The head of Egypt's Financial Supervisory Authority Mohamed Omran issued a decision on Tuesday to reduce annual registration services fees for companies listed on the Egyptian Exchange (EGX) by 50 percent.

According to the decision, annual services fees will be 0.0005 percent of the total issued capital instead of the current 0.001, with minimum fees of EGP 5,000 compared to EGP 10,000, while the maximum fees will remain at EGP 25,000.

In addition, small and medium enterprises registered on the Nile Stock Exchange will have a further 50 percent discount on their annual registration services fees to stand at 0.00025 of the total issued capital with minimum fees of EGP 2,500 and a maximum of EGP 12,500.

The fees must be paid in January every year, with additional fees incurred by companies that don't pay within the required period.

The new decision will come into effect from the first of January 2019.