Economy Ministry prepares to launch the ‘‘Libyan Companies’’ App to improve efficiency, reduce corruption and red tape

By Sami Zaptia.

Tripoli, 20 November 2021:

Libya’s Ministry of Economy and Trade is preparing to launch its new ‘‘Libya Companies’’ application (App). The Ministry’s Centre for Information and Economic Documentation, the app’s implementing arm, reported that it has completed the preparation of the first version of the app.

The development of the app is part of the Economy Ministry’s efforts to introduce digitalisation and a unified electronic services platform (The Minister of Economy and Trade decision No. (61) of 2021)

It is part of its effort to adopt a unified automatic registration number for economic activities in Libya which obliges companies to print their company registration number on their invoices and official documents. This would be like the company registration number in Companies House in the UK.

The move would introduce effectiveness and efficiency in company registration such as in the search for company names. It will also reduce corruption by helping exclude fictitious companies from commercial activity.

The Ministry reported that the first version of the app (which will be followed by other updates) will allow banks and other users such as the customs and tax departments to:

1. Verify the validity of the unified registration number of companies
2. Search the brand name database

It will allow citizens to check whether their national numbers have been registered as shareholders or in the management of companies.

The app will also allow the receipt of various notifications from the system.

Updates to come

The developments planned for later versions will include notices alerting the user to renew their business record and membership in the Chambers of Commerce and Industry and other information and notices that will reduce administrative red tape for businesses.

The Ministry said the app has already been downloaded to the Google Store and will be made available to the public when the Google Store has completed its review, and will be followed later by another version compatible with Apple devices.