[:en]A Lebanese Joint Stock Company (SAL) is formed amongst shareholders who are only liable to the extent of their contribution and who subscribe to negotiable instruments referred to as ‘shares’.
- Conditions for Setting up a SAL:
A SAL must have its headquarters in Lebanon and its name must always be followed by the abbreviation “S.A.L”. The minimum number of shareholders is 3, and the minimum initial capital is LBP 30,000,000 (approximately USD 20,000), which can be in cash and/or in-kind contributions. The preliminary contributions must be fully delivered at the time of incorporation, but full payment of the cash capital is not required at the time of establishment where the law permits the payment of only one-fourth of the cash capital upon the company’s formation.
The company may be open to the public for subscription and may issue financial negotiable instruments or bonds. At least one auditor must be appointed by the company for a one-year term, and an additional auditor is appointed by the judge presiding over the Commercial Registry. The company must appoint a lawyer with yearly retainer fees.
- Management of the SAL:
The shareholders of a SAL initially meet in a “general assembly” and elect a board of directors. The number of board members must be between 3 and 12. All board members must own a minimum number of shares in the company (determined in the company’s by-laws) and the majority of the board members should be Lebanese.
The board elects a Chairman who represents the company and carries out the board’s decisions. According to the law, the Chairman should also be the company’s General Manager. There are no restrictions on foreign participation in joint stock companies except for certain restricted sectors (mainly the public sector, media, commercial representation, real estate and other specially regulated industries).
- Incorporation Process:
For the purpose of setting up a SAL, the following steps should be followed:
- Company’s By-Laws or Articles of Association:
The founders should first agree on the company’s articles of association. The lawyer drafts and prepares the company’s by-laws which should be executed by the founders before a notary public in whose district the company’s head office is located.
The founders then hold a constitutive general assembly to elect a board of directors, and the newly appointed board of directors elects the company’s chairman, and appoints a principal auditor and a legal advisor.
The Chairman (and any other person delegated by the Board) signs on the commercial circular. Moreover, an application form of the company’s registration should be filled out and filed with the Commercial Registry.
- Opening a bank account confirming the subscription of the company’s capital:
Once the founders sign on the company’s by-laws, they need to open a bank account in a Lebanese bank under the name “SAL Under Constitution”. A copy of the By-Laws, minutes of the constitutive and first board meetings, and legal identification of the founders will be required.
The founders should deposit the capital of the company (LBP 30,000,000 at least or USD 20,000) in the chosen bank and then obtain a certificate from the bank, evidencing the opening of the bank account and the subscription of each founder’s shares.
- Registration at the Commercial Registry:
Following the opening of the bank account, the below documents should be submitted at the Commercial Registry, specifically in the Court of Commerce located in the same district as the company’s head office:
- The application form for the company’s registration;
- The company’s notarized by-laws;
- The minutes of the constitutive general assembly;
- The minutes of the first board meeting;
- The commercial circular;
- The certificate of bank deposit;
- Copies of legal identification of all shareholders; and
- A deed of property or lease agreement registered at the municipality, or an occupancy deed for the company’s headquarters.
With the documents listed above, you also need to submit a document confirming the appointment of a legal advisor, at the Bar Association.
After filing the required documents with the Commercial Registry, you will receive certified copies of the certificate of incorporation, articles of association, commercial circular, and the minutes.
- Ministry of Finance Duties:
The company under constitution should apply for commencement of activity at the Ministry of Finance within two months following registration or it will be subject to a fine. The company is also required to pay the stamp duty at the Lebanese Ministry of Finance.
A tax identification number will be attributed to the company from the Ministry of Finance.
- Release of the Company’s Capital:
Finally, in order to release the blocked capital during the incorporation period, the following documents should be submitted to the chosen bank of the company:
- The minutes of the constitutive general assembly;
- The minutes of the first board meeting;
- A certified copy of the certificate of incorporation;
- A certified copy of the by-laws; and
- A certified copy of the commercial circular.
[:ar]
:خصائصها
لا يجوز أن يقل عدد مؤسسيها عن ثلاثة ولا أن يقل رأسمالها عن ٣٠،٠٠٠،٠٠٠ ل.ل. (٢٠،٠٠٠$). يسمى الشركاء فيها “مساهمين” ولا يكونون مسؤولين قانوناً عن ديون الشركة إلا بقدر حصصهم فيها.
تشكيلها:
خلال الجمعية العمومية التأسيسية، يتم تعيين أعضاء مجلس الإدارة ومفوضي المراقبة إذا كانوا لم يعينوا بمقتضى نظام الشركة. على أنه يشترط بأن تكون أكثرية أعضاء مجلس الإدارة مواطنين لبنانيين يتم اختيارهم من بين المساهمين الذين يملكون من عدد الأسهم حداً أدنى يعينه نظام الشركة، ويكون بمثابة “أسهم ضمان”.
تسجيلها:
يجب ان يكون لكل شركة مساهمة مؤسسة في لبنان مركز رئيسي في الأراضي اللبنانية.
إدارتها:
إن مجلس الإدارة المؤلف من ٣ أعضاء على الأقل و١٢ عضواً على الأكثر مسؤول عن عمليات الشركة. ينتخب المجلس أحد أعضائه لمنصب الرئيس الذي توكل إليه مهمة تنفيذ قرارات المجلس. أما إذا كان رئيس مجلس الإدارة مواطناً أجنبياً فيشترط به حيازة إجازة عمل. يعين مفوضان للمراقبة: واحد من الجمعية العمومية والثاني من السجل التجاري وهما يراقبان سير أعمال الشركة مراقبة مستمرة.
- غياب القيود على النشاطات
يجوز للشركات اللبنانية أن تتعاطى أي نوع من الأعمال وان تصدر أسهماً إسمية ولحامله فضلاً عن سندات عادية وسندات قابلة للتحويل إلى أسهم. يمكن فتح الإكتتاب بالأسهم أمام الجمهور، كما يمكن تسجيل الشركة في البورصة. تعتبر كل الشركات اللبنانية بحكم الواقع أعضاء في بورصة بيروت حتى وإن لم يكن اسمها مدرجاً فيها مباشرة.
- لا حدود للمشاركة الأجنبية
فيما عدا بعض الإستثناءات (مثل الشركات العقارية وشركات التأمين وشركات الإعلان والمصارف) لا تحدد قيمة رأس المال الذي يجوز للأجانب حيازته. ولكن رغم مبدأ المشاركة الأجنبية غير المحدودة، يشترط بأن تكون أكثرية أعضاء مجلس الإدارة لبنانيين وبأن يحمل كل منهم عدداً محدداً من الأسهم.
[:]
