Type of Company – The Offshore company is formed as a Joint Stock Company.
Legislation – Lebanese Commercial Code – Establishment of Offshore companies are governed by Law No.46/83.
Company name – A company name must end with Limited, Corporation, Incorporated, Société Anonyme, Sociedad Anonima or an abbreviation thereof.
Time-scale for incorporation – 4 to 7 days.
Disclosure of beneficial owners prior to incorporation is NOT required.
Ready-made companies are NOT available.
Other corporate or partnership forms – Joint Stock Companies and Limited Liability Partnership Companies.
Money laundering legislation is in existence.
Registered Office and Registered Agent must be maintained.
Company Secretary must be appointed. May be a natural person or corporate body
Public recording at the General Register and Special Register, held at the Court of First Instance in Beirut consists of Shareholders, members of the board, and annual audited financial statements together with Auditors.
Accounts are required and a local Auditor must be appointed for publishing annually in the Special Register for Offshore Companies.
Minimum number of shareholders – Three (3), must consist of at least Two (2) Local Individuals and One (1) individual, either local or non-resident who will also act as the President of the company.
Minimum number of directors – One (1), must be an individual and may be non-resident. Also known as the ‘President’.
Minimum capital requirement – US$20,000. This is frozen in the name of the offshore company until final constitution.
Standard Authorised Capital – US$20,000.
Bearer shares are NOT Permitted.
Corporate Directors are permitted, but at least One individual .
Annual return is NOT required but annual statutory meetings are required.
Statutory accounting is required.
Annual license fee or annual indirect tax of US$660 (One Million Lebanese Pounds) per annum.
Taxation – Income Tax on actual profits, Stamp Duty and Tax on distributed Dividends are Fully Exempt.