Law No. 9 of 2010 A.D. Concerning the Encouragement of Investment
Publication Date: January 1, 1970
Law Number: 9
Issuing Authority: General People's Congress
Type of Legislation: Laws
Status: Original, in force
Sector: Economy
Law No. 9 of 2010 A.D. Concerning the Encouragement of Investment

General People's Congress

In implementation of the resolutions of the Basic People's Congresses at their annual general session of 1377 A.D.
Having reviewed:

The Declaration of the Establishment of People's Power
The Great Green Book of Human Rights in the Era of the Masses
Law No. 20 of 1991 A.D. concerning the Promotion of Freedom
Law No. 1 of 1375 A.D. concerning the Organization of the People's Congresses and Committees
The Commercial Law and its amendments
Law No. 67 of 1973 A.D. concerning Customs and its amendments
Law No. 11 of 1992 A.D. concerning certain provisions relating to real estate ownership and its amendments
Law No. 19 of 1992 A.D. concerning the Production Tax
Law No. 5 of 1426 A.D. concerning the Encouragement of Foreign Investment and its amendments
Law No. 13 of 1430 A.D. concerning Planning
Law No. 3 of 1369 A.D. concerning Urban Planning
Law No. 7 of 1372 A.D. concerning Tourism
Law No. 12 of 1372 A.D. concerning Stamp Duty
Law No. 1 of 1373 A.D. concerning Banks Law No. 6 of 1375 A.D., concerning the encouragement of national investment.
And Law No. 7 of 1378 A.D., concerning income tax.
The following law was enacted:

Article 1

Contents

Definitions
Scope of application
Objectives of the law
Types of investment
Implementing body
Functions of the implementing body
Conditions for investment projects
Investment sectors
Investment permit
Privileges and exemptions
Disposal of machinery and equipment
Investor rights
Foreign employees
Investment register
Additional privileges and exemptions
Ownership of economic units
Use of real estate
Disposal of the project
Violations
Revocation of license
Appeals
Project accounting documents
Project guarantees
Dispute resolution
Fees for services
Law enforcement officers
Exemptions from this law
Applicable regulations
Implementing regulations
Repeal of previous laws
Entry into force and publication in the legislative code
Definitions
For the purposes of applying the provisions of this law, the following terms and expressions shall have the meanings assigned to them, unless the context indicates otherwise:

State: The Great Socialist People's Libyan Arab Jamahiriya.
Administrative Authority: The administrative authority responsible for implementing the provisions of this law.
Secretary: The secretary of the sector to which the administrative authority belongs.
Implementing Regulations: The regulations issued to implement the provisions of this law.
Foreign capital: The monetary, tangible, or intangible value, denominated in a foreign currency, that enters the State, whether owned by Libyans or foreigners, for the purpose of an investment activity. National capital: The monetary, tangible, or intangible value, denominated in the local currency, that constitutes the capital of an investment project owned by Libyan citizens or legal entities whose capital is entirely owned by Libyan natural or legal persons.
Investment project: Any investment activity that meets the conditions stipulated in this law, regardless of its legal form.
Privatization: Refers to the transfer of ownership of companies and production and service units, wholly or partially owned by the State or public legal entities, to the private sector.
Investor: Any Libyan or foreign natural or legal person who invests in accordance with the provisions of this law.
Article 2

Scope of Application
This law applies to national, foreign, or joint national-foreign capital invested in the sectors targeted by this law.

Article 3

Objectives of the Law
This law aims to encourage the investment of national and foreign capital to establish investment projects within the framework of the State's general policy and economic and social development objectives, in order to achieve, in particular, the following objectives:

Training and developing Libyan human resources, enhancing their skills and equipping them with advanced expertise, and providing employment opportunities for them.
Promoting the transfer and localization of knowledge and technology in the Libyan economy.
Contributing to the establishment, development, or rehabilitation of economic, service, and production units to enable them to compete and enter global markets.
Achieving regional development.
Increasing and diversifying sources of income.
Rationalizing energy consumption.
Utilizing locally available raw materials.
Article 4

Forms of Investment
This law regulates the investment of national and foreign capital constituting the project's capital in the following forms:

Local currency, convertible foreign currencies, or their equivalent, transferred through official banking channels. Machinery, equipment, devices, facilities, means of transport, spare parts, and raw materials required for the implementation and operation of the investment project.
Intellectual property rights, such as patents, licenses, trademarks, and trade names, necessary for establishing or operating the investment project.
The portion of the project's profits and returns that is reinvested, either in the same project or in another project.
The implementing regulations stipulate how tangible and intangible assets are to be valued, and how profits are to be reinvested.

Article 5

Implementing Authority
A specialized administrative body shall be established to implement the provisions of this law. Its name and organization shall be determined by a decision of the General People's Committee, upon the recommendation of the Secretary.

Article 6

Functions of the Implementing Authority
The administrative body shall work to encourage investment of national and foreign capital and promote investment projects through various means. In particular, it shall:

Study and propose comprehensive investment and privatization plans, including preparing a comprehensive investment map outlining all investment sectors and available investment opportunities, in accordance with the investment sectors stipulated in this law.
Receive investment applications and determine their alignment with the objectives of this law.