Circular 2010/8 Regarding Authorizing Banks to Transfer Net Profits of Foreign Companies Under the Foreign Capital Investment Encouragement Law

AUTHORIZED STATEMENT

P.O. Box 1103 Tripoli - The Great Socialist People's Libyan Arab Jamahiriya Telegram Address: MasrTrib - Tripoli

Reference: I.M.N / 819 / 52 Circular I.R.M.N. No. (2010/8) Date: 11 Jumada al-Awwal. Corresponding to: 25 Tir 1378 A.H. (2010 AD).

TO: Brothers / General Managers of Commercial Banks AND / General Managers of Libyan Banks Abroad

Greetings...

Subject - Empowering Banks to Transfer Net Profits of Foreign Companies Operating Under the Foreign Capital Investment Encouragement Law

Based on the provisions of Law No. (1) of 1373 A.H. (2005 AD) regarding Banks. And referring to Circular I.R.M.N. No. (2002/8) issued on 31/3/2002 AD, regarding the regulations governing transfers of foreign companies operating under the provisions of Law No. (5) of 1426 Gregorian (1997 AD) regarding the encouragement of foreign capital investment, amended by Law No. (7) of 1371 A.H., and its executive regulations. And to Circular I.R.M.N. No. (2002/15) issued on 25/6/2002 AD, regarding regulations related to organizing accounts of foreign contracting companies operating in the Jamahiriya, and the mechanism of deposit, expenditure, and transfer abroad. And to the periodic letter I.R.M.N. No. (2010/15) issued on 14/1/2010 AD, whereby commercial banks were granted powers to transfer dues of foreign companies operating in the Jamahiriya.

We inform you that it has been decided to empower commercial banks to handle requests for the transfer of net profits submitted to them by companies operating under the umbrella of Law No. (5) of 1426 Gregorian (1997 AD), referred to above, without referring to the Central Bank of Libya, provided that the following documents are fulfilled:

1. An annual balance sheet for the company approved by an accountant and a statutory auditor, for the financial year for which the net profits are requested to be transferred.
2. Approval from the General Authority for Investment and Foreign Trade.

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3. Approval from the General Assembly of the company requesting the transfer.
4. Evidence of payment of taxes on realized profits.
5. The company completing a remittance application form issued, according to the forms approved by the Central Bank of Libya, and fulfilling the documents required by the Know Your Customer (KYC) policy for the bank account managed by the company at the bank.

And peace, mercy, and blessings of God be upon you ...

Dr. Mohamed Abdeljalil Aboustina Director of the Banking and Currency Supervision Department

TO: The Governor TO: The Deputy Governor TO: The Secretary General of the General People's Committee of the Planning and Popular Supervision Apparatus. TO: The Director of the Committee Affairs Office in the General People's Committee of the Foreign Trade and Investment Authority. TO: The Director of the Investment Department at the General Authority for Investment and Foreign Trade. TO: The Director of the Legal Affairs Department. Central Bank of Libya. TO: The Director of the Main Financial Information Unit. Central Bank of Libya. TO: The Banking Follow-up and Compliance Monitoring Department. TO: The Data and Statistics Department. 2010. I.M.N. 3.