Libya Business News
Wednesday, March 22, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Industry & Trade

GNC Discusses New Commercial Laws

16th December 2013
in Industry & Trade
GNC Discusses New Commercial Laws
Share on FacebookShare on Twitter

The GNC's Economy, Trade and Industry Committee met last week with a number of experts in commercial law in Libya.

According to Libya Herald, the meeting reviewed a bill on the adoption of the Trade Companies’ law, which would enable Libyan citizens to set up companies easily and quickly, and abolish laws imposed by the former regime, and to “enable the youth to engage in trade activities and private sector to contribute in the economic development of Libya”.

However, the Economy Minister Mustafa Abufunas revealed that the bill to reform the trade laws had been presented by his Ministry to the GNC, but due to the “current general situation” in Libya, the GNC had been delayed in passing the laws.

Minister Abufunas given examples of how the reformed law would help in the business sector, citing, for example, that if a Libyan or a Libyan company wanted to practicemore than one business activity, under the current laws they would have to form a different company, or a number of companies.

The Minister said that he hoped that this would be changed allowing business people to form companies that can operate in numerous sectors. The Qaddafi era laws also prohibit the naming of a company using the owner’s name. This should be changed, promised the Minister, ending practice of real owners having to list fake partners to satisfy the old laws.

The Minister assured that he saw a reduced role for the state, limited more to an oversight role in economic activity.

(Source: Libya Herald)

(Law image via Shutterstock)

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.