- Joint Company
definition
o It is joint stock company formed by a Libyan company and a foreign company or by Libyan nationals and foreigners or by companies and individuals. The law fixed its capital by 100000 LD (One million Libyan Dinars). The paid capital is 300,000 (Three Hundred Thousand Libyan Dinars). The minimal Libyan participation in the company's capital is 35%.
2- Limited Liability Company
A- Characteristics
Limited liability companies are usually used in small economic activities due to the fact that maximum amount of its capital is 30000 LD (Thirty Thousands Libyan Dinars) and the minimal amount of its capital is 5000 (Five Thousands Libyan Dinars) to be paid in full upon the registration.
The Libyan law did not allow the limited liability company to perform certain activities such as insurance and banking.
4- Joint Venture
A- Characteristics
The Joint Venture Company has existence only among the parties concerned; it is not intended to be known by third parties. So, it is considered as an occult company.
All companies, with exception of Joint Venture companies, are endowed with moral personality. So, the Joint Venture Company does not constitute a juristic person. As it is not intended to be known by third parties, the Joint Venture Company has no moral personality.
It is formed by private persons or juristic ones to participate in certain commercial project (s) and it comes to end by accomplishing the contracted projects.
Joint Venture companies are not authorized to issue bonds or negotiable shares.
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