As one of the world’s richest countries, Kuwait offers a lot of opportunities for entrepreneurs. But since the Kuwaiti economy is booming, there is a need for Company Registration in Kuwait, which has a rigorous undertone that involves law and order. In this guide, we will elaborate on how to register a company in Kuwait by addressing the significant points as well as requirements together with tips that can help you avert complications when approaching the company registration process.
Why Start a Business in Kuwait?
Start a company in Kuwait has numerous pros, including:
- Beautiful Location: Kuwait is one of the country’s located in the Middle East that is strategically positioned in the center of the Gulf.
- Tax Benefits: Personal earning is not taxed and the corporate income is relatively much less.
- Opportunity: Kuwait is full of opportunities in oil and gas, retail, technology and many more.
How do I Register my Company in Kuwait?
- Choose a Business Structure
- Determine the type of company you wish to incorporate, such as a Limited Liability Company (LLC), a partnership, or a sole member company.
- Because it will determine the ownership structure and degree of liability for the founders of the company business, it will also provide beneficial provisions for the registration of the company.
- Choose the Business Name
- Select a name which is unique and informative, and which satisfies the requirements of Kuwait naming laws.
- Make sure that name is not already on the register of the Ministry of Commerce and Industry (MOCI).
- Draft the Memorandum of Association (MOA)
- In a few words explain what MOA is supposed to include in regards to business objectives, owners and their shares and how the business will be run.
- This is to be done in a manner where it can be witnessed and stipulated by those in charge of enforcement of the laws should it be necessary.
- Procure the Required Licenses
- Depending on the country and the business that you intend to do, different permits may be required, such as a business or a professional one.
- Such permits are to be applied at MOCI or any relevant governmental body.
- Acquire Commercial Office Space
- It is said that a company’s office somehow determines its brand and credibility therefore even in its registration an office address is compulsory.
- Be sure that the location is consistent with the general idea of the business and zoning laws in force are respected.
- Finalize the Registration With the Ministry Of Commerce And Industry
- All the details and the documents to be filed with MOCI include around the MOA, a tenancy contract and showing the shareholding civil ID.
- Do not forget to remit all the required fees for registration.
- Apply for the Registration with Social Security and Tax
- In other perspective, application of business with social security and taxation authorities in Kuwait is a good step towards legal means of advancing business operations.
- There are however tax benefits in Kuwait but there are companies that may be required to pay corporate tax.
Requirements for Company Registration in Kuwait
In other words, the process of company formation can be completed by ensuring the availability of the below mentioned items:
- An approved business title as well as an approved business activity.
- Shareholder’s identification (civil IDs and passports).
- A lease for an office.
- MOA that is notarized, and authorized.
- The requisite licenses and approvals related to the business activity.
How to Make Proper Business Set Up in Kuwait
- Understand the Laws Where You Will Be Operating
It is recommended that you get acquainted with the laws governing foreign ownership of companies and business activities in Kuwait and licensing requirements.
- Hire Professionals
Kuwait has specific legal and administrative structures that need to be adhered to. You might consider working with qualified experts in the field.
- Prepare Budget
A detailed account of expenses including registration costs, office creation and active services costs should be prepared.
Why Helpline International?
Helpline International has been in the business of helping business people particularly in company formation in Kuwait. In other words, we help how to register a company in Kuwait and obtain all licenses within the framework of business in Kuwait.
Start your own business in Kuwait has never been easy with so many complications but with Helpline International, in a matter of days you will be ready to start your venture in Kuwait. Call us now and let’s begin your new journey together.
