Reserve a unique company name
Agency: Company registry at the Ministry of Economy
The business owner meets with the notary, fills out the official form with name suggestions, type of company, etc. Then the notary sends a clerk to check at the registry the availability of the name for the client. After that an official name reservation certificate is issued by the registry.
Time and cost: 2 days, no charge
Draft memorandum and articles of association with the Notary
Agency: Notary
The founders have to bring copies of their ID’s and provide relevant details on how they would like to structure the bylaws of the company.
Time and cost: 7 days, 1% of the capital of the company or 1,000 LYD, whichever higher
Open a bank account and deposit paid-in minimum capital
Agency: Commercial Bank
The client opens a bank account while the notary is drafting the Articles of Association. To do so the client receives a letter from the notary confirming the name reservation, the capital and the founders’ names.
Time and cost: 3 days (simultaneous with previous procedure), depends on the bank, it is either free (usually) or 5,000 LYD for depositing the capital.
Pay stamp duty
Agency: Office of Tax Department at the Ministry of Economy
The clerk from the notary’s office brings the name reservation, the ID’s, the bank receipt and the internal documents of the company (ownership structure, headquarters location, bylaws etc.) to the tax department where documents get stamped.
Time and cost: 7 days, 0.5% of the capital or 25 LYD
Apply and obtain registration at the commercial registry
Agency: Company registry at the Ministry of Economy
Stamped documents are brought to the registry by a clerk from the notary’s office. Certificate of registration is issued.
Time and cost: 4 days, 150 LYD + 0.5% of the start-up capital
Register at the Chamber of Commerce
Agency: Chamber of Commerce
A clerk from the notary’s office goes to the Chamber of Commerce and picks up the certificate from the Commercial Registry.
Time and cost: 2 days, 162.5 LYD
Retrieve the bank letter from the notary public
Agency: Commercial Bank
After obtaining the chamber of commerce and certificate of incorporation of the company, the public notary will issue a letter to the bank to activate the bank account and delegate the client to do so. The client submits the incorporation documents to the bank and completes the bank’s applications in relation to the signatory on the Company’s bank account.
Time and cost: 1 day, no charge
Notarize the company lease and Register with the Social Security Fund – Ministry of Labor
Agency: Lease Agent
The client obtains a lease and notarizes it. The company then registers with the social security fund and the Ministry of Labor.
Time and cost: 1 day, no charge
Obtain the business license
Agency: Office of Operations license of the Ministry of Economy
At this stage of the process the client needs the lease, the final bank account and all the previous forms. Depending on the business activity, the client needs an authorization of the relevant Ministry (e.g. Health, Food and Drug Administration etc.).
Time and cost: 10 days, 100.5 LYD
Obtain a company stamp
Agency: Printing shop
Business founders can obtain a company stamp at the Printing Shop for 20-70 LYD. A letter from the manager and a copy of the commercial extract of the company should be submitted for issuing the stamp.
Time and cost: 1 day, 20 – 70 LYD
