For most companies looking to get established in Libya, you will need to find a trusted local partner. There is really only one exception to this case: You going to invest under Investment Law 5 which allows for a totally owned foreign company.
Investment Law 5 is for companies looking to invest more than 5,000,000, LYD into their project which has been approved by the Libyan authorities. If your company falls into this category, make sure to work with a lawyer who is experienced in this type of investment.
For those companies or individuals looking to form a joint venture (JV) or work alongside a Libya business, you will need to have a Libyan partner. Depending on how you register your business, your local partner will play different roles!
Be careful – just a note!
There are many companies formed in Libya with “figurehead” or “silent” partners. The company is registered in the name of the partner who does nothing except allow his name to be on the papers. Remember, that by using this method, you are choosing to open yourself up for problems that will not stand in a court of law.