Since the Business Licensing and Registration Act No 3 of 2019 entered into force, foreign shareholding in many retail business (e.g. all retail in non-specialised stores, via internet or mail orders, as well as retail of certain goods in stalls and markets (food, beverages, tobacco, textiles, clothing and footwear in stalls and markets) and in specialised stores (motor dealerships (inlcuding repair and maintenance services); household fuels, bottled gas and coal; cultural and recreation goods; business agents and brokers activities in specialise stores, including of health-related products; animal feeds, including animal and crops medical goods and chemicals; bread and confectionary products; motor vehicle and motorcyle parts and accessoires, including repair activities; alcoholic beverages; meat and meat products, including poultry; fruits and vegetables; prepared meat and meat dishes; hardware, paints and glass products; pharmaceuticals and medical products, including cosmetics and toilet products; health-related products) is limited to 30% in the case of a company and to 49% in the case of partnerships. Previously, in accordance to the Trading Enterprises Order and its regulations, foreign shareholding in Basotho beer shops, butcheries, dairy shops, greengroceries, and tentage dealing was completely restricted.
"Interpretation
2. In this Act, unless the context otherwise requires-[...]
"foreign business" means - (a) an individual who is not a citizen of Lesotho; (b) a partnership in which the majority of the partners are not citizens of Lesotho; (c) a company in which thirty percent or more of the shareholders are not citizens of Lesotho.[...]
"medium enterprise" means an enterprise which employs between 21 and 50 employees including the owner, with an annual turnover of less than M5,000,000.
[...]
Part II - Licensing of Business
4.(1) No person shall engage in a business activity set out in Schedule 1 without a licence and, in the case of a foreign business, a business permit issued in accordance with this Act.[...]
(4) The Licensing Officer shall not issue a business permit unless the foreign business submits a business plan with the following details- (a) capital resources of not less than M2,000,000; (b) employment generation of not less than 6 employees who are resiednts or citizens of Lesotho; (c) strategic nature of the business to the Lesotho economy; transfer of technology and business expertise; and (e) advancement of business undertaking owned by citizens.[...]" (Business Licensing and Registration Act No 3 of 2019)
------------------
"List of Reserved Business Activities
34.(1) For the purposes of the promotion and development of local entrepreneurship and micro, small and medium enterprises, the business activities set out in schedule 16 shall be reserved exclusively for citizens of Lesotho, excluding a naturalised and registered citizen of Lesotho.
(2) A licence issued to a naturalised and registered citizen of Lesotho, or an enterprise of which the proprietor, shareholder, partner or director is not a citizen of Lesotho shall remanin in force until the expiry of the licence.
[...]
Schedule 16
List of reserved items
1. International road freight transport and logistics; 2. Road transport and logistics; 3. Motor dealer; 4. Real estate agency; 5. Clearing agent; 6. Warehousing activities; 7. Retail sale of household fuel, bottled gas and coal; 8. Fast food activities without full restaurant services; 9. Hair dressing and beauty treatment (Division 9302); 10. Repairs and maintenance of Motor Vehicle and Motor Cycle; 11. Activities of households as employers of domestic personnel; 12. Cleaning of Motor Vehicles; 13. Raising of horses; 14. Raising of sheep and goats; 15. Raising of swine and pigs; 16. Raising of poultry; 17. Sale of livestock and livestock products; 18. Tour operators activities (Division 79); 19. Cleaning activities (Division 81); 20. Landscape care and maintenance services activities (Division 8130); 21. Photographic activities (Division 7420); 22. Retail sale via stalls and market of food, beverages and tobacco products (Division 4781, Retail sale via stalls and market of textiles, clothing and footwear) (4782); 23. Retail sale of cultural and recreational goods in specialised stores (Division 476); 24. Activities of business agents and brokers (Division 6622) articles in specialised stores, including wholesale and retail sale of health-related articles or products; 25. Retail sale of animal feeds, including animal and crops medical goods and chemicals; 26. Retail sale of bread and confectionary products; 27. Retail sale of motor vehicle parts and accessories; 28. Repairs of motor vehicle parts including vehicle tyres and motor-cycle parts; 29. Retails sale, maintenance and repair of motorcycles and related parts and accessories; 30. Wholesale and retail sale of alcoholic beverages whether or not consumed on the spot (off-sale, tavern, shebeen and public bar); 31. Wholesale and retail sale of meat and meat products, including poultry; 32. Retail sale of fruits and vegetables; 33. Growing of fruits and vegetables
34. Retail sale of prepared meat and meat dishes whether consumed on the spot (ChesaNama) without full restaurant services; 35. Supply of liquified petroleum gas and petroleum products; 36. Retail sale in non-specialised stores (Division 471); 37. Retail sale of hardware, paints and glass products; 38. Retail sale of second-hand goods; 39. Retail sale not in stress, stalls or markets; 40. Wholesale and retail sale of pharmaceuticals and medical goods, cosmetics and toilet articles in specialised stores, including wholesale and retail sale of health related articles or products; 41. Mobile food services and other food services; 42. Printing and business support services; 43. Photocopying, document preparation and other specialised office support services; 44. Electrical, plumbing and other construction installation activities (Division 432); 45. Welding services; 46. Repair of footwear and clothing; 47. Metal waste or scraps[...]" (Business Licensing and Registration Regulations, 2020)
---------------------------
"Interpretation
2. In this Order, unless the context otherwise requires,
“Board” means the Trading Enterprises Board established under section 3;
“citizen” means a person who is a citizen of Lesotho;
“Commissioner” means the person appointed as Commissioner of Trade under section 7;
“Commercial Officer” means a person appointed as such under section 9;
“enterprise” means an individual, any entities or such other legal persons, recognized by any law for the time being in force in Lesotho, engaged in trading activities;
[...]
