Regulatory Alerts2010-06-23
Added · Updated
Circular 2010/8 Regarding Authorizing Banks to Transfer Net Profits of Foreign Companies Under the Foreign Capital Investment Encouragement Law
The Central Bank of Libya authorizes commercial banks to process applications for the transfer of net profits from foreign companies operating under Law No. (5) of 1426 AH (1997 AD) without prior approval from the Central Bank, provided specific documentation is submitted. Required documents include an audited annual balance sheet, approval from the General Authority for Investment and Foreign Trade, approval from the company's general assembly, proof of tax payment on realized profits, and a completed remittance application form compliant with Know Your Customer (KYC) policies.
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