GNC Discusses New Commercial Laws

The GNC's Economy, Trade and Industry Committee met last week with a number of experts in commercial law in Libya.

According to Libya Herald, the meeting reviewed a bill on the adoption of the Trade Companies’ law, which would enable Libyan citizens to set up companies easily and quickly, and abolish laws imposed by the former regime, and to “enable the youth to engage in trade activities and private sector to contribute in the economic development of Libya”.

However, the Economy Minister Mustafa Abufunas revealed that the bill to reform the trade laws had been presented by his Ministry to the GNC, but due to the “current general situation” in Libya, the GNC had been delayed in passing the laws.

Minister Abufunas given examples of how the reformed law would help in the business sector, citing, for example, that if a Libyan or a Libyan company wanted to practicemore than one business activity, under the current laws they would have to form a different company, or a number of companies.

The Minister said that he hoped that this would be changed allowing business people to form companies that can operate in numerous sectors. The Qaddafi era laws also prohibit the naming of a company using the owner’s name. This should be changed, promised the Minister, ending practice of real owners having to list fake partners to satisfy the old laws.

The Minister assured that he saw a reduced role for the state, limited more to an oversight role in economic activity.

(Source: Libya Herald)

(Law image via Shutterstock)

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