Despite the situation with COVID-19, we are working as usual and fully provide our services.
menu
phone Contact phone white arrow down
N e w s
cart

Libya

In this jurisdiction, we can help you create:

Thank you for your query. We will contact you soon.

Registering a company in Libya in 2020

Pros of creating a business in Libya:

  • Stable economic growth;
  • Modern transport system;
  • An enabling environment for mining activities;
  • No VAT and dividend tax;
  • It is possible to open a company remotely;
  • 100% foreign ownership.

Business registration – from €3,400

Company registration period – from 3 weeks

Contact us as you find convenient
Detailed information
Send a request
get a detailed information
*
*
add-comment Do you want to add a comment?

* - *required fields

Libya is an independent state with fast growing economy located in the Northern Africa. It is the fourth largest country in Africa.

If you are interested in setting up a company in Libya and opening a Libyan bank account, note that:

  • Arabic is the official state language;
  • The currency of the country is Libyan Dinar (LYD);
  • Libyan population: 2 280 968 people;
  • The country borders on: Egypt, Chad, Niger, Algeria and other countries;
  • A functioning Libyan Stock Exchange;
  • DTA agreements with 12 countries.

For more information, you can ask for individual advice on company registration process in Libya and legal support services in opening an account for a Libyan company from IQD Consulting experts.

Leading economic sectors

If you want to open your own business in Libya, please consider the following options:

  • Setting up an agricultural company in Libya. Despite the small agricultural area, Libya accounts for 2-5% of the global production of wheat, barley, vegetables, olives, almonds, citrus fruits and dates;
  • Registering a Libyan oil company. Libyan economy is based on the largest oil reserves in Africa. Under the brand name “Tamoil” Libya has its own network of oil refineries and gas stations in Germany, Italy and Switzerland;
  • Opening a production company in Libya in the chemical, food and textile industries, furniture and construction materials spheres. Also, it will be profitable to register a cement plant, mobile services company, or transport company;
  • Setting up a trade company in Libya for import operations (cars and other vehicles, iron and steel, food products);
  • Registering a Libyan travel company.

To learn more, we recommend that you request for qualified advice on business organization process in Libya and legal form selection.

Legal forms & tax treatment

If you are planning to set up a company in Libya and open a corporate account with a Libyan bank, then consider the following tax comparative table.

Legal form

Corporate tax

VAT

Minimum share capital

LLC

20%*

0%

3.7 million USD (1.5 million USD, if there is a local partner in corporate structure)

JSC

20%*

0%

730 000 USD

Branch

20%*

0%

184 000 USD

RO

0%

0%

-

Also, there is WHT on interest payments – 5%, and 0% for dividends and royalties.

* 4% jehad tax (plus to corporate tax).

Read also:

Most entrepreneurs choose to register a LLC in Libya. It is the most easy-to-manage form.

How to open a business in Libya

In order to set up a Libyan company and open a corporate account with an African bank, you must meet the following requirements:

  • To choose a unique name for your future company and specify a business entity type;
  • To appoint two directors and shareholders (at least 1 should be a resident of Libya);
  • To register a physical office in Libya;
  • To pay a minimal share capital;
  • To obtain a trade license in Libya.
Terms of incorporation: up to 3 months.

You can receive personal advice on company registration procedure in Libya and Libyan bank account opening from IQD Consulting lawyers.

In addition, our specialists can provide you with legal assistance in obtaining a trade license in Libya and registering a physical office.

The information outlined in the article is actual at the time of its publication. Please refer to our specialists for checking possible solutions for your business.

Are you interested in qualified advice from our specialists on this matter?

Your name user
Your comment comment

Do you want to add an alternative form of communication?

tel add icon telegram add icon skype add icon whatsapp add icon viber add icon
people with bank

Top Banks

Best banking conditions