The ISO code of Libya is LY according to the ISO 3166 standard. The local name of the country is Libiyah. Libya capital city is Tripoli. People in Libya speak the Arabic language. On 10 February 1947, Libya emerged as a sovereign political entity. In the year 02/10/1947, Libya emerged as a sovereign political entity. The largest city in Libya is Tripoli.
Libya is located in the UTC +02:00 time zone, which is also called Central Africa Time or CAT. The internet country code top-level domain (ccTLD) for Libya is .ly. The International dialing code for Libya is 218. People in Libya drive on the right side of the road. Total land area of Libya is 1,759,540 km² (approx. 679,359 mi²). Libya is not a landlocked country. It means that is is bordered by at least one major body of water.
Libya is located in Africa. Libya is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Libya faces various issues, including desertification, limited natural fresh water resources, the Great Manmade River Project, the largest water development scheme in the world, is being built to bring water from large aquifers under the Sahara to coastal cities.
Doing business in Libya
We offer various corporate services in Libya jurisdiction. These services can serve both, people coming from Libya and foreigners. If you plan on doing business in Libya you might be interested in contacting us.
To find out about starting your business in Libya click on company formation in Libya.
To find out how to open a bank account in Libya and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Libya.
Choose preferred service below or continue reading to find out more about Libya.
Demographics of Libya
The total population of Libya is 6,470,956 people. In Libya, the population density is 3.5 people per square kilometer (9 per square mile). Because of this statistic, this country is considered to be very sparsely. The ethnic diversity is very diverse according to a fractionalization scale which for Libya is 0.792. Libya has approximately 771146 foreign immigrants. The median age is approximately 27.5 years. In Libya, 19.86 in every 100 people use internet. Libya has a Human Development Index (HDI) of 0.784.
The majority religion of Libya is Islam, Libya is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Libya.
Culture of Libya
People in Libya speak the Arabic language. One of the most popular national dishes of Libya is bazeen. To read more click on culture of Libya.
Geography of Libya
Libya is considered to be a vast nation because of its total area. Its total land area is 1,759,540 km² (approx. 679,359 mi²). Libya is located in Africa. Its capital city is Tripoli. Libya has 6 neighbouring countries. Its neighbours include Algeria, Chad, Egypt, Niger, Sudan, and Tunisia. Total length of land borders of Libya is 4339 kilometers (~1,675 miles).
The highest point of Libya is Bikku Bitti, with its official height being 2267 m (7,438 ft). Including land mass and EEZ, the total area of Libya is approximately 2,111,129 km² (~815,108 mi²). The most notable natural resources found in Libya are petroleum, natural gas, gypsum.To read more click on geography of Libya.
Economy of Libya
The currency of the country is Libyan dinar. The symbol used for this currency is ل.د, and it is abbreviated as LYD. 17.7% of population in the country are unemployed. The total number of unemployed people in Libya is 1,145,359. Each year, Libya exports around $38.45 billion and imports roughly $27.15 billion. The Gini Index of the country is 36. Libya has a Human Development Index (HDI) of 0.784.The Global Peace Index (GPI) for Libya is 2.819. Libya has a government debt of 61.5% of the country's Gross Domestic Product (GDP), as assessed in 2012. Libya is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are petroleum, petrochemicals, aluminum, iron and steel, food processing, textiles, handicrafts, cement.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Libya is $97,938 billion. Each year, consumers spend around $21,510 million. The ratio of consumer spending to GDP in Libya is 0%, and the ratio of consumer spending to the world consumer market is 0.0621. The corporate tax in Libya is set at 20%. Personal income tax ranges from 5% to 10%, depending on your specific situation and income level. VAT in Libya is 0%. In 2013, Libya received 87 million USD in foreign aid.In 2014, the foreign aid amounted to 642.1 USD.To read more click on economy of Libya.
Infrastructure of Libya
Infrastructure quality in Libya is rated to be at 2.29. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Libya, 100% of the population has access to electricity. There are 17,926 internet hosts in Libya. Libya has 146 airports nationwide.
The logistics performance index of Libya is 2.5. It indicates a satisfactory performance - in general, traffic is handeled well, some flaws in certain areas are possible, but overall the logistics system performs reliably and is ready to handle predictable amounts of traffic.
Tracking possibilities for shipments are rated at 2.85. It indicates a satisfactory performance - the tracking systems provide all the basic information as well as additional data about shipments; most of the times it also has a weel established cooperation with foreign and international tracking systems, as well as usually provides information in multiple languages.
The number of road motor vehicles per 1000 inhabitants in Libya is 709. To read more click on infrastructure of Libya.
Politics of Libya
Libya, is a disputed due to civil war. With regard to political and civil freedoms, Libya is 3. Citizens in Libya experience little to no civil liberties and political rights. Citizens are not free to express themselves and do not enjoy political freedom or a representative government. Countries with this political situation are dangerous for investment, as an authoritarian government may have outsize control over economic matters. The head of the government is Fayez al-Sarraj.
According to the World Bank Group, the government effectiveness index of Libya is -1.64. This indicates that the government of Libya is very ineffective. The government is unable to provide civil and public services for its citizens and has fostered a situation contributing to political and social unrest.In Libya, the legislative power is vested in a Council of Deputies. The Global Peace Index (GPI) for Libya is 2.819. The strength of legal rights index for Libya is 0. Overall, it is considered to be rather weak - bankruptcy and collateral laws are unable to protect the rights of borrowers and lenders in case of credit-related complications; credit information, if any at all, is scarce and hardly accessible. In 2013, Libya received 87 million USD in foreign aid. In 2014, the foreign aid amounted to 642.1 USD. Libya is a member of the United Nations (UN). On 14 December 1955, it joined the UN as a full member state. Libya is a member of the African Union (AU). On 25 May 1963, it joined the AU as a full member state. Libya is a member of the World Bank. To read more click on politics of Libya.
Environment of Libya
Libya emits 6.2 metric tons per capita of CO2. 2170 km² of Libya's territory is covered in forests. and forest land comprises 0% of all the land in the country. The number of road motor vehicles per 1000 inhabitants in Libya is 709. To read more click on environment of Libya.
Company formation in Libya
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Libya.
When establishing a company in Libya, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Libya that will affect the establishment and growth of one's business. Contact us or click on company formation in Libya to read additional information when setting up a business.
Bank account opening in Libya
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Libya. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Libya, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Libya or contact us.