Monetary Fund, the World Bank and the World Trade Organisation.
Egypt is a significant oil and gas producer, with large sectors in construction, architecture, engineering, health care, telecommunications, and tourism. Investment also goes into chemicals, pharmaceuticals and renewable energy. Egypt’s population of 100 million and a workforce of around 30 million includes a pool of well-educated, highly-trained and often multi-lingual professionals.
However, the impressive growth rates witnessed over the past few years did not translate to lower poverty levels, improved income distribution or higher per capita expenditure. This is explained by the fact that this growth was mainly the result of an increase in revenue from the Suez Canal, tourism, oil and worker remittances from the Gulf and was by no means coming from the development of the SME sector or the growth of innovative entrepreneurship.
The Main Sectors of the Egyptian Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
The Main Sectors of the Egyptian Economy
The country focuses on the following key sectors, which all have a significant impact on the country’s economy:
Commercial Laws in Egypt
Commercial Laws in Egypt
