Doing Business In Libya
Hearing about Libya may bring a picture of a country that is facing turmoil and war, but the truth now is different. It has huge opportunities to do business in Libya and amazing prospects for the one who wants to explore it. This scope has increased the inflow of investors in the country who are setting up their business in Libya and running it successfully.
For doing business in Libya setting up the business and completing formalities is just not enough. It is necessary to understand their deep rooted culture and of course one cannot ignore Libyan law related to business. This article puts lights on how to complete your business set up in the country and start doing business in Libya successfully.
Register your business
The first step to be taken for doing business in Libya is to register your business in Libya. You can do that in different ways. It can be a Joint stock Company LLC or Libyan joint stock company where maximum 49% share can be held by a non-resident. You can also open up a branch office of your existing business or a Libya representative office. However, the latter cannot engage themselves in any profit seeking activities.
The time taken to set up will depend upon the type of business you are starting in Libya. You can do the formalities all by yourself by collecting the forms and meeting the notary or get a partner out there who will help you in completing all these formalities and guide you throughout. In order to start business in Libya you have to open a bank account there and deposit the minimum capital in the business bank account. You must remember that although English and Italian is spoken there still the official language is Arabic and you have to fill every form in Arabic.
Make your transition To Libya
Once the formalities are completed and you are ready for doing business in Libya it’s time to move there. This transition phase is very important because if you do not find a good set up in the country then you cannot live there happily, even though the business may be generating profit!
While your business partner looks after the processing and formalities of starting business in Libya you must concentrate on the transition from your country to Libya. At first you should look for a home. Once done its time to get a vehicle, if required. If you have children then you must look for different schools in the locality where you are taking the home.
Another thing that is most important during transition phase is understanding the culture of Libya and getting along with them. It is mainly a country where the main religion is Muslim and there is certain strict law that they follow. It is best that once you are there you start understanding those things and become the part of their culture. You should not also overlook the immigration formalities that include work permit and visas to live in Libya.
Finding the right business partner
For starting business in Libya and doing it successfully there the first thing you need to do is find a business partner. If you do not get the right business partner then you can be sure that you are going to get a tough time. The right business partner will not only help in setting up the business but also make you acquainted with the local culture. Moreover, it is in Libyan Law that you need to get associated with a Libyan citizen to do business there. Thus, it is necessary that you get the right business partner for doing business in Libya.
How do I find a business partner in Libya?
Now you must be thinking that how you can get the right business partner in Libya!
If you make a post in your Facebook account that you need a business partner in Libya you will be getting numerous offers from people who want to become your business partner for doing business in Libya. The question is not getting any partner but the right partner who will help you do business in Libya.
First thing you can do is find out who are the people who are already continuing business in the country successfully. If you find someone who has a good track record of doing business in Libya then you may be lucky to find the right partner. After you have a list of such businessmen you can fix appointment and discuss to find out with whom it would be best!
While this may seem quite a good prospect to get the right partner but when you are new to Libya how can you get the track record of any businessmen? In that case you can take help of the consulting company who had helped you in setting up business. You let them know what you want from your business partner so that they can suggest you some prospects.
If you are in search of a consultant who can support you in everything for doing business in Libya, contact us. We will be there in step while you complete your set up in Libya, be that your professional or personal. We help in establishing your business by fulfilling all formalities. For your personal well-being we will help you find the best home that will be secure and safe. We will also help you choosing the right school for your kids, let you know about our culture and be a part of it. Click Here