Foreign investment in travel agency/tour operator is subject to reciprocity.
"PERMIT REQUIREMENT FOR TRAVEL OR TRANSPORT AGENCY
Phase 1 [...]
- LL5 million bank guarantee (double the amount if the applicant is foreign)
Travel and Tour: Office space of at least 40 m2 on the ground level and 75 m2 on higher floors
Transport and Tour: Office space of at least 60 m2 on the ground with parking space for at least three cars
Transport agency: Vehicles should not be more than three years old and must meet industry standards
Phase 2
- Phase 1 approval
- Leaseholder and agency manager’s identity card
- A copy of the leaseholder and manager’s police records
- Proof that the company is registered with the Chamber of Commerce according to its rank, nature, and capital
- Certification that the interested parties have a legal presence in Lebanon
- LL5 million bank guarantee (double this amount if the applicant is not Lebanese)
- Work permits for all the agency’s foreign staff and (if so) foreign owner
- Legal attestation from a specialized authority that there is a reciprocal relation between the foreign applicant’s country and Lebanon
- A notarized written commitment stating that the applicant will employ at least seven people
- Photos of all sections, in and out, of the agency including the sign posted
Transport agency: Legal certificate that proves ownership of at least two Pullman coaches that can transport a minimum of 25 tourists, or five small vehicles in which insurance has been taken out for each passenger." (Government of Lebanon, "Administrative Steps to Obtain a Travel Agency Permit", Guide)

Government of Lebanon, "Administrative Steps to Obtain a Travel Agency Permit", Guide
[<a href="http://www.databank.com.lb/doc.asp?ID=1683">Guide</a>]