On 12 April 2022, the Law No. 21 of 2022 entered into force. The Law introduced nationality requirements for real estate brokerage activities in Egypt. These activities may be carried out only by Egyptian nationals or by enterprises headquartered in Egypt and having their shareholders, directors, and members of their management board being of Egyptian nationality. Citizens having obtained Egyptian nationality within the last 10 years are considered ineligible for the purposes of this policy. These requirements may be alleviated exceptionally by the Ministry of Trade and Industry.
"Article (1):
In applying the provisions of this law, the following phrases and words shall have the meanings indicated next to each of them:
Commercial agent: Every natural or legal person who, without being bound to an employment contract or a service rental contract, submits bids or concludes purchases, sales, rentals, or provides services in the name and for the account of producers, merchants, or distributors, or in his name and for the account of one of them.
Commercial intermediary: Every natural or legal person whose activity, even for one transaction, is limited to searching for a contractor or negotiating with him to convince him to enter into a contract, as well as everyone who carries out any commercial agency work, even if it is unusual and for a single time, or who is associated with the producer, merchant, or Distributor with an employment contract.
Real estate broker: anyone who is registered in the register established for this purpose, and who carries out brokerage work or seeks to conclude contracts related to real estate, cleared lands, or space, whether purchasing, selling, leasing, or mediating in any of the above.
Negative lists: Lists of terrorist entities and terrorists regulated pursuant to Law No. 8 of 2015 regarding organizing lists of terrorist entities and terrorists, and names and entities included in the database of the Anti-Money Laundering Unit established pursuant to the Anti-Money Laundering Law promulgated by Law No. 80 of 2002.
Competent Ministry: The Ministry concerned with foreign trade affairs.
Article (2):
Without prejudice to the provisions of Law No. 34 of 1976 regarding the Commercial Register, it is prohibited to practice any business of commercial agency, commercial brokerage, or real estate brokerage, except for those whose name is registered in the register of commercial agents and brokers or real estate brokers, as the case may be, prepared for that purpose by the comptent Ministry.
Article (3):
Whoever registers or renews his registration in the register of commercial agents and brokers referred to in Article (2) of this law must meet the following conditions:
First: as for the natural persons:
A. To be of Egyptian nationality. Those who acquired the Egyptian nationality, at least ten years must have passed since they acquired their Egyptian nationality. [...]
Second: with regard of companies' registration
A. The main headquarter of the company shall be in Egypt.
B. Carrying out works of agency and mediation business is to be among of its activities according to its main system or establishing contract.
C. The capital has to be owned completely to Egyptian partners taking into consideration that a time laps of ten years has passed since the acquisition of Egyptian nationality. If the partner is a juridical person, he must be of Egyptian nationality and most of the capital owned by Egyptians or a time laps of ten years has passed since their acquisition of the Egyptian nationality.
D. All Partners in joint liability companies, all managers or members of shareholder company council should satisfy the stipulated conditions in the first paragraph.
E. The capital of individual companies shall not be less than 20000 L.E according to the company's latest balance sheet delivered by the company to the tax authority as per the previous financial fiscal year or by submitting a certificate proving that this sum has been deposited in any of the accredited banks on starting the company's activities. Public sector companies shall be exempted from the conditions of (c) and (D) in case the import process is connected to its activity and limited liability companies will be treated as individual companies on applying the provision of this law.
[...]
Article (3 bis):
Whoever registers or renews his registration in the register of real estate brokers referred to in Article (2) of this law is required to fulfill the following conditions:
First - with regard to the registration of natural persons:
(a) Fulfilling the conditions required by Clause First of Article (3) of this law.[...]
Second - with regard to the registration of legal persons:
(a) The company's head office must be in Egypt. As an exception to this, by decision of the competent minister, and in accordance with the controls he determines, companies with a headquarters in the Arab Republic of Egypt may be registered.
(b) One of the company's purposes is to carry out real estate brokerage work in accordance with its bylaws or articles of association.
(c) The company's paid-up capital on the date of submitting the application for registration in the register must not be less than twenty thousand pounds.
(d) That all joint partners, managers, members of the board of directors of joint-stock companies, or those in charge of actual management, as the case may be, meet the conditions stipulated in Clause First of this Article, and companies whose founders include foreigners are excluded from the nationality requirement by decision of the competent minister.
(e) Fulfilling any other conditions required to register certain categories of practitioners of the real estate brokerage profession, as determined by a decision of the competent minister.[...]" (Law No. 120 of 1982 Concerning the law of organizing commercial agency and Some commercial mediation businesses (26 July 1982), last amended by law Law No. 21 of 2022 [unofficial translation])"
Law No. 120 of 1982 Concerning the law of organizing commercial agency and Some commercial mediation businesses (26 July 1982), last amended by Law No. 21 of 2022 of April 11 [google translation]
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