Changing Company Types in Lebanon
Updated on Monday 26th March 2018
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If you are interested in changing company types in Lebanon, it is important to know that the way to do this is by closing the existing company and then setting up a new one under the form you require. As follows, our company formation agents in Lebanon explain what the main types of business vehicles in this country are and how to set up a legal entity here.
Main types of business vehicles in Lebanon
The main types of business vehicles in Lebanon are the sole proprietorship, the partnership and the limited liability company (LLC).
A person who is a Lebanese citizen or a foreign one can effectuate any business operations as a sole proprietor.
Sole proprietorships in Lebanon have to obey the general regulations of the Code of Commerce in this country. Our Lebanon company formation advisors can provide further details on these types of businesses in the country.
As about partnerships, these can be formed by an existing or new partnership.
These business vehicles are considered to be separate legal entities and can undertake business in their own name.
The LLCs in Lebanon can be formed by partners, while the capital of the company is divided into parts, and not shares.
The minimum capital for such a legal entity in this country is LBP 5 million. The partners are liable only to the extent of their parts in the business.
An LLC here is administered by one or more managers who can be chosen from the partners. The general assembly of partners have to meet at least once yearly. We can assist you to open such company in Lebanon.
Setting up a company in Lebanon
In order to set up a newly formed company after closing the current one in order to change the company types in Lebanon, the following procedures are required:
• Chose a Lebanese lawyer;
• Deposit a capital in a bank account;
• Register at the Company Registry in Lebanon;
• Notify the Ministry of Finance of starting the business activities;
• Other steps: our company registration consultants in Lebanon can offer more information on what these other steps consist of.
If you need to know more about how to change company types in Lebanon, or for help in setting up offshore companies in Lebanon, please feel free to get in touch with us.