Lebanon Commercial Law
Lebanon Law No. 126/2019 issued on 29 March 2019 and published in the official Gazette on 1 April 2019 came into force on 1 July 2019.
Lebanon Law No. 126/2019 is an amendment to Lebanon Decree-Law No. 304/1942 dated 24 December 1942 and introduces changes aiming to simplify formalities and procedures and to enhance corporate governance rules. In addition to these amendments, the Commercial Registry introduced a number of new practices with which lawyers and legal practitioners will have to accommodate.
Simplification of formalities
Articles of Association of corporations can now be legalized in front of any notary public and no longer solely in front of the notary public in the area where the company's headquarters are located.
A company can also be domiciled at the law firm's or lawyer's office.
The additional auditor is not mandatory anymore except upon the request of at least 10% of shareholders.
Subscribed and unpaid shares can be sold by the company by virtue of a board decision without the need to go through the stock market authority.