Our company is employing several solicitors and legal advisors who are specialized in several areas of law including tax law, Investment Law companies’ law, oil law and intellectual property law...Etc. We work toward opening the path for those who are interested in the various sectors of the Libyan marked through providing and clarifying to them The legal and lawful aspects. We collect all important laws, regulations and decisions our clients may need in order to enable them to take the necessary and successful decisions for the success of their activity in Libya
Investment law
Briefs
Law NO 5
Law no 5 was issued in order to organize the way and guarantees safe and successful investment to all investors. In fact this law, provides many tax and administrative facilitations to investors in Libya. No matter was the size of the given project, without restrictions or conditions.
Law NO 6
Law no .6 was issued to encourage the local investor to enter a real venture with foreign investors. In this regard, the local investor has been given facilitations and exemptions as those granted to the foreign investor by law no.5.
Companies law
Brief
Law No 21
Law no.21 organizes the activity of the national companies of all several of legal entities. In case that the entity is a partnership, the number of partners is two persons and they shall be severally and jointly liable for their partnership.. Limited liability companies start with three persons and above. Such company does not enjoy considerable advantages, due to poor capital. There are also joint venture companies’ starts from ten shareholders; among of whom the company shares number.
Briefs
Tax law
Fortunately, the Libyan tax law is very clear, uncomplicated, simply clarifies the obligations of the individuals, companies and enterprises with respect to the types of income subject to taxes on companies incomes. It also determines the salaries taxes according to the portions as mentioned in executive rule. It also determines the penalties applied in case of refraining from payment of taxes or otherwise breaching the law or its executive rule.
SOME FEATURES OF LIBYAN INCOME TAX LAW
Income tax law of Libya is consisting of 130 Articles divided to six parts as follow:
Part 1 From article no. 1 to article no. 34 they explain the general provision.
Part 2 From article no. 35 to article no. 85 and consists of 8 chapters which include rules of specific taxes.
Part 3 From article no 86 to article no 92, which explain rules of general tax on income.
Part 4 From article no 93 to article no 104, explaining rules of tax on companies.
Part 5 From article no 105 to article no 114, which mentioned all kinds of penalties.
Part 6 From article no 115 to article no 130 for final provisions.
Law No. (11) Of 1372 (2004) Regarding Income Tax
Law No. (12) Of 1372 (2004) Regarding Stamp Tax
Libyan oil law
The Libya oil law organizes the activity of oil companies in Libya. It provides exploration and partnership rights to foreign companies in Libya in a way which guarantees such rights and their oil investments.
Likewise, this law sets forth the penalties against companies which violate the said law. Practically, the National oil Corporation (N.O.C) is the first partner of any company willing to pursue oil activity in Libya. Such foreign company/companies must obtain the consent of the N.O.C in order to be able to join oil business activity in Libya.
The petroleum law 1955 (as amended).
Petroleum regulation No. (8).
The minister of petroleum's decision No. (75).
Petroleum regulation No. (1).
