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What are the Procedures for Establishing Companies in Kuwait?
- Apply at the Ministry of Industry and Trade.
- Choose a company name.
- Depositing the capital in the bank and obtaining a document to prove the deposition.
- Having the criminal record of the partners.
- Preparing the articles of association and defining the company’s articles of association.
- Obtaining a license to establish the company.
- Registering the company in the Commercial Register and the Public Authority for Civil Information.
- Opening the company’s employment file at the Ministry of Social Affairs.
Also read: A Simplified Definition of Commercial Law
What are the Documents Required to Start the Company?
- A copy of the identity card for all partners.
- Capital certificate.
- Certificate from the Social Insurance Institution.
- Depositing the capital in the bank.
- A document proving the ownership of the site.
- Approving the signature of the sponsor for foreign investors.
What are the Types of Companies in Kuwait?
Partnerships
consist of two or more people, and the partners share the company’s debts. This type of company is not required to have a minimum capital. The company’s manager may not engage in any similar activity of the company without obtaining the approval of all partners.
Also read: The Importance of Commercial Law
Joint Stock Company
Consists of two types of partners:
- Joint partners: who manage this company and deal with its debts.
- Limited partners: those who are not responsible for managing the company, but who participate in their capital, and are obligated to pay the company’s debts according to the amount of their share in the company only.
Limited partners are not entitled to do any work towards others. This type of company is not required to have a minimum amount of capital.
Joint Venture Company
Two or more persons make a contract whereby they conduct their business and share profits and losses. The company does not have legal personality and is not subject to registration, licensing or publicity procedures. The joint venture company does not need any incorporation procedure except for the contract between the partners.
Partnership Limited by Shares
It consists of joint partners and limited partners. There is no minimum capital, and it is divided into shares. Partners bear the losses only according to the amount of their shares in the company.
Also read: The Importance of Having a Commercial Lawyer Before Starting Your Investment
Limited Liability Company
The limited liability company consists of one or more people, and the number of partners may not exceed thirty partners.
Public Joint Stock Company
Its capital is divided into shares of equal value, and each shareholder is responsible according to the amount of his contribution to its capital.
Private Joint Stock Company
What applies to a public joint stock company applies to it, but its shares are not offered for public subscription.
