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LIBYA |
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Investment promotion agency |
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The L.F.I.B. is a one-stop shop for foreign investors, established as a key component of investment law n° 5/1997, providing a full range of services to facilitate investment formalities for foreign operators. Major progress has been made in simplifying application procedures, in order to facilitate and accelerate the setting up of businesses. |
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Libyan Foreign Investment Board (LFIB) |
The L.F.I.B. is a one-stop shop for foreign investors, established as a key component of investment law n° 5/1997, providing a full range of services to facilitate investment formalities for foreign operators. Major progress has been made in simplifying application procedures, in order to facilitate and accelerate the setting up of businesses. An important step is the one-stop window. Foreign investment has been extended to include downstream activities in the oil, health, transportation, and insurance sectors. Also, joint ventures between Libyan and foreign investors are now eligible for the incentives outlined in law n°5, mainly exemption from corporate income tax for up to eight years and exemption from customs duty and taxes on import of equipment to launch and sustain investment initiatives. |
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Main objectives of the LFIB |
- Provide advice, information and support to investors.
- Identify and promote investment opportunities, through the drawing up and presentation of investment plans and economic studies for the country’s development.
- Receive and consider applications for foreign capital investment.
- Issue licenses and obtain any approvals required for investment projects.
- Develop investment programs and promotional activities to attract investors.
- Recommend or renew exemptions, facilities, or incentives for investment projects.
- Look into any complaints or protests by investors, without affecting the investor’s right to petition and legal action. |
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One-Stop Shop |
The establishment of a one-stop shop can be considered an important step for the simplification of procedures. It provides all the services needed by foreign investors by grouping administrative offices at L.F.I.B.’s premises. These offices include customs, immigration and passports, tax and labour authorities. Procedures and approvals that fall within the scope of the one-stop shop relate to: licenses and permits; export and import; import of foreign labor; amendments and changes to project procedures; ownership and rental of real estate; transfer of dividends; and complaints. |
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