Lebanon promises to simplify process for registering new businesses
According to a DailyStar report, the Lebanese government signed an agreement to cut the procedural time from more than 46 days to 6 days for registering new businesses in Lebanon in hope of encouraging new businesses by local or abroad entrepreneurs. Article highlights a 2006 WorldBank report that it takes more than 45 days to register a company in Lebanon with an average cost of 94 percent of annual income per captita while it takes 11 days and an average cost of 25 percent of annual income per capita in Tunis, as comparison. Most of the 45 days are spent between collecting documents, forced visits to multiple government agencies and paying several fees for each of such institutions. The new process, supervised by the International Finance Corporation (a World BankGroup member), allows a business person to be represented by a legal representative who will submit the documents and payments to any local LibanPost (Lebanon's official office) branch in Lebanon on the behalf of the entrepreneur.
Labels: middle east
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