الهيئة العامة للرقابة المالية

• Partnership between FRA and Ministry of Supply to establish a commercial registry office at FRA headquarters, streamlining incorporation and status updates for non-banking financial companies

Dr. Mohamed Farid, FRA Chairman and Dr. Sherif Farouk, Minister of Supply and Internal Trade, witnessed the signing of a cooperation protocol between the Internal Trade Development Authority (ITDA) and FRA. The protocol aims to establish and equip a Premium Commercial Registry Office specifically for corporate services within FRA’s headquarters. This initiative is part of the Ministry’s efforts to modernize the Commercial Registry system and enhance service quality for business and investment community.

Mr. Mohamed Abdel-Hamid El-Sayyad, FRA Vice Chairman and Dr. Mohamed Awad, Chairman of ITDA signed the protocol.

Dr. Mohamed Abdel-Aziz, Assistant to Chairman; Mr. Hatem Nour, Deputy Assistant Chairman; and Eng. Sherif Yehia, Deputy Assistant Chairman attended the signing ceremony.

From the Ministry’s side, attendees included Major General Walid Abu El-Magd, Deputy Minister of Supply; Dr. Ahmed Kamal, Assistant Minister and Official Spokesperson; and Ms. Sarah El-Azazy, Head of the Minister Office Sector.

Representing the ITDA were Mr. Kamel Abdel-Razek, Head of the Central Dep. of the Commercial Registry; Mr. Ashraf Gado, Head of the Central Dep. of ITDA Information Center; and Mr. Ahmed Mostafa, Undersecretary of the Central Dep. of Commercial Registry.

Dr. Mohamed Farid, FRA Chairman emphasized the importance of this cooperation with the Ministry of Supply and Internal Trade, represented by ITDA. He noted that the protocol reflects both parties’ commitment to support the business environment and ensure that companies can access government services with speed and efficiency.

FRA Chairman explained that establishing a premium commercial registry office within FRA’s headquarters will facilitate the incorporation and status updates for companies operating in Non-Banking Financial Services (NBFS). This integration of services supports the State’s efforts to improve the investment climate and raise efficiency of institutional performance.

Dr. Farid stated that this partnership reflects FRA’s commitment to improve Egypt’s investment appeal by simplifying regulatory procedures and reducing the number of entities investors must engage with. By launching premium registry services on-site, FRA is effectively “bringing the service to the recipient,” cutting the time and effort needed for company formation and legal updates. This move is expected to create a more attractive and competitive environment.

He added that this collaboration aims to assist investors in the NBFS sector by providing a comprehensive bundle of services in a single location, reducing administrative burdens. He stressed that such steps bolster the stability and growth of non-banking financial markets, providing a more flexible and transparent regulatory environment which positively impacts investor confidence and economic development.

Minister of Supply and Internal Trade confirmed that the protocol is part of the Ministry’s plan to modernize commercial registry services and expand “Premium Service” offerings. This is intended to streamline procedures, reduce service turnaround time, and create a more efficient business environment, following state directives to support economic activity and accelerate digital transformation.

Dr. Sherif Farouk explained that establishing an integrated commercial registry office within FRA serves as a practical model for inter-institutional integration. Given FRA’s vital role in regulating non-banking financial activities and serving a broad segment of corporations, this synergy will yield positive results for the overall investment climate.

The Minister noted that the new office will operate under the “Premium Services” system, allowing companies and investors to complete various transactions – including registration, amendments, and cancellations – with higher speed and quality, effectively reducing the time and effort exerted by stakeholders.

In a related context, Dr. Mohamed Awad, Chairman of ITDA, emphasized that the protocol reflects the Authority’s commitment to upgrade the commercial registry system. By expanding the model of “Premium Offices” within vital institutions, ITDA aims to achieve seamless and rapid service delivery.

Awad explained that ITDA will provide qualified personnel, technical support, and the necessary operating systems to ensure the office functions with the required efficiency. This includes enhancing informational integration and data exchange between both parties while maintaining full data confidentiality and adhering to the highest standards of governance.

In conclusion, Dr. Sherif Farouk reaffirmed the Ministry’s continued dedication to implement development plans for government services and expand institutional partnerships to improve the business environment, support investment, and strengthen the business community’s trust in the Egyptian Commercial Registry system.