Egyptian MP Mohamed El Garhy has submitted a bill proposing changes to the country’s small, medium and micro enterprise law, including raising the annual revenue ceiling for medium-sized businesses to EGP 400 million.
The bill, backed by more than one-tenth of the House of Representatives’ members, was referred to the Small and Medium Enterprises Committee for review, according to the announcement.
It would classify medium-sized businesses as those with annual revenues of EGP 100 million to EGP 400 million. Small businesses would have annual revenues of EGP 2 million to less than EGP 100 million, while micro businesses would remain below EGP 2 million. The relevant minister could adjust these limits by up to 50% under the proposed rules.
The proposal would also rename the law and the government agency overseeing the sector to explicitly include entrepreneurship. It introduces a framework for startups, defined as Egyptian companies no more than seven years old that rely on a scalable innovation involving a product, service or business model. The agency would issue startup classification certificates within 15 working days, or five days for applications submitted through approved support organisations.
Other provisions cover licensing for non-hazardous home-based, craft and heritage businesses, as well as a one-year window for informal businesses to apply for temporary licences and transition into the formal economy.
Source: Masrawy
