AUGUST 2019
Dear Entrepreneurs,

While Lebanon ranks 77th globally and 7th among Arab countries in the Readiness for Change index, the government is embracing various and ambitious reform initiatives aimed at improving the ease of doing business in the country, focusing specifically on the digital and knowledge economy. To this end, a series of preparatory roundtables have already taken place, producing a number of recommendations which are being followed up on.

This month’s Digest gives you a quick snapshot of some of the latest initiatives happening locally and regionally, and a few considerations to keep in mind when issuing invoices in Lebanon.

Enjoy the read!
ECOSYSTEM SUCCESS STORIES
Band Industries – A pioneering Lebanese company building the next generation musician’s toolkit
Founded in 2012 by Bassam Jalgha and Hassane Slaibi,  Band Industries ’ flagship device, Roadie Tuner, allows musicians to automatically tune guitars. The Beirut-based startup began its journey at the Hax Hardware Accelerator in Shenzhen and eventually launched a crowdfunding campaign on Kickstarter in 2013 which allowed the founders to start manufacturing their product in China. Today, Roadie Tuner is selling online in more than 80 countries. The BSU is proud to have supported Band Industries through our tax/accounting advisory services.
Startup growth – Lebanon has come a long way
Preliminary data from the BSU’s new Startup Database highlights exponential growth in the number of startups and scaleups over the last decade in Lebanon. Between 2008 and 2018, both startups and scaleups grew from 17 to 277, a 32% annual growth rate. Not surprisingly, the fastest growth period came after 2014 following the enactment of Circular 331 by the Central Bank. While a slowdown can be noted as of 2018, the impact of Circular 331 is clear and should not be underestimated. To register your startup on our database, c ontact us .
YOUR MONTHLY STARTUP TIP
Understand the Lebanese Invoicing Requirements set by the Ministry of Finance (MoF)

Once your business is up and running, it is important to act in accordance with the MoF’s regulations. When it comes to invoicing, businesses need to provide customers with an invoice outlining the details of the goods and services provided. An invoice is considered official when the following items are included:

  • Full name and address of the company (a logo could be added)
  • MoF number
  • Invoice number
  • Date of issuance of invoice
  • Name, address, phone number and MoF number of party receiving the invoice
  • Description of goods and services provided and VAT if applicable
  • Signature and seal
  • A fiscal stamp of LBP 250

Businesses issuing online invoices should obtain prior approval from the MoF’s Indirect Taxes Department at the place of incorporation by prepaying fiscal stamp duties on the number of invoices needed.

If you need further assistance in the process of invoicing, book your appointment now with our Tax & Accounting Advisors!
GET INFORMED
Find out how to protect your Intellectual Property in Lebanon!
THE LATEST FROM US
E-COMMERCE ROUNDTABLE
July 30

In the presence of the Prime Minister H.E. Mr. Saad Hariri and in collaboration with the Grand Serail and the World Bank, IDAL organized a roundtable to evaluate the state of e-commerce in Lebanon with key stakeholders and identify areas of improvement related to accessing new markets. Follow-up measures will be announced at a later stage.
SOCIAL ENTERPRISE WORKSHOP
July 23

The BSU at IDAL organized in partnership with Beyond Reform & Development (BRD) a workshop to discuss the social entrepreneurship policy framework in Lebanon and ways to regulate and incentivize social enterprises.
LOCAL & REGIONAL EVENTS TO LOOK OUT FOR
APPLICATION DEADLINE FOR THE AGRYTECH HACKATHON
August 9 ( More details )
 
APPLICATION DEADLINE FOR THE CARTIER WOMEN’S INITIATIVE 2019
August 14 ( More details )
 
APPLICATION DEADLINE FOR THE ARAB FINANCIAL INCLUSION INNOVATION PRIZE
August 25 ( More details )
 
DIGITAL LEBANON CONFERENCE
September 13 ( More details )