Do We Need to Code the Shareholders of a Joint Stock Company Before Its Incorporation in Egypt?
If you are willing to open an investment in Egypt and you are finally settled on the joint stock company form for your new business in Egypt, you will need to code all the founders whose names will be added in the joint stock company;
• The coding process is done through a brokerage company or a bank that is licensed by Misr for Central Clearing, Depository and Registry (M.C.D.R) to provide central custodian services of the securities.
• This phase doesn’t require the physical presence of the founders, as it can be handled by having POAs from the founders to Al-Bedeawi & Partners Law Office to undertake this process on behalf of them.
What are the requirements to the coding process?
• A power of attorney “POA” from each founder to undertake the process on their behalf.
• Valid passport copy for each of the shareholders.
The coding process takes on average between 7 to 15 days based on the company or bank to be chosen.
Below we shall illustrate what this coding request looks like by giving you a standard form of such request as per the following:
The form of the official request to code the founders in a joint stock company in Egypt “JSC”:
Attention: The Egyptian Exchange
With regards to your recent disclosure requirements, we would like to issue new code for the below client in the Egyptian market:
– Domicile:
– Nationality:
– The name of the company delegates:
– Company’s capital:
– Company’s number of shares:
– Shares Type:Below is a list of the Company’s board of directors:- Names
Below is a list of all ultimate beneficial end investors (shareholders) in the COMPANY with 10% or more ownership:
Ultimate Beneficial End Investors (Shareholder) % Nationality
Name 0 –
We hereby undertake to immediately report in case of any change in the above information to EGX even before the end of the three years required to update the unified code.
There are no company stamp
Name
Director
/signature/
