VCG with BasataPay

Vision Consulting Group , a member firm of Allinial Global is recognised by Basata for the work we have been delivering to support the company in launching their Payment Card hashtagacceptance service (BasataPay) across all Basata merchants.

This recognition comes along with another recognition to Mrs. Marwah Nassar for her efforts and experience in supporting this turning initiative that comes as part of the merger that is taking place between BEE and Masary Egypt to move from Bill Payment service providers into the hashtagAcquiring business.

We would like to thank all of Basata’s management and staff for their efforts, they have been giving us to reach this important milestone and looking for more success over the coming year.

“BasataPay is Live in the market”

Read More: https://www.linkedin.com/feed/update/urn:li:activity:7141028899903254528/?actorCompanyId=37005286

“Egypt launches The Golden License for Investors as part of the 22 decisions taken to encourage the FDIs and Private Investment in Egypt”.

“Egypt launches The Golden License for Investors as part of the 22 decisions taken to encourage the FDIs and Private Investment in Egypt”.

Egypt’s General Authority for Investments and Free Zone (GAFI) announced launching the first phase of the single-window approval “Golden License”, which will allow investors, whether through Foreign direct investments or Private investments, to acquire or lease land operate enterprises on it, without the need for additional government approvals. This step is one of 22 decisions that were taken by the newly restructured Supreme Council for Investment back in May 2023.

Following are the 4 simple steps to register and apply for the Golden License application:

First: Visit the portal at www.goldenlicense.gov.eg/guide.aspx.

Second: Register through your e-mail.

Third: Verify your account through an activation code sent via e-mail.

Fourth: Check the required documents and paperwork and submit an application.

The application will be studied by the Golden License Unit at GAFI, and the investor will be notified of its decision via e-mail, accepted applications will be sent to competent authorities to be implemented.

The Golden Licenses, also known as “single approval licenses,” were introduced as part of the 2017 investment law. Since the beginning of 2023, Egypt has taken serious steps towards promoting and attracting investment, including slashing the paperwork required for new companies to start operations. Those 22 decisions taken by the Supreme Council for Investment to complement the Golden License are:

