Libya: A Guide to Commercial Law, Banking Law and Accounting (Business & Investment Review)

In recent years the lack of a suitable legal and financial framework in Libya has deterred foreign investors. The Libyan government has now demonstrated its commitment to reform and to attracting foreign investment to increase oil production capacity and to diversify the economy. Initiatives such as Law No 5 have encouraged investment in the agricultural, services, healthcare, and industrial sectors and Law No 7 in the tourism sector. Written by a leading Libyan law firm, Mukhtar, Kelbash & Elgharabli, and the Paris office of the international law firm Eversheds LLP, this important report provides an authoritative update on the commercial law, and on banking and accounting practices in Libya. Title......Page 4 Copyright......Page 5 Contents......Page 6 About the Authors......Page 10 Institutions......Page 12 The Legislature......Page 14 The Executive......Page 15 Constitution......Page 16 Human Rights Legislation......Page 17 Codified Legislation......Page 18 Other Significant Legislation......Page 19 The Court System......Page 24 Arbitration......Page 28 Introduction......Page 34 Relevant Legislation......Page 35 Corporate Forms......Page 36 Consequences of the Recent Legislation......Page 37 Participation by Libyan Public Entities......Page 38 Procedure for Establishing a Libyan Joint Venture Company......Page 39 Other Registrations......Page 40 General Principles for the Registration of a Branch......Page 41 Documentation and Procedures for Opening a Branch of a Foreign Company in Libya......Page 42 Establishing a Representative Office......Page 44 Use of the Arabic Language......Page 45 Scope of Application......Page 46 Incentives......Page 47 New Developments......Page 48 Restructuring of Foreign Investment Support Services......Page 50 Investment Procedure......Page 51 The Transit Trade and Free Zones Law......Page 53 The Formation of Contracts......Page 54 Effects of a Contract......Page 57 Non-Performance of a Contract......Page 58 Assessment of Damages......Page 60 Commercial Contracts......Page 62 Commercial Agency......Page 64 Administrative Contracts......Page 66 General Provisions......Page 70 Employment of Foreign Personnel......Page 73 The Social Security Law......Page 74 Health and Safety......Page 76 General......Page 78 Food Hygiene......Page 79 Prevention of Pollution of the Sea by Oil......Page 80 Protection of Water Resources......Page 81 Petroleum-Related Operations......Page 82 Protection of Archaeological Sites......Page 83 Trademarks......Page 86 Rights of Authors......Page 87 Patents......Page 88 Membership of International Conventions......Page 89 Corporate Requirements......Page 92 Authorized Insurance Activities......Page 93 Licensing......Page 94 Libyan Banks......Page 96 Currency and Exchange Control......Page 97 Money Laundering......Page 98 Company Income Tax (Tax on Profits)......Page 100 Personal Taxes......Page 104 INAS (Social security contributions)......Page 105 Customs Duties......Page 106 Accounting......Page 107 Accounting Profession......Page 108 The General People’s Committee (Council of Ministers)......Page 110 The Supreme Council for Oil and Gas......Page 111 The National Oil Corporation......Page 112 The Petroleum Law......Page 114 The Petroleum Regulations......Page 117 Contracting models and contractual terms......Page 118 The Deed of Concession......Page 119 The Participation Agreement......Page 121 Exploration and production-sharing agreements......Page 123 EPSA III......Page 127 Summary of Three Bidding Rounds......Page 138 Libya index......Page 140 Libya: A Guide to Commercial Law, Banking and Accounting is an in-depth progress report on legal reforms instituted in Libya since the lifting of the trade embargo. The Libyan government has now demonstrated its commitment to reform and to attracting foreign investment to increase oil production capacity and to diversify the economy. This authoritative guide to the laws and practices governing business engagement with Libya, describes the current legal, banking and accounting framework and assesses the potential risks for foreign investors in Libya and is written by international lawyers, bankers and accountants with hands-on local knowledge.

With a major contribution from law firm Frere Cholmeley, this important report explains the legal framework in Libya and assesses the current law and commercial practice relating to foreign inward investments and the establishment of foreign operations in the country.

Libya: A Guide to Commercial Law, Banking Law and Accounting is an in-depth progress report on legal reforms instituted in Libya since the lifting of the trade embargo. The Libyan government has now demonstrated its commitment to reform and to attracting foreign investment to increase oil production capacity and to diversify the economy. This authoritative guide to the laws and practices governing business engagement with Libya, describes the current legal, banking and accounting framework and assesses the potential risks for foreign investors in Libya and is written by international lawyers, bankers and accountants with hands-on local knowledge