Doing business in Libya: Benefits and Privileges for Investors
There is a lot of demand for the investment within the free zone, mainly because of the benefits and privileges that Misurata Free Zone has to offer.
Officers at Misurata Free Zone meet with both local and foreign investors on an almost daily basis. There is a lot of demand for the investment within the free zone, mainly because of the benefits and privileges that Misurata Free Zone has to offer.
“Some of the main benefits are exemption from corporate income tax for the life of the project, unlike in other free zones in the region where there is usually a time limit on this exemption. There is also exemption from all custom duties, they can bring in all of their project materials, whatever is required and they won’t have to pay any customs tax,” explains Jamal A. El-Ghirani, Investment General Manager at Misurata Free Zone.
“The other thing that Libya has that really gives it the edge over other free zones in the area is the cost of energy sources. Energy, as you know, in Libya is very cheap, whether it be electricity or fuels etc. I think the energy sources are cheaper than anywhere else around us,” adds El-Ghirani.