  1. Regarding establishing companies, the council approved a draft resolution aiming to study the amendment of some articles of the Executive Regulations of Investment Law No. 72 of 2017. The amendments would make it easier for companies to be established and operate in Egypt.
  2. The council also approved a draft resolution aiming to amend the text of Article 34 of Investment Law No. 72 of 2017 to allow the licensing of natural gas-based industry projects as one of the production inputs in order to operate under the free zones system. Aimed to attract FDIs, the free zone system in Egypt is a special economic zone that is located within the country’s borders but is subject to different economic regulations including exemption from income tax, sales tax, import, and export duties.
  3. The council endorsed a 10-day approval process for all necessary requirements when establishing a company. The move aims to boost investor confidence and simplify the process of conducting business in the country.
  4. The General Authority for Investment and Free Zones (GAFI) will collaborate with the relevant authorities to create a single online platform for project establishment, operation, and settlement. The platform will make it easier for investors to obtain the necessary approvals and permits.
  5. The council also approved amendments to the Electronic Signature Law (Law No. 15 of 2004). The amendments will make it easier for businesses to use electronic signatures, which will further streamline the business process.
  6. The council tasked the Ministry of Justice to draft legislative amendments to overcome restrictions related to land ownership and facilitate foreigners’ ownership of the real estate. The government also approved expanding the beginningof the Golden License. Aimed also to attract FDIs as well as private investments, the Golden License grants investors approval to buy or rent lands and operate and manage projects, without the need to gain approval from multiple government bodies.
  7. The council also approved expanding the issuance of the Golden licenseto companies that are not establishing strategic or national projects as well as to companies established before the Investment Law of 2017.
  8. The council tasked the government to study the transfer of regulatory authority in certain utility sectors in order to ensure their independence from the government. This will help enhance the separation between ownership and management in a number of state sectors.
  9. The council also approved a resolution amending certain legal provisions which grant preferential treatment to state-owned entities and companies.
  10. The council approved a draft resolution to create a monitoring unit within the cabinet to oversee state-owned companies. The unit will collect data on these companies, make binding decisions on restructuring, and report to the president and the cabinet every three months.
  11. To address the difficulty in importing production supplies, the council has approved a resolution to amend Law No. 7 of 2017. The amendment allows foreign investors to be registered as importers – even if they do not hold Egyptian citizenship – for a period of 10 years. This is part of the government’s efforts to facilitate import procedures for foreign investors.
  12. The council approved a draft resolution preventing any entity from issuing regulatory decisions which add financial or procedural burdens to projects subject to the investment law. These decisions cannot be made without obtaining the approval of the GAFI board of directors, the cabinet, and the Supreme Council for Investments. The aim of this resolution is the reduction of additional burdens imposed on investors.
  13. To reduce financial and tax burdens on investors, the council approved a draft resolution which is regulated by clear mechanisms and conditions, to impose improvement fees according to related laws. The resolution establishes the basis for calculating each case. It also creates classifications for the required fee values based on the purpose of investment – whether it is in health, tourism, or hospitality – and it will be applied to all administrative authorities. This aims to address the issue of multiple entities imposing improvement fees on investors, which results in investors paying the same fees to several authorities over and over.
  14. The council approved a draft resolution instructing the Ministry of Finance to establish a set-off system between investors’ receivables and their tax or other obligations to government entities. The new system will allow investors to offset their receivables from the government against their tax or other obligations to the government. This system aims to expedite the repayment of value-added tax (VAT) within a specified timeframe of 45 days. The system is expected to be implemented within the next few months.
  15.    To create a stable tax legislative environment, the council approved a resolution to expedite the announcement of the state’s tax policy document for the next five years. This is to eliminate the instability of tax legislation, the multiplicity of agencies responsible for it, and the imposition of additional fees by various entities.
  16. Another draft resolution was passed to the Ministry of Justice to swiftly complete changes to the law on transferring profits to parent and subsidiary companies. This will help reduce taxes and avoid double taxation, therefore encouraging both domestic and foreign investment.
  17. The council approved a draft resolution assigning the Ministry of Justice to amend the Civil and Commercial Litigation Law No. 13 of 1968. The amendments will increase the jurisdiction of economic and partial courts, expand the scope of their objective jurisdiction to resolve commercial disputes and raise the non-appealable threshold (please rewrite to clarify ambiguous sentence). This is expected to enhance commercial dispute resolution mechanisms and expedite contract enforcement.
  18. The council approved another draft resolution assigning the ministry of justice to issue a binding regulatory decree with clear guidelines to determine a specific timeframe to compensate investors in cases of expropriation – not exceeding three months. Administrative authorities are obliged to intensify negotiations with investors for appropriate compensation. The decision aims to provide investors with a clear and transparent process to obtain compensation in cases of expropriation.
  19. The council approved a draft resolution to utilize the International Finance Corporation (IFC) in order to contract with a global consulting firm to develop a clear shared vision and strategy for investment in Egypt. The strategy will focus on improving Egypt’s ranking in the Ease of Doing Business Index and achieving the national target of raising investment rates to between 25 percent and 30 percent.
  20. The council directed a review to amend nine articles of the Special Economic Zones Law No. 83 of 2005, adding several new articles, to provide benefits and exemptions to the economic zone.
  21. The council assessed the establishment of a permanent unit within the cabinet, led by the CEO of the General Authority for Investment, tasked with developing policies, laws, and regulations to promote the growth and prosperity of startups in Egypt. This unit will also receive complaints from startups in coordination with the Investor Problem-Solving Unit and develop appropriate solutions in coordination with the relevant entities.
  22. The council also approved a set of incentives to support various sectors and projects. The package includes support for agriculture, industry, and green hydrogen production in the energy sector. It also supports the housing sector, real estate developers, investment projects in new cities, and the transportation sector by unifying pricing strategies and reducing export fees and customs.

For more information about the steps needed to apply for the Golden License or if you are interested to start your business in Egypt, please feel free to reach out to Vision Consulting Group (info@vcg-eg.com ).

