Previously, the chairman of board of directors of the joint-venture (joint-sock) company or the manager of joint-venture (limited liability) company must be of Libyan nationality, and the country manager and deputy of a branch of a foreign company in Libya's must be Libyan too.

On October 13, 2022, Libya's Ministry of Economy and Commerce introduced Decree 944/2022 regarding the Participation of Foreigners, Branches, and Representative Offices of Foreign Companies in Libya, which revoked nationality requirements for the chairman of the board of directors of JSCs and the managing director of LLCs. Nationality requirement concerning the country manager and deputy of a branch of a foreign company in Libya partially remains, as only one of them is required to be a Libyan national.
"Article 1 -The following expressions mean the following: [...]
5. Branch:the branch of a foreign company in Libya.
6. The Parent Company:a foreign company whose headquartersis outside Libya and has the will to establish an entity in Libya. 
7. Joint venture: a national company jointly owned bya foreign person, whether a natural or legal entity, with a national person, whether legal or natural, according to the ownership ratios stipulated in these regulations.
[...]
Chapter Four - Foreign Affiliates [...]
Article 23 Branch Management
The branch is managed by the branch manager and his deputy, provided that one of them is Libyan. [...]." (Decree No. 944 on the Foreigners' Participation and Foreign Companies' Branches and Representative Offices in Libya, 13 October 2022 [Translation provided by Libya's Ministry of Economy])
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"Section One - Joint-Venture Companies
Article 1
Subject to the unity of object and specialization, formation of joint-venture companies shall be between the Libyan national and body corporate persons and the foreign national and body corporate persons according to their specialties as registered with the official departments in the country of abode of their main domicile, after obtaining permission from the Minister of Economy, provided the joint-venture shall not be a holding company.
The chairman of board of directors of the joint-venture (joint-sock) company or the manager of joint-venture (limited liability) company should be of Libyan nationality.
[...]
Section Two - Branches of Foreign Companies [...]
Article (8)
Application for obtaining permission, provided for in the preceding article, should be appended with the following documents:
1) Decision of Company's Board of Directors, approving the opening a branch for the Company in Libya that includes the following:
a) Define the activity of the Branch provided it should be falling within the activities permitted for foreign company branches to carry on in Libya.
b) Amount allocated for opening and running the branch, should not be less than (LYD 250,000) two hundred and fifty thousand Libyan dinars.
c) Nominate the branch's manager and his deputy, provided either of them should be Libyan
 [...]" (Decision of the Minister of Economy No. 207 of the year 2012 in respect of foreigners participation in foreign companies, branches and representative offices of foreign companies in Libya)
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"Article 2 - Area covered by this Law This law applies to national, foreign, or joint venture capital jointly invested in the areas targeted by this Law.
[...]
Article 7 - Conditions to be fulfilled for investment projects 
The project shall fulfil all or part of the following: [...] 
(7) Provision of employment opportunities for the Libyan labour force, of not less than 30%, along with endeavours to provide training courses for such labour, allowing acquisition of technical skills and expertise. The Executive Regulation specifies the terms and conditions for the employment of national and foreign manpower.
[...]
Article 8 - Areas of Investment 
Investment shall be in all production and service areas. The Executive Regulation shall determine the areas of production and services, which are not covered by this Law, or which are restricted to Libyans only, or by way of partnership between Libyans and foreigners ; additionally , to determine the percentage of each side's contribution in the project, the legal form of the project and the minimum capital that conforms with the nature of the activity.
[...]
Article 12 -Investor's Rights 
The investor shall have the right in the following : [...]
(6) Recruit foreign manpower in the case that national manpower is not available. 
[...]
Article 27 - Exceptions within the scope of this Law 
The provision of this Law shall not apply on national and foreign capitals invested or will be invested in oil and gas projects.
