Regulatory Alerts2010-06-23
Added · Updated
Circular 2010/8 - Authorization of Banks to Transfer Net Profits of Foreign Companies
The Central Bank of Libya authorizes commercial banks to process applications for the transfer of net profits from foreign companies operating under Investment Law No. 5 of 1997 without prior Central Bank approval, provided specific conditions are met. Banks must verify that the applicant company has submitted an audited general balance sheet, obtained approval from the General Authority for Ownership and Investment and the General Assembly, provided proof of tax settlement on realized profits, and completed the Central Bank-approved remittance form along with Know Your Customer (KYC) documentation. This directive amends previous circulars by delegating this specific transfer authority to commercial banks.