Libya Foreign Investmant Law Changed
On May 13, 2012, the Ministry of Economy in Libya announced a new decision for foreign investmneny law. Although there are still questions being asked, this updated investment law gives some great advantages to new companies looking to register in Libya.
50,000 LYD Captial
According to Article 2 of decision 103/2012, the minimum investment for a partnership between a foreign entity and Libyan entity is now only 50,000 LYD. In order to qualify for this new minimum investment, you must register as a limited liability company.
Another benefit that is set forth in the decision is at the foreign entity can hold up to 65% of the company’s shares. In some cases, the ministry may allow up to 80% but this would be by written approval only. The full amount of capital must be wired into a local bank to prove ownership illegibility.
Get a lawyer
Before you jump into your new business venture in Libya, make sure you have a reputable law firm advise and help you establish your company in a legal fashion. If you need some contacts for lawyers, please contact us.