Criteria for Licensing
5. (1) In considering applications for trading licences, the Board shall take into account the merits of a particular applicant and national priorities
(2) Without the prejudice to the generality of subsection (1), the Board shall take into account the following factors:
(a) The magnitude and origin of the tangible and intangible assets;
(b) Employment generation;
(c) Strategic nature of enterprises;
(d) Whether the business in relation to the application provides for the transfer of business expertise;
(e) Advancement of business undertakings owned by citizens; and
(f) Environmental protection
[...]
Licences
14. (1) Any person who carries on lawful trade or occupation under this Order shall possess a licence
(2) An application for a licence shall be submitted to the Commissioner in the prescribed for.
[...]
Regulations
 34. (1) The Minister may make regulations for the purposes of giving effect to the provisions of this Order.
 (2) Without prejudice to the generality of the foregoing the regulations may prescribe: [...]
 (n) The types of licences which may not be issued to certain enterprises [...]" (Trading Enterprises Order, 1993)
-----------------------------
"Trading Enterprises Regulations 1999
Pursuant to section 34 of the Trading Enterprises Order 1993 
[...]
Interpretation
2. In these Regulations unless the context otherwise requires, [...]
"Foreign Enterprise" means -
(a) a sole proprietor who is a non-citizen;
(b) a partnership in which any partner is a non-citizen; or
(c) a body corporate in which any of the directors or shareholders is a non-citizen
[...]
Application for licences
11. (1) An application for the grant, renewal or transfer of a licence for any of the trades or occupations specified in Part I of the Fist Schedule shail be -
(a) addressed to the Commissioner or Commercial Officer in whose district the business is to be carried on;
(b) submitted to the chairman of the pre-selection Committee;
[...]
Reserved License
14. Licences to carry on the following businesses shall not be issued or transferred to foreign enterprises:
(a) Agent of a foreign firm
(b) Barber
(c) Basotho beer shop
(d) Butcher
(e) Snack bar
(f) Domestic Fuel Dealer
(g) Dairy shop
(h) General café
(i) General Dealer
(j) Greengrocer
(k) Hawker
(l) Street photographer
(m) Broker
(n) Mini Supermarket
(o) Hair and beauty salon
(p) Petrol dealer
(q) Tentage dealer
[...]
INDEX OF THE FIRST SCHEDULE PART I
Advertising Agent
Agent of a Foreign Firm
Auctioneer
Barber Shop
Basotho Beer shop
Broker
Builder and Contractor
Butcher 
Cinema Theatre 
Clearing Agent 
Consultant
Curioshop
Dairy shop
Dealer in Furniture and Household Articles
Dry Cleaner
Domestic Fuel Dealer
Florist
Footwear and Textle Dealer
Funeral Undertaker
General Cafe
General Dealer
Greengrocer
Hair and Beauty Salon
Hardware Store
Hawker
Laundry
Mini-Supermarket
Motor Dealer
Motor Garage
Music Shop
Petrol Dealer
Pharmacy
Photographic Studio 
Scrapyard Dealer
Security Agent
Snack Bar
Specialised Dealer
Street Photographer
Supermarket	
Teniage Dearer 
Wholesaler 
Workshop" (Trading Enterprises Regulations, 1999)
Business Licensing and Registration Act No 3 of 2019
Business Licensing and Registration Regulations, 2020
Trading Enterprises Order, 1993
Trading Enterprises Regulations, 1999
[<a href="https://lesotho.eregulations.org/media/Business%20Licensing%20and%20Registration%20Act%20-%20copie.pdf">Act</a>],[<a href="https://lesotho.eregulations.org/media/Business%20Licensing%20Registration%20Regulations.pdf">Reg</a>],[<a href="https://lesotho.eregulations.org/media/Trading%20Enterprises%20Order%201993.pdf">Act</a>],[<a href="https://lesotho.eregulations.org/media/Trading%20Enterprises%20Regulations%201999_2.pdf">Reg</a>],[<a href="https://www.webbernew.com/a15/general-articles/business-licensing-act,-2019:-uncertain-times-for-foreign-investment?.html">Other</a>],[<a href="https://webbernew.com/a47/general-articles/where-are-we-now--business-licensing-and-registration-act,-2019.html#:~:text=Author%3A%20Pamela%20Bubb%2C%20head%20of,Commercial%20Practice%20and%20Sifiso%20Rerayi&text=The%20Business%20Licensing%20and%20Registration,1st%20of%20August%202022.">Other</a>]