Incentives you will enjoy on investing in Libya

Foreign investors and local engaged in foreign investment partnership are entitled under the existing regulations to receive the following incentives:

1. Exemptions from all customs duties and taxes associated with the importation of machinery, tools and capital equipment required for the execution of the project together with other taxes of similar impact
    

2. Similar exemptions ranging for a period of five years shall be granted for the importation of primary materials, spare parts and supplementary equipment for the operation of the project.
    

3. Profit income generated from the activities of the project shall be exempted from income taxes for a period of five years. Depending on the nature of the project and performance, this period is extendable for an additional three years. Reinvested profits shall enjoy the same exemption rights.
    

4. The additional extension period of custom duties and income exemption shall be subject to special criteria adopted by the Foreign Investment Board on basis related to investment projects that contribute to particular area developments, food production operations, water and energy conservation projects and protection of the environment.
    

5. The project shall be exempted from the stamp duty tax imposed on bills (invoices) and related commercial documents.
    

6. Projects engaged in the production of goods for exports are exempted from production taxes, fees and other related taxes when export transactions take place.
    

7. The law provides adequate protection to all investment projects against exceptional measures such as nationalization, expropriation, trusteeship, asset freezing or other actions of similar effect. If such actions are justified by a law or a court decision, it can only be effected, indiscriminately and subject to a fair value of compensation in foreign currencies transferable within a period not exceeding one year.

Investment areas

1. Industry

2. Tourism

3. Agriculture

4. Transit Trade

5. Services Sector

Rights of the investor

1. Transfer freely the profits and dividends generated from the project.

2. Employ expatriate personnel in the absence of national substitutes

3. Long-term leasing of the land required for construction of buildings and production facilities of the project.

4. Open and operate of banking accounts in convertible currencies with local and offshore commercial banks.

5. Importation of all project needs and requirements from abroad.

6. Exportation of parts or all the goods produced by the project subject to contractual conditions.

7. Transfer of the invested capital in the following cases:
   

   1. End of the project period

   2. Liquidation of the project

   3. Sale of the project in part or as whole

   4. Elapse of the period required to start the project (6 months)

Attractive factors for investing in the Great Jamahiriya

1. Suitable political and economical environment

2. Significant strategic location

3. Competitive, educated and trained labor

4. Cheap energy and availability of raw materials

5. Friendly hospitable people

6. Service industries

7. Presence of investment supporting institutions, such as the research centers, consultative bureaus, chambers of commerce, specialized commercial banks.