Foreign shareholding in freight forwarding companies is limited to up to 49% of the voting and capital rights.
"Article 1 - Definition of the freight forwarder
A - The freight forwarder as a principal
Is a principal freight forwarder any natural or juristic person acting in his personal name, but for the benefit of his mandatory (usually exporter or importer), and underkating the rendering of services and the transport of goods to their delivery place; the choice of means and ways shall be up to him against lump indemnities he cashes from his mandatory when the freight forwarder assumes the entire transport operation [...]
B - The freight forwarder as agent
Is the freight forwarder-agent any natural or juristic person acting in the name and for the benefit of his mandatory (usually exporter or importer; he executes his orders without having the choice of means and ways; therefore he is bound to one mean only)
[...]
Article 3. Conditions of the freight forwarders' licenset: 
First: Conditions of the licensee of the freight forwarder as principal:
No person may practice the profession of a transport intermediary except by a license issued by the Minister of Public Works and Transport after taking the opinion of the trade union in Lebanon officially licensed and in accordance with the following conditions, workers settle their situation on the basis: 
1. Conditions for granting the license:
- if a natural person [...]
- If he is a legal person, he shall be subject to the following additional conditions: 
(a) if partnerships or limited liability companies, the capital shall not be less than five million Lebanese pounds 5.000.000 LL and that the absolute majority of the shares shall belong to Lebanese nationals or Lebanese companies that prohibit in its articles of association the transfer of shares to foreigners or non-Lebanese-owned companies.
(b) if joint-stock companies, the capital shall not be less than thirty million Lebanese pounds 30.000.000 LL and at least half of its shares shall be nominal shares of Lebanese nationals or Lebanese companies which prohibit in its articles of association the transfer of shares to foreigners or non-Lebanese-owned companies.
(c) In all cases mentioned in paragraphs above, the Director authorized to sign or the Chairman of the Board of Directors shall be of Lebanese nationality and shall not be sentenced to a felony or attempted felony or misdemeanor.[...]" (Resolution No. 156/2000 on Regulating the Freight Forward Profession [google translation])
Resolution No. 156/2000 on Regulating the Freight Forward Profession [google translation]
[<a href="http://www.lfs-lb.org/resoltion-number-156-n-2000/">Res</a>]