Collaboration Between VCG Academy & Basata Company

Last few weeks ago we marked another successful achievement with one of Vision Consulting Group’s key clients; Basata Company, where we started a series of training courses that are dedicated to BasataPay team members on the occasion of launching the Card Payment Acceptance at their merchants and Agents, those courses are delivered by Mrs. Marwah Nassar as part of our VCG Academy programs.

Enabling Card payment acceptance at BasataPay merchants will add value to the current +100 services that are offered on those POS.

Vision Consulting Group would like to thank all the people from Basata Non Banking Financial Services who were behind not only this milestone, but also are working on merging smoothly BEE and Masary’s into the new Giant (Basata). Looking forward to additional successes.

VCG at Allinial Global, Istanbul Global Forum 2023

How #ai impact the Global Commerce was the theme for this year Allinial Global Forum 2023.

Vision Consulting Group Allinial Global exclusive member in #egypt, is delighted to participate in this year Global Forum that took place in #istanbul, where #winningtogether is always our objective.

Over the 3 days event, we covered multiple important topics that have direct impact on Driving Global Commerce through #AI .

Key people were present to give their insights on how AI, #dataanalytics and #cybersecurity are Reshaping the Business.

The Professor Terence Mauri Keynote about how AI, #automation and #sustainability are amongst the most influential factors that are reshaping the Business.

A full session on The importance of Data Analytics Transformation in #accounting , #Audit and #businessservices was very informative to show us how overlooking these new technologies can reduce #productivity, client delivery times and #professionalism.

Growing and Winning Together in #advisoryservices has become a critical component to our Business and the fastest-growing business line in our industry. Showing how the digitally driven approach helped businesses to build a robust advisory services practice.

As the AI revolution accelerates, there are high hopes and new risks to content with. In her keynote, Susannah Streeter, identified the “animal spirits” driving financial markets and the beasts we should beware of in the shifts in the economic and political landscape, while considering also the risks of AI and the effect of changing prices on consumer behavior.

Staff was another critical topic that was covered, while showing how upskilling your staff for AI and Data Analytics is a critical topic to consider in the current talent shortage. Organisations should seriously work on empowering their staff to be ready for this new technology and become a #cyber-ready person whether working for companies or banks.

Identifying Areas where a #business might benefit from Adopting #technology is an important step that organisations need to take towards success including what the process looks like in terms of changing management and how to effectively blend the right people, processes and technological solutions to get the right results aimed.

Thank you Allinial Global for all the efforts you have done to organise this exceptional event with the participation of all these Global members.

Vision Consulting Group participated in “Fill the GAP” – Egypt Business Solution Summit

“Fill the GAP” was the 2nd Egypt Business Solution Summit that took place in Cairo on the 6th of November.

The Summit was very informative with the presence and the participation of key people: H.E. Amb. Soha El-Gendi, Minister for Immigration and Egyptian Expatriates Affairs, H.E. Dr. Yasmine Fouad, Minister of Environment, Mr. Bassel Rahmy, CEO and Managing Director, MSMEDAEG, Mr. Rashwan Hammady, CIB Egypt, CEO Retail Banking & Financial Inclusion, Dr Dalia Abdel Kader, CIB Egypt, Chief Sustainability Officer and more.

To continue our support to the #SMEs and #MSMEs segment, Vision Consulting Group Allinial Global member, is honored to participate yearly in such an important event aiming to tackle the challenges facing the Business owners and how business solution partners can help in filling the GAP through a multiple discussion sessions:
1- Sustaining SMEs: Climate Finance for Growth,
2- The Radar: Retail Market Scale up,
3- Bridging the Gap to Financial Access,
4- Fintech is the future of empowering the business community in Egypt,
5- Smart Exit,

Being a certified service provider for MSMEDAEG customers, we invite you to visit our page on the portal to know more about our services. https://lnkd.in/dJZqjPEw

Thank you Egypt CSR Forum for arranging such an event.

Vision Consulting Group Has Successfully Completed a 4-day Training to EGBANK

E-Payment industry is an important field that #banks are giving more and more attention to, not only from a business level, but also at the #operational level.

