How to start new business in Kuwait

In this blog, we’re discussing "How to Start a New Business in Kuwait". Kuwaiti companies are governed by the Commercial Companies Law (CCL). The shareholder's liability is limited to the amount of capital invested in such enterprises by the shareholder. One of the most important requirements for establishing a business in Kuwait is that the foreigner have a Kuwaiti partner. At least 51 percent of the company is owned by the Kuwaiti partner. The single most critical stage for a foreign investor doing business in Kuwait is carefully selecting business partners. For individuals wishing to do business in Kuwait, there are a variety of possibilities. These include a limited liability company, a joint stock company, a limited liability partnership, a branch office, and a commercial agent arrangement.
Regardless of the company type, the processes for completing the response to the query "how to start a new business in Kuwait" are nearly identical and include: submitting an application for registration to the Ministry of Commerce and Industry's (MOCI) department of companies with details of your company's capital, shareholding, and other information The ministry of commerce conducted a background check through the local municipality and the reserving a distinctive company name and submitting it for approval to the Company Registry Obtaining the letter from the company's department sent to the bank, Depositing and collecting your company's paid-up capital at the bank arranging for a local municipality inspection and securing a NOC within two weeks submitting a Memorandum of Association (MOA) to the company department for approval, The MOA must be notarized in front of a public notary, submitting a signed and notarized copy of the MOA to the company's department, Registration with a commercial registry and receipt of a Certificate of Registration (CR), Obtaining a Commercial License from the Companies Department, By becoming a member of the Kuwait Chamber of Commerce.