تغيير اللغة

About Us

Ewan real estate investment has been founded under the law No. 451/2005 for 25 years, registered in the chamber of commerce under the no. 64466, the board of directors is presided by:

Mr./ Riadh Mohamed Sheltat


Capital:
Paid capital is 1,000,000 LYD, divided into 10,000 shares.
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Company activities:

Introducing and facilitating the establishment of international corporations in the – Facilitating collaboration between international corporations through the setting up of joint ventures, merging with the Libyan public sector, privet co-operations and businessmen and other international firms interested in the Libyan market.


Assistance in building a strong bonds and cooperates side by side with the proper authorities to find the right answer for the investor preoccupation.


Assistance in obtaining loans, letter of credit, bank guarantee in order to set industrial projects and Help transferring technology.



Law No. (5) of 1426 PB (1997)


for Promotion of Investment of Foreign Capital,


as Amended by Law No. (7) of 1371 PD (2003)



Investment shall be allowed in the following fields:

Industry
Health
Tourism
Services
Agriculture
Any other field specified by a decision of the General People’s Committee upon submission of the Secretary.



The projects established within the framework of this Law shall enjoy the following privileges:

-Exemption of Machinery, Equipment and tools necessary for executing the project from all customs duties and taxes and taxes of similar effect.


-Exemption of Equipment, Spare Parts and Raw Materials necessary for operation of the project from all customs duties and taxes imposed on import and other taxes of the same impact for a period of five years.


-Exemption of the project from income tax on its activity for a period of five years as from the date of starting production or work as per nature of the project. This period may be extended to an additional period of three years by decision of General People’s Committee upon submission of the Secretary. The profits resulting from the project activity shall also enjoy such exemptions if reinvested.


-Exemption of goods orientated to export from production tax as well as from tax and fees imposed on export when exported.


-Exemption of the project from stamp duty tax imposed on Commercial documents and documents used thereby.


-Exemptions mentioned in paras (a, b, d) hereof shall not include the fees imposed against services such as port, storage and handling fees.



Machinery, equipment, tools, spare parts and raw materials imported for the purposes of the project shall not be disposed of by sale or abandonment unless by approval of the Board after payment of the Customs duties and taxes imposed on import thereof. It is not allowed to use them for other than the purpose for which the license was granted.


The investor has the right to re-export his invested capital in the following cases:

* Expiry of the project period.

* Liquidation of the project.

* Sale of the project wholly or partly.

* Elapse of a period not less than (5) five years from the date of issue of permits for investment.


  Retransfer of foreign capital to abroad in the same manner as it was brought after expiry of six months from the date of entry thereof if difficulties or conditions beyond control of the investor prevent investment thereof.
  Net profits and benefits distributed and interests achieved by the project are allowed to be transferred annually abroad.
  The investor has the right to employ foreigners / whenever the national substitute is not available the foreign employees recruited from abroad shall have the right to transfer their salaries, wages and any other benefits or gratuities for them within the framework of the project to abroad.
  The project constructed in regional development areas or as would contribute to achieving food security or using equipment as would achieve savings in electric power / energy or water or environmental protection shall enjoy the exemptions indicated in paragraphs (b & c) of Article (10) of this Law for an additional period by decision of General People’s Committee, upon submission of the Secretary. The executive regulations shall specify the conditions for considering the project as achieving these considerations.
  In exception of the effective legislations related to ownership, the investor has the right to own land based on title of use and to rent it and construct buildings thereon and to own or rent the necessary real estate for construction or operation of the project under the terms and conditions specified in the executive regulations.
  The investor shall have the right to open an account in transferable currencies with a Commercial Bank or the Libyan Arab Foreign Bank.
  The ownership of the project may be transferred wholly or partly to another investor by consent of the Board. The new owner shall replace the previous owner regarding rights, duties and obligations thereon under the provisions of this law and other legislations applicable.
  The executive regulation shall specify the terms and conditions for transfer of ownership.
  The project shall not be nationalized, expropriated compulsorily acquired or confiscated or imposing guardianship conservation or freezing thereof or subjected to procedures having the same effect unless by law or judiciary verdict against a prompt, adequate and fair compensation, provided that such procedures shall be taken indiscriminately.
  Compensation shall be calculated on the basis of fair market value for the project in taking the procedure. The value of compensation is allowed for transfer in transferable currency within a period of one year at exchange rates prevailing at the time of transfer.


Last Updated ( Saturday, 12 July 2008 )