10th of August, 2015
Law 86/2015 Regulating Security & Money Transfer Companies
Keywords: Financial Institutions, Banking & Finance, Commercial
The President issued Presidential Decree 86/2015 regulating companies working in security of institutions and money transfer “Security Companies”. These are the highlights:
- No company may carry out security or money transfer activities without abiding by this law. A security company must take the form of a Joint Stock Company and must have a capital of EGP300,000 at least. The company’s shareholders, managers and security guards should be Egyptians.
- A security company cannot be incorporated without a permit from the Ministry of Interiors & the General Intelligence Directorate.
- The security company is supervised by the Ministry of Interiors. A security company cannot start its activities before obtaining a license from the Ministry of Interior. The Ministry of Interior shall grant the security company a license to recruit guards, and use watchdogs and weapons if necessary.
- Violation of any of the above requirements may incur a penalty that may reach imprisonment for up to one year.
- This decree does not cover individual security guards who work on their own and who are governed by Law 68/1970 Regulating Private Guards and Decree of the Minister of Interiors 1736/1970, and who would also need to obtain a permit from the Security Director in the relevant governorate.
A copy of the law (Arabic) can be accessed here.
- No company may carry out security or money transfer activities without abiding by this law. A security company must take the form of a Joint Stock Company and must have a capital of EGP300,000 at least. The company’s shareholders, managers and security guards should be Egyptians.
- A security company cannot be incorporated without a permit from the Ministry of Interiors & the General Intelligence Directorate.
- The security company is supervised by the Ministry of Interiors. A security company cannot start its activities before obtaining a license from the Ministry of Interior. The Ministry of Interior shall grant the security company a license to recruit guards, and use watchdogs and weapons if necessary.
- Violation of any of the above requirements may incur a penalty that may reach imprisonment for up to one year.
- This decree does not cover individual security guards who work on their own and who are governed by Law 68/1970 Regulating Private Guards and Decree of the Minister of Interiors 1736/1970, and who would also need to obtain a permit from the Security Director in the relevant governorate.
A copy of the law (Arabic) can be accessed here.
Law 86/2015 Regulating Security & Money Transfer Companies
10 August, 2015
Keywords: Financial Institutions, Banking & Finance, Commercial
The President issued Presidential Decree 86/2015 regulating companies working in security of institutions and money transfer “Security Companies”. These are the highlights:
- No company may carry out security or money transfer activities without abiding by this law. A security company must take the form of a Joint Stock Company and must have a capital of EGP300,000 at least. The company’s shareholders, managers and security guards should be Egyptians.
- A security company cannot be incorporated without a permit from the Ministry of Interiors & the General Intelligence Directorate.
- The security company is supervised by the Ministry of Interiors. A security company cannot start its activities before obtaining a license from the Ministry of Interior. The Ministry of Interior shall grant the security company a license to recruit guards, and use watchdogs and weapons if necessary.
- Violation of any of the above requirements may incur a penalty that may reach imprisonment for up to one year.
- This decree does not cover individual security guards who work on their own and who are governed by Law 68/1970 Regulating Private Guards and Decree of the Minister of Interiors 1736/1970, and who would also need to obtain a permit from the Security Director in the relevant governorate.
A copy of the law (Arabic) can be accessed here.
- No company may carry out security or money transfer activities without abiding by this law. A security company must take the form of a Joint Stock Company and must have a capital of EGP300,000 at least. The company’s shareholders, managers and security guards should be Egyptians.
- A security company cannot be incorporated without a permit from the Ministry of Interiors & the General Intelligence Directorate.
- The security company is supervised by the Ministry of Interiors. A security company cannot start its activities before obtaining a license from the Ministry of Interior. The Ministry of Interior shall grant the security company a license to recruit guards, and use watchdogs and weapons if necessary.
- Violation of any of the above requirements may incur a penalty that may reach imprisonment for up to one year.
- This decree does not cover individual security guards who work on their own and who are governed by Law 68/1970 Regulating Private Guards and Decree of the Minister of Interiors 1736/1970, and who would also need to obtain a permit from the Security Director in the relevant governorate.
A copy of the law (Arabic) can be accessed here.
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