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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Libya

Legal form:

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Delivery:

3 months

Price: $

3000

Payment methods:

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Requirements:

Document checklist:

Local legal address (Handled by B2B Hub) 

1.Passport
2.Proof of Residence 

Registrar

Organization name

Abbreviation

Country

Libya

Email

Phone

Listing
Open website
UK comapny formation (1).webp

About

Libya

Capital
Official languages
Population 
Currency

ISO 4217

Tripoli

Arabic and Berber

6,871,170 (as of 2019)

Libyan Dinar

LYD

FAQ



Q: What is the process for company formation in Libya?

A: The process for company formation in Libya involves several steps, including obtaining necessary licenses and permits, registering the company with the Libyan Commercial Register, obtaining a tax identification number, and registering with the Libyan Social Security Fund.


Q: What are the requirements for company formation in Libya?

A: The requirements for company formation in Libya include a minimum of two shareholders, a minimum share capital of LYD 10,000, a registered office address in Libya, and a business plan outlining the company's objectives and operations.


Q: What types of companies can be formed in Libya?

A: Companies that can be formed in Libya include limited liability companies, joint stock companies, and partnerships.


Q: How long does it take to form a company in Libya?

A: The time it takes to form a company in Libya can vary depending on the type of company being formed and the efficiency of the registration process. It can take anywhere from a few weeks to several months to complete the registration process.


Q: What are the tax implications for companies in Libya?

A: Companies in Libya are subject to a corporate tax rate of 20%. Additionally, there are other taxes and fees that may apply, such as the social security contributions and value-added tax (VAT).


Q: What is the legal system in Libya?

A: The legal system in Libya is based on Islamic law and civil law.


Q: What is the currency used in Libya?

A: The currency used in Libya is the Libyan dinar (LYD).


Q: Can foreign nationals own a company in Libya?

A: Yes, foreign nationals can own a company in Libya. However, there are restrictions on foreign ownership in certain industries, such as oil and gas.


Q: Are there any specific regulations for foreign-owned companies in Libya?

A: Foreign-owned companies in Libya are subject to certain regulations, such as obtaining a foreign investment license and complying with foreign exchange regulations.


Q: What are the benefits of forming a company in Libya?

A: Some of the benefits of forming a company in Libya include a strategic location for business activities in Africa, abundant natural resources, and a large and growing market.

Economy

"The economy of Libya is largely dependent on its oil and gas reserves, which account for nearly 95% of the country’s exports and 75% of its GDP. According to the World Bank, Libya’s GDP in 2019 was estimated to be $53.7 billion, with a growth rate of 1.2%. The unemployment rate in Libya is estimated to be around 30%, with youth unemployment at a staggering 40%. Inflation in Libya is also high, with an estimated rate of 8.2% in 2019.

The Libyan government has been attempting to diversify its economy away from oil and gas, with a focus on developing the agricultural and tourism sectors. However, the ongoing political instability in the country has hindered progress in this area.

Overall, the economy of Libya is heavily reliant on its oil and gas reserves, and the country is facing significant economic challenges due to the ongoing political instability."

Taxation

As of 2021, Libya does not have a formal tax system in place. The government has not imposed any income tax, value-added tax, or other forms of taxation. This is largely due to the country's reliance on its oil reserves for revenue.


However, it's worth noting that in certain situations, foreign companies operating in Libya may be subject to taxes and fees. For example, foreign companies involved in the production of oil and gas may be required to pay royalties and other fees to the government.


Given the current political and economic instability in Libya, it's difficult to provide a specific process for tax payment or a calendar for payments. However, it's important for foreign companies operating in Libya to conduct thorough research and seek professional advice to ensure compliance with any applicable tax laws and regulations.

Company incorporation application form

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Chosen company name

Main business activity

Legal address of director

Extra services

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PDF application form

B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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