This document provides an overview of key facts about doing business in Kuwait. It discusses Kuwait's economy, growth drivers, business environment, tax system, strategic location, human capital, and sectors with investment opportunities. The summaries highlight Kuwait's young and educated workforce, 100% foreign ownership allowed, competitive tax rates and costs, investment grade credit ratings, and sizable infrastructure investment program and project pipeline.
How to do business in qatar v2 @risman biznetRisman BizNet
How to do Business in Qatar &What Sectors Are Worth Tapping Presentation to Indonesian Businessman in Qatar by UHY Ammo & Co Qatar. Event Organized by Indonesian Embassy Doha Qatar
Business Opportunity in Qatar - PresentationAlex Schnapp
The document provides an overview of business opportunities and the economic climate in Qatar. It notes that Qatar has the highest GDP per capita in the world and is investing heavily in infrastructure projects in preparation for the 2022 World Cup. Key sectors highlighted for opportunities include construction, healthcare, defense, IT, petrochemicals, transportation, and water/wastewater treatment. The Qatari government is also focusing on economic diversification and increasing spending on education.
Doing business in Kuwait 2019 with baker tilly Kuwait
More Details :
An Expat Guide To Starting A Business In Kuwait
Kindly Follow Us On Social Media :
Facebook : https://www.facebook.com/BakerTillyKuwait
Linkedin : https://www.linkedin.com/company/baker-tilly-kuwait
Twitter : https://twitter.com/bakertillykwt
instagram : https://www.instagram.com/bakertillykwt/
Google+ : https://plus.google.com/+Bakertillykuwait
Youtube : http://bit.ly/2MlhnJu
Or Visit our Website : https://www.bakertilly.com.kw/
Doing business in Kuwait 2019
More Details :
Kindly Follow Us On Social Media :
Facebook : https://www.facebook.com/BakerTillyKuwait
Linkedin : https://www.linkedin.com/company/baker-tilly-kuwait
Twitter : https://twitter.com/bakertillykwt
instagram : https://www.instagram.com/bakertillykwt/
Google+ : https://plus.google.com/+Bakertillykuwait
Youtube : http://bit.ly/2MlhnJu
Or Visit our Website : https://www.bakertilly.com.kw/
Baker Tilly provides foreign companies with Doing Business in Kuwait Guide updated as of 2018, which presents the latest updates about legislation’s and regulations of establishing new business, in other words, all what you need to know to start a business in Kuwait.
https://www.bakertillykuwait.com/en/
تزودكم بيكر تلي بدليل محدث لعام 2018 لممارسة الأعمال في الكويت، هذا الدليل تستفيد منه الشركات الأجنبية التي ترغب في تأسيس أعمال في دولة الكويت، ويحتوي الدليل على أحدث التشريعات والتعليمات لتأسيس أعمال جديدة، وبمعنى أخر يحتوي الدليل على كافة المعلومات التي تحتاجونها للبدء في ممارسة الأعمال في دولة الكويت.
https://www.bakertillykuwait.com/ar/
Dr Dev Kambhampati | Doing Business in Saudi Arabia- 2014 Country Commercial ...Dr Dev Kambhampati
The document provides an overview of doing business in Saudi Arabia, including:
- Key details about the Saudi Arabian economy and market opportunities in sectors like construction, infrastructure, water, and energy.
- Challenges such as inflation, commercial disputes settlements, business visas, intellectual property protection, and counterfeiting.
- Recommendations for entering the Saudi market such as using an agent/distributor, franchising, direct marketing, joint ventures, selling to the government, and distribution channels.
- Information on standards, pricing, intellectual property protection, and professional services when doing business in Saudi Arabia.
The company formed to provide IT services, was established in 2002.
Registered in the Central Tenders Committee (CTC) and many government agencies. The Company has an experienced team with outstanding skills and knowledge and extensive capabilities in ICT Services & Solutions and
Supplying Manpower in various categories of skilled and semi-skilled workers.
IT Infrastructure
STRUCTURED CABLING
FIBER OPTICS
ROUTING & SWITCHING
IP TELEPHONY
WIRELESS NETWORKING
CABINET MANAGEMