I'm interested to know which banks do you deal with/consider the best in Africa, looking forward to your feedback
That I will keep to myself.
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Banking and business opportunities in Egypt – an underrated, non-crs country.
- Thread starter MiddleEuroAsia
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That I will keep to myself.
I was wondering how would be the tax implications of a foreign-owned US single member LLC owning a Egyptian LLC?
If the parent LLC is dormant and never had activities, while the Egyptian LLC does have activities, does it trigger the requirement for filing the form 5472+proforma 1120?
Can you provide list of lawyer offering this type of service ? Or any other indication that help ? Thank's
I registered a limited liability company in Egypt in 1997: I bought land and built a workshop on it. I employed 50 workers.
It took 3 years to get connected to electricity: in the end we took the electricity company to court, and won. But in the meantime I had to buy a big generator or allow my newborn business to die.
We are still not connected to water 20 years later.
The local authority hit us with illegal re-zoning fees equivalent to 4 times the purchase cost of the land. We took them to court, and again, we won. But the court decision is simply ignored, and veiled threats are made to kick me out of the country unless we pay.
We have been in and out of the labour courts for over twenty years, and lost every single case.
We have been screwed over by our own lawyers more times than I can recount.
I have had over thirty AIDS/HIV tests, which are a condition for the issuance of a work permit.
Knowing what I now know, I would never have invested in Egypt as an independent investor, all those years ago.
And the worst of it all, whereas I want to close the business and retire, I am terrified of the costs involved, which appear to be without defined limit.
Finally: forget the legal definition of a limited liability company. It exists on the statute book, but in practise your personal liability is unlimited.
It took 3 years to get connected to electricity: in the end we took the electricity company to court, and won. But in the meantime I had to buy a big generator or allow my newborn business to die.
We are still not connected to water 20 years later.
The local authority hit us with illegal re-zoning fees equivalent to 4 times the purchase cost of the land. We took them to court, and again, we won. But the court decision is simply ignored, and veiled threats are made to kick me out of the country unless we pay.
We have been in and out of the labour courts for over twenty years, and lost every single case.
We have been screwed over by our own lawyers more times than I can recount.
I have had over thirty AIDS/HIV tests, which are a condition for the issuance of a work permit.
Knowing what I now know, I would never have invested in Egypt as an independent investor, all those years ago.
And the worst of it all, whereas I want to close the business and retire, I am terrified of the costs involved, which appear to be without defined limit.
Finally: forget the legal definition of a limited liability company. It exists on the statute book, but in practise your personal liability is unlimited.
Depends on your requirements and what it is you are looking for. Also where are you located, country and business will be of importancy.
For an individual account you first need a residency permit. Without that you can not legally open and maintain a bank account in Egypt.
Once you've secured that permit, doors are wide open: If you are more of an international client (meaning you want to transact cross-border with functioning online banking) try AAIB Arab African International Bank, QNB Al Ahli, ABC Arab Banking Corporation or Ahli United.
Otherwise stay with Banque Misr or National Bank of Egypt since they pay the highest interest and are government owned.
There are a few Emirates bank there as well like Adib, Enbd and Mashreq, for those who might dabble in UAE as well.
Typical ignorant Westener: He just arrives in a foreign country with tons of suspicious equipment (electronics, cameras etc. are always suspicious in the developing world) and thinks they will let him pass. A true idiot!
It was even quite generous of Egyptian customs authorities that that they did not seize his equipment and fine him right away. It is not allowed to import that stuff without pre-registration, let alone the fact that he has no permit from the Ministry of Information .
Your claimed BIG scandal is an event that happened in year 2017. Look into the details and you will understand that something like this can happen everywhere.
As a matter of fact, the crime rate in Egypt is extremely low. Specifically when compared to the gorgeous "free-speech" nations of the West.
Didn't heard of young woman being so desperate because of officals and their abuse to jump out of hospital windows to get relief.
But the worst thing every offical in egypt be it in hospital,police or criminal agent were notorious liars and acted like she had no rights at all.
Could this really happen in tier 1 countries ?
I doubt.
Read:
- Question - Egypt - taxation of foreign sourced income
- Which of these non EU countries are good long term?
However, like with Georgia, if you transfer to an account which is not in your name you will have to present a bill or other reasonable documentation.
I do not transfer to EU-banks, so no experience with that.
Transferring from Egypt to other Middle Eastern countries, Hong Kong, Philippines and Singapore is a smooth process without any problems on both ends, considering transferred amounts do not exceed reasonable limits.
In tier 1-countries people got shot by police during routine traffic controls; something which does not happen in Egypt.
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Fantastic thread, including trolling, but not much suspense. Two thumbs up for the rollercoaster. Thank you to those with constructive posts.
I find it to be difficulty to bank in Egypt. Sooner or later one will face huge problems if they transfer money to the EU or US, sanctioning, scrubbing and stuff like that will hammer you in the head quickly.
This already happened in the past: Arab Spring, just to name one incident.
You should not use Egyptian banks to do SWIFT transfers of significant size to Western countries. However, you can transfer to other Arab and Asian countries without any problems. Worked even during Arab Spring.
Note: Egyptian banks are only open to citizens and residents of Egypt.
Not all "western countries" will give you headaches and it MASSIVLY depends on the bank you use to intiate the transfers.
True, specially money to UAE via UAE bank branches in Egypt, and almost all of them have presence here, FAB, ADIB, ENBD, ADCB, mashreq, all of them have local branches in egypt.
Not true. Some will work with non residents if they meet certain conditions. HSBC is one of them.
You just need to be smart, and be aware of what you're getting into, have proof of any "business" that you do with any egyptian entity and you will be more than fine. Unless you are a very high profile person that's on the interpol list or something like that, nothing will happen. this is from experience.
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