Kuwait: Executive regulations for attracting enterprise come into effect

KUWAIT: The Director-General of Kuwait Direct Investment Promotion Authority, Sheikh Dr. Mehsaal Al-Jaber Al-Ahmad Al-Sabah, has announced that the executive bylaw of the 2013 law that regulates investments has been issued and is already effective.

Kuwait News Agency, KUNA, quoted Sheikh Dr. Mehsaal as saying that the executive bill had been issued after it was endorsed by the Deputy Prime Minister, Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj and published in the Official Gazette, thus becoming effective as of December 14th.

The 45 provisions of the law, which concern both the local and foreign entrepreneur, have been worded in a simple and explicit manner. They tackle permits, privileges, concessions, complaints, legal procedures and registration.

Sheikh Meshaal said the authority is tasked with luring direct foreign enterprise, nationalising local businesses, improving the business environment, providing procedural facilities and removing snags in face of the businessmen.

He indicated that the law, in some parts, endorses foreigner’s rights for a 100 percent stake in enterprises, namely in shareholding, limited and individual’s companies.

SOURCE: WAM