06.07.2006
Libyaninvestment.com

Article (1)

Definitions

The below words in this law mean as matched words

Transit goods : They are goods get in Libya through custom centers to get out of Libya through custom centers in order to get out of Libya through other custom center.

Transit undertaker : Any ordering an important person assures possibility of transporting the transit goals .

Specialized authority : Legal specialized authority .

Investor or user : Residence of ordinary on license important person in the free zone or to use any utility or to advanced or practice any service or profession in the free zone .

Project : Factories , offices , warehouses ,utilities sale hslls ,requirement , equipment ,materials of transport , communication ,all institutions and needed things in the free zone for investment or use .

Article (2)

GPC issues a decision to setup free zones determined exactly as limit and site .

Free zone : means that area expected from custom ,tax , commercial and cash fees , that announced for who interested to invest in free it is allowed to establish private free zones to establish certain project or to use authority or to practice limited activity granted some or all certified properties for investors and users in range to achieve purpose of free zone .

zone can contain sea port an air port or border gate partial of whole , provided to be prepared for use the executive regulation of law determine particular regulation to apply rules of this article .

Article(3)

Establishing free zones aims to promote transit trade , different manufacturing operations and transfer operations that change goods or preparing according to exigencies commercial exchange and exigencies of the market ,presenting banking , insurance , investment and all other service also transporting and settlement of technique and developing it in zone free of restrictions , so as to support national economy of Libya , contributes to develop commercial exchange as commodities and service lead to create advanced industrial and service base .

Permission for investor and users the free zone aims first to realize joint interest for the national economy and the investor or user and to open new horizons of work , training and to employ national labor in the projects an service of free zones , to create investment revenues for institutions locate in these free zones .

Article (4)

The administrations practices its activity according to certified principle conformed with its nature where the administration puts particular systems for work ,incentive ,salaries and running without abiding by certified principle in administrative units either that related to public job , provided to approve these systems by GPC , also to assumes supervision and whole guiding of all working authorities in the free zone , also assumes issuing permissions of residence for investor and users the projects , disposals and use available real estate , where the internal executive regulation organizes the work in the free zones and duties of each authority .

Article (5)

The projects , investors and users in free zone are not subjected to measure of registrations in register of importers and exporters and commercial register , where the administration puts private principles and measure regarding registration of projects investor and users .

Also projects , goals, commodities , service ,funds coming in out exchanges or comment in free zones are not subjected to any custom free zone or other except that related to dogma or moral or national security or health or environment protection , where the executive regulation shows procedure and principle effective for transporting transit goods .

Article (6)

Projects and incomes resulted in free zone whether by important persons or ordering all at one excepted from tax and fees, also permissions , purpose , asset , exchange, cash transfer and credit movement all are expected in the free zone this exception does not break right of authority that present service of facilities in the free zones , to get as return.

Article (7)

All projects or funds of investors and users in transit goods , transit goods and funds whether is the owner authority , can not be observed or size them but by tax of law or effective judicial measure in Libya .

Article(8)

It is not allowed nationalize projects based on free zones or transfer or occupy or confiscate themes or to be subjected to measures effect , but by law in return of just compensation .

Article (9)

Executive rules of this law to be issued by decision of GPC which include the following:-

•  Administrative system of free zones and responsibilities of each authority.

•  Arrangements and bases concerning entrance and exit of transit goods.

Article (10)

To cancel law No.(10) for 1959 concerning free zones and any clause contradicting judgment of this law.

Article (11)

This law to be published in official newspaper and to be executed from date of issue.

Peoples congress