Foreign-owned companies, in which foreigners hold more than 30% of the equity capital in the case of companies and 50% in the case of partnerships, are subject to screening involving the consideration of economic interests (e.g. employment generation of not less than 6 employees who are resiednts or citizens of Lesotho; strategic nature of the business to the Lesotho economy; transfer of technology and business expertise; and advancement of business undertaking owned by citizens) in order to be granted a business permit and be allowed to engage in a business activity in Lesotho.
"Interpretation
2. In this Act, unless the context otherwise requires-
"business activity" means an activity carried on for the purpose of generating revenue and includes a profession but does not include the hawking and selling of agricultural produce grown or reared by a local farmer mainly for subsistence purposes;
"business permit" means a document issued under section 4 authorising a foreign business to engage in a business in Lesotho;
"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; (d) transfer of technology and business expertise; and (e) advancement of business undertaking owned by citizens.
[...]
Schedule 1: BUSINESS ACTIVITIES FOR WHICH A LICENCE IS REQUIRED
1. Supply of Liquefied Petroleum Gas and Petroleum Products: a. Distribution and supply of liquefied petroleum gas and petroleum products; b. Retail sale of automotive fuel, liquefied petroleum gas and petroleum products in specialised stores; c. Retail sale of lubrificants
d. Retail sale of household fuel, bottled gas and coal; e. Establishment for bulk processing, storage and handling of petroleum, petroleum products, liquefied gas, coal and petrol chemical products;[...]
5. Wholesale and retail of health-related articles and products [...]
6. Food and beverage services activities: 6.1 Fast food activities, without full restaurant services; 6.2 wholesale and retail sale of meat, including poultry, and meat products; 6.3 Wholesale and retail sale of dairy products, eggs, edible oils and fats; 6.4 Wholesale and retail sale of alcohol and alcoholic beverages not consumed on the spot; 6.5 Wholesale and retail sale of food and non alcoholic beverages;[...]
10. Animal production: 10.1 Raising of cattle and buffaloes; 10.2 Raising of horses and other equines; 10.3 Raising of camels and camelids; 10.4 Raising of sheeps and goats; 10.5 Raising of swines/pigs; 10.6 Raising of poultry; 10.7 Raising of other animals; 10.8 Mixed farming; 10.9 Sale of livestock and livestock products.
11. Fishing and aquaculture: 11.1 fishing; 11.2 marine fishing; 11.3 freshwater fishing; 11.4 aquaculture; 11.5 marine aquaculture; 11.6 freshwater aquaculture.
12. Medical goods and chemicals (animals and crops): 12.1 Wholesale and retail sale of pesticides; 12.2 specialised store for wholesale and retail sale of animal drugs, plant chemicals and flora and fauna medicinal products [...]" (Business Licensing and Registration Act No 3 of 2019)
-----------------------------
"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)
---------------------------
"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)
Business Licensing and Registration Act No 3 of 2019
Trading Enterprises Regulations, 1999
Trading Enterprises Order, 1993
[<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%20Regulations%201999_2.pdf">Reg</a>],[<a href="https://lesotho.eregulations.org/media/Trading%20Enterprises%20Order%201993.pdf">Act</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>]