Kuwait is rich in natural resources. It is a global top ten oil exporter. Even though the economy is primarily oil-based, the national development plan New Kuwait Vision 2035 stresses economic diversification. Many reforms have been taken to climb to the 83rd spot from the 97th spot among 190 countries in the World Bank’s 2020 Doing Business Report.
Infrastructure Facilities
Oil and Gas Sectors
Good Exchange Rates
Strong and respected banking system
Direct Investment Promotion Law
Demographic Area
Tax Incentives
The JV LLC in Kuwait is one of the most utilized business structures. For setting up this form of business, one director of any nationality is required. A Kuwaiti Shareholder who controls a 51% stake in the company is also required to be appointed. A foreign shareholder is restricted to owning only a 49% stake in this form of entity. The liability of the shareholders and directors is limited to a particular amount. The minimum paid-up capital for this form of entity is Kuwait Dinar 1000 (KD).
The Kuwaiti Foreign Direct Investment Law allows 100% foreign ownership in some form of entity. This would only be after securing the required consent and approvals from the Kuwaiti Direct Investment Promotion Agency (KDIPA). However, registering this entity would take about 180 days. The minimum paid-up capital to form this type of entity is between USD 70,000 to USD 1, 40,000. Due to this, the activities which are planned by this company must be implemented taking national significance.
The limited liability partnership in Kuwait is another form of business structure that is utilized. There are partners in this type of entity. One of the partners must be a local individual. Consent from the KDIPA must be taken related to the partners. This form of entity has certain forms of tax benefits. Annual Statements must be submitted by this form of entity.
Usually, there is no form of tax in these free zones. Customs duties and other duties would not also be levied on companies that carry out activities in this free zone.
This form of company is similar to public limited companies that offer their shares in a public stock exchange. Foreigners can also be shareholders of this form of entity. 49% shareholding must be the maximum unless an exemption is got from the KDIPA. To form this type of entity, such entity must be registered with the Ministry of Commerce and Investment.
If you want to conduct business as a foreign company, then opening a branch office in Kuwait would be appropriate. A branch office in Kuwait is a mere extension of the foreign parent company. There is no limited liability for the branch office and all the liability comes under the parent company.
A representative office in Kuwait is a mere extension of the foreign parent company. A representative office is not allowed to carry out profit-making activities in Kuwait. Financial statements do not require to be submitted by the representative office in Kuwait. Activities such as promotion and marketing for the foreign company can be carried out by the representative office.
If a significant amount of capital is not required to be invested in Kuwait, then an investor going for company registration in Kuwait can utilize the above form of a commercial agreement. An investor going for company registration in Kuwait would consider this form of agreement with an agency. The agent would carry out all the operations of representing the company in Kuwait.
Corporate Income Tax
Zakat
Custom Duty
National Labour Support Tax
Enterslice is one of the leading management consultancy firms which offers end-to-end business set-up, financial, regulatory, taxation, legal, and advisory services to early-stage businesses, start-ups, entrepreneurs, and large corporate houses across the globe.
Our Bahrain Entry Strategy services involve the following services:
Our Kuwait Entry Strategy is classified into the following:
Business Structures available in Kuwait are Kuwait Joint Venture LLC (JV LLC), Wholly Owned Foreign Entity (WLL), Kuwait Limited Liability Partnership (Kuwait LLP), Kuwait Free Zone Company (Shuwaikh Companies), Kuwait Joint Stock Company, Branch Office, Representative Office, and Commercial Agency Agreement. Our business set-up services include advisory related to the type of business structure you should opt for to set up business in Kuwait. Our team will assist you in the business registration process, in opening a bank account for the business, and in post-registration compliance.
Our consultants formulate a strategic plan for establishing and operating the business depending on your business needs. We formulate a budget and develop cash flows for your business. We also review internal control processes and conduct business reviews. We provide advisory on issues related to the management of the business.
Our legal experts provide legal advice on business operations, finances, IP protection, etc. We also draft legal Documents for your business and review and compile the required Paper works. We also ensure that all legal and regulatory compliance are duly complied with.
Our experts provide bookkeeping services, assuring the proper maintenance of different accounting records. This involves keeping thorough and organized financial records, such as cash books, general ledgers, fixed asset registers and accounts receivable and payable sub-ledgers. In addition to this, we also provide financial reporting, accounting guidance, and bookkeeping services. They aid in producing accurate financial accounts, ensure conformity to accounting standards, and offer qualified advice on complex accounting matters. The accounts and financial statements are prepared to reflect the true and fair view of the company’s operations. On behalf of our clients, we ensure that the accounting and audit requirements are fulfilled.
Our tax experts will assist you in effectively managing your tax obligations and identifying opportunities to lower tax expenses. We ensure that the tax return is timely filed. We provide advisory on direct as well as indirect taxes. As the globe becomes increasingly linked, businesses regularly engage in cross-border transactions with intricate tax ramifications. We provide thorough advice on international tax compliance, double taxation agreements, transfer pricing, and international tax planning using our worldwide tax consultancy services. Our knowledge aids companies in overcoming the difficulties associated with international taxes and strengthening their worldwide tax position.
Our IP Experts assist in IP Compliance. We assist in getting IP registration by filling out applications for registration and compiling relevant Documents. Our team of IP experts also advises on IP compliance and IP Protection. We also assist in enforcing IP rights against any infringement.
i. Services Agreement
ii. Agency Agreement
iii. Register the company in Commercial Agencies Register at the Ministry of Commerce and Industry
iv. Trademark, Patent, Engineering Design, and Product Registration.
v. Apply for a license online along with supporting Documents
i. Legalized copies of passport and a recent proof of address for all non-Kuwaiti directors and shareholders;
ii. A police clearance certificate for all shareholders confirming there is no past criminal record;
iii. A signed lease agreement for office premises and a receipt confirming rent payment; and
iv. A Certificate of registration of the office with the Public Authority for Civil Information (PACI).
Note: All the Documents must be translated into Arabic.
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Individual and Dedicated professionals on every assignment.
We register 100+ Companies every Month.
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