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Regulatory framework impedes Lebanese business startups
21-3-2018
L’Orient Le Jour published a report by Arabnet on Lebanese startups based on a survey of some 90 emerging entrepreneurial ventures between November 2017 and January 2018. According to the report, the Lebanese regulatory framework is the main concern for (two-thirds) of entrepreneurs who related difficulties to three main aspects: The taxation system, an absence of financial and e-payment procedures and business registration and incorporation issues. One startup owner, Carl Naim, said it took him two weeks to register the establishment in Beirut, compared to 48 hours in UK and one week in Dubai, and spent nearly USD 5,000 in registration fees. In a parallel development, the minister of economy and trade, Raed Khoury, said during the Financial and Investment Education conference on Saturday, that the Lebanese youth suffer from the absence of a comprehensive financial culture due to a lack of a national economic vision, which causes a lack of understanding of the government decisions. “Our youth lament a deficiency in economic planning which should be integrated in the curricula,” Khoury said. He pressed for the formation of a committee to study labor market requirements, in collaboration with the universities, in order to focus on the needed competencies and, therefore, build up prospects of employment for the young people of Lebanon. (L’Orient Le Jour, March 19, 21, 2018)
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