Success tips when doing business in Libya
- Your joint venture partner or Libya shareholder must not merely be a nominee for the sake of meeting the rules of foreign company incorporation. You should choose a partner that actually brings a lot to the table, including local knowledge your business would need in Libya;
- To optimize the success of your new business venture in Libya, Healy Consultants recommends your firm i) complete a feasibility study ii) prepare a detailed business plan iii) communicate with the Libya Chamber of Commerce iv) speak to your local embassy in Libya and v) communicate with Healy Consultants Clients who successfully launched their business in Libya;
- Foreign companies should be aware i) Libya statistics and market data are usually imprecise ii) transactions tend to take longer than expected iii) more frequent and longer market visits are required, at least initially iv) complex business procedures are common;
- An essential factor in starting a business in Libya is to thoroughly research the business sector you are planning to invest in. Healy Consultants recommends our Client prepare a detailed business plan including an extensive market study and evaluation of competitors.