Vision Consulting Grou, a member of Allinial Global, has successfully completed a 4-day training for the EGBANK Card operation team through our education and training arm (#VCGAcademy).
The training (How to Run an Effective Cards Operation?) was delivered over a period of 4 days to the Card Operation staff to be followed by a one-day onsite #advisory support to cover a full review of the bank’s Cards operation process.

The program was delivered personally by Marwah Nassar , who has made the training an effective program that benefited all the recipients.

We would like to thank the L&D, the operation team and everyone from the bank who really made this event a success and we look forward to additional success stories with the bank.

GET READY TO GO SEAMLESS 2023 WITH US

 We Are gladly join to the biggest Event ever in Fintech (( SEAMLESS NORTH AFRICA ))

Seamless brings together the entire financial ecosystem to discuss, debate and evaluate the future of money across two days of keynote presentations, panels, case studies, interviews, and demos. You’ll discover the trends, disruptors and innovations that are revolutionising the industry as we know it. Seamless is North Africa’s biggest, boldest and best event covering payments, fintech, and banking innovation.

We will be at the Egypt International Exhibition Center in New Cairo. We look forward to meeting you and fulfilling all your business needs.

For The Event’s Agenda, please visit: https://www.terrapinn.com/exhibition/seamless-north-africa/Agenda.stm

Allinial Global Management Team Visit


Our VCG team members were honored to welcome yesterday the Allinial Global management team of Mr. Ozgur Demirdoven, EVP Global Commerce, Mr. Ilkay Sarpdag, Regional Director, Europe, Middle East, and India, and Mr. Luca Traini, Regional Director, Africa as part of our successful partnership for the past 7 years.

We were delighted to gather on a Nile Cruise to witness the Sunset and the magnificent Nile view while enjoying a cheerful dinner.

#vision_consulting_group #consulting
#vcg #VCG_Family #consulting #accountingservices #legalfirm #banking #trainingprogram #auditingservices #taxconsultant #epayment #agproud #agstrong #agEMEIA
#africa #middleeast #egypt

“Social Security Laws and Regulations Changes for the year 2023”

For all Social Security Subscribers (employers and employees), please take care when you calculate your deductions for the Social Security for both employer and employee starting from January 2023 as this amount will differ due to the fact that the Authority has changed the deductions brackets. If you are facing any problems in calculating this month’s deductions, please reach out to VCG at info@vcg-eg.com and our expert team will help you.

 

Third of world in recession this year, IMF head warns

A third of the global economy will be in recession this year, the head of the International Monetary Fund (IMF) has warned.

Kristalina Georgieva said 2023 will be “tougher” than last year as the US, EU and China see their economies slow.

It comes as the war in Ukraine, rising prices, higher interest rates, and the spread of Covid in China weigh on the global economy.

In October the IMF cut its global economic growth outlook for 2023.

“We expect one-third of the world economy to be in recession,” Ms. Georgieva said on the CBS news program Face the Nation.

“Even countries that are not in recession, it would feel like a recession for hundreds of millions of people,” she added.

Katrina Ell, an economist at Moody’s Analytics in Sydney, gave the BBC her assessment of the world economy.

“While our baseline avoids a global recession over the next year, odds of one are uncomfortably high. Europe, however, will not escape recession and the US is teetering on the verge,” she said.

The IMF cut its outlook for global economic growth in 2023 in October, due to the war in Ukraine as well as higher interest rates as central banks around the world attempt to rein in rising prices.

Since then China has scrapped its zero-Covid policy and started to reopen its economy, even as coronavirus infections have spread rapidly in the country.

Ms. Georgieva warned that China, the world’s second-largest economy, would face a difficult start to 2023.

“For the next couple of months, it would be tough for China, and the impact on Chinese growth would be negative, the impact on the region will be negative, the impact on global growth will be negative,” she said.

The IMF is an international organization with 190 member countries. They work together to try to stabilize the global economy. One of its key roles is to act as an early economic warning system.

Read More: https://www.bbc.com/news/business-64142662