This initiative comes within the framework of facilitating the compliance of microenterprise finance agencies and their project owners to comply with the requirements of Law No. (18) of 2019 regulating the "use of cashless payment methods."
The draft law included the exemption from documentation and a month fees for founding companies, establishments, credit facilities and mortgage contracts related to its business.
Integrating the informal economy into the formal system of the economy helps combat poverty, which contributes significantly to the acceleration of growth.
The vice president of the Federation of Industries said the integration of small, medium and micro enterprises is an urgent necessity to activate the Egyptian economy.
Minister of Investment and International Cooperation Sahar Nasr launched on Sunday the movable guarantees registry system, which facilitates funding to SMEs.
Turning the shadow economy into an official economy is one of Egypt's main challenges.
The law does not only aim to collect more taxes, but it targets developing SMEs as well, Minister of Industry Tarek Kabil says.