Article 28 - Validity of legislation organizing the economic activity 
The provisions of legislation organizing the economic activity shall be applicable on those who are subject to the provisions of this Law, this is with regard to matters that are not covered herewith. [...]" (Law No. 9 of 2010 on Promoting Investment)
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"Article (4) - Investment fields
It is allowed to invest capital stated in article (2) of these rules in all productive and service fields with the exception of the fields for exploration, extraction and marketing of oil and gas.
The decision for specifying the fields which are limited for Libyans only or participation with foreigners and percentage of each side in the investment project will be issued by GPC on presentation of proposal from the concerned secretary.
[...]
Article (8) - The legal forms which exercise the investment
The activity of an investment project is exercised according provisions of these rules and effective legislations through all legal forms stipulated in the commercial law; the investment project is registered in the investment register with the authority according the procedures and regulations stated in these rules with the exception of individual activity, tsharokiat and joint stock companies. 
[...]
Article (37) - The use of the employment
The investor should be committed to save jobs for the Libyans by ratio of less than (30%) of the employment size in the project and should train the national employment to give them the skills and the technical and administrative experience to be employed in the place of the foreign employment. The investor is permitted to bring the foreign technical experiences which are required for the establishing and operating of the investment project in case of not finding them in the Libyan by pay attention to the legislations rules of the labor.
[...]" (GPC decision No. 499 for 2010 for issuance of the executive rules of Law No. 9 for 2010 concerning encouragement of investment)
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[Not reproduced here: Ministry of Justice, Legal Opinion No. 11-4-2 on "The right of foreigners to own the entire investment project in the form of a company or branch of a foreign company", 23 January 2023.[google translation]]
Decree No. 944 on the Foreigners' Participation and Foreign Companies' Branches and Representative Offices in Libya, 13 October 2022
Decision of the Minister of Economy No. 207 of the year 2012 in respect of foreigners participation in foreign companies, branches and representative offices of foreign companies in Libya
Law No. 9 of 2010 on Promoting Investment
GPC decision No. 499 for 2010 for issuance of the executive rules of Law No. 9 for 2010 concerning encouragement of investment
Ministry of Justice, Legal Opinion No. 11-4-2 on "The right of foreigners to own the entire investment project in the form of a company or branch of a foreign company", 23 January 2023.
[<a href="https://euroly.org/wp-content/uploads/2022/11/Decree-No.-944-on-the-Foreigners-Participation-and-Foreign-Companies-Branches-and-Representative-Offices-in-Libya.pdf">Decree</a>],[<a href="https://www.chambre-de-commerce-franco-libyenne.org/uploads/D%C3%A9cision%20207%20(traduction%20anglaise).pdf">Decision</a>],[<a href="https://euroly.org/wp-content/uploads/2022/06/Law-No.-9-2010-Euro-Libyan-Trade-Center.pdf">Law</a>],[<a href="https://libyaninvestment.com/gpc-decision-no-499-for-2010/">Decision</a>],[<a href="https://lawsociety.ly/fatwas/%d8%a3%d8%ad%d9%82%d9%8a%d8%a9-%d8%a7%d9%84%d8%a3%d8%ac%d8%a7%d9%86%d8%a8-%d8%aa%d9%85%d9%84%d9%83-%d8%a7%d9%84%d9%85%d8%b4%d8%b1%d9%88%d8%b9-%d8%a7%d9%84%d8%a7%d8%b3%d8%aa%d8%ab%d9%85%d8%a7%d8%b1/">Opinion</a>],[<a href="https://www.lexology.com/library/detail.aspx?g=20374709-5734-4d8e-a159-90af5a3394b2">Other</a>],[<a href="https://itkan.ly/the-provisions-of-law-no-9-of-2010-on-promoting-investment/#:~:text=9%20of%202010%20is%20a,stretched%20beyond%20what%20it%20bears.">Other</a>],[<a href="https://libyaherald.com/2023/02/recent-legal-opinion-on-foreign-investment-in-libya-does-not-impose-blanket-ban-in-oil-sector-tumi-law-firm/">Other</a>]