BEIRUT - The Parliament amended the law governing offshore companies. The amendment facilitates the establishment of these companies and broadens the diversity of industries allowed to take advantage of these provisions.

The sectors include: computers and new technology, insurance and reinsurance underwriting risks outside Lebanon, trade, shipping ... However, it is prohibited to establish offshore financial companies in Lebanon. The amended law aims to increase the number of offshore companies in Lebanon and therefore create more employment opportunities.

The term offshore is used for companies operating outside the country or in free zones. There are no taxes on the company's profits or on individual’s income