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

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