Business
The Code of Commerce 1942, with banking secrecy substantially amended in 2022
Companies are formed under the 1942 Code of Commerce. The 1956 banking secrecy law, long the foundation of Lebanon's financial sector, was substantially amended in 2022 as an IMF programme condition.
Key rules
- Jurisdiction — National, with a separate free zone regime in Beirut port and Tripoli.
Governing law
- Code of Commerce, Legislative Decree of 24 December 1942
- Banking Secrecy Law of 3 September 1956, as amended by Law No. 306 of 2022
- Law No. 126 of 2019 amending company law on shareholding requirements
In practice
The joint stock company (SAL) and limited liability company (SARL) are the standard forms; the 2019 amendments removed the requirement that SAL board majorities be Lebanese and allowed single-shareholder companies. The 2022 banking secrecy amendment is the significant recent change: it permits access by tax authorities, the banking regulator and judicial authorities investigating financial crime, dismantling the regime that had defined Lebanese banking since 1956. Any advice written before 2022 on Lebanese financial confidentiality is now unsafe. Holding and offshore company regimes under 1983 legislation remain in place with tax advantages.