Expertise France published last Thursday the top 20 reforms guide to improving the business environment in Libya.
The guide contains ‘‘the most critical and urgent 20 economic reforms based on a large survey in which more than 600 Libyan companies participated’’, Expertise France reported.
Here are the top 20 business reforms needed in Libya:
- Making equipment leasing possible for Libyan enterprises
- Implementing the International Accounting Standards in Libya
- Introducing clear legal grounds for both the late or non-payment of taxes without penalty and for appeal possibilities against fines, especially in the case of force majeure
- Reforming / Abolishing the stamp tax
- Enabling the official registration of limited liability companies with LD 1 capital
- Reducing the minimum capital or deposit for Libyan enterprises with foreign capital
- Enabling the official registration of single-person companies with 1 shareholder
- Abolishing the practice of demanding a minimum amount of company capital to be eligible for public tenders
- Lowering the official legal fees for enterprise registration and registration renewal
- Introducing speedy and effective procedure for enterprise interim relief
- Creating an effective and operational registry of intellectual property rights
- Enabling online payments by credit card
- Reinstating letters of credit for the international payment of imported goods
- Cancelling the minimum legal number of orders, the restricted product list, and the mandatory resort to foreign wholesale intermediaries for the import of goods and lifting enterprise quotas for international transfers
- Increasing the Central Bank of Libya’s accountability to the public and enterprises
- Reinstating inter-banks clearing operations
- Setting up compulsory social security coverage for private sector employees
- Enforcing the prohibition to work in both the public and private sector
- Adopting a public transport infrastructure development policy
- Adopting a policy against red tape and negative attitudes towards enterprises in the public sector
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