A lucrative package of facilities, guarantees, privileges and exemptions are accredited by the Investment Law No. (22) Of 1991 and its amendments (in 2002, the law was amended and updated), to potential investors interested in establishing, expanding and developing investment projects. The following is a brief review of such incentives.
Facilities
· Simplicity of project licensing procedures.
· GIA is working as one window stop shop.
· Providing required information.
· Facilitated procedures of procuring expatriates.
· Easy to establish company or open commercial shops.
Guarantees
· The investment projects have the right to own land and properties.
· Freedom to employ set penalties and effect temporary dismissal.
· The foreign investor has the right to own the project 100%.
· Priority for getting credit loans.
Exemption
· The equipment’s required for the projects are exempted from tax and custom duties.
· The appliances of animal, agriculture and fish production are exempted from tax and custom duties.
· Investment projects are exempted from profit tax for seven years extendable to 16 years according to some conditions.
· In case of losses during exemption period, the tax exemption could be increased to 3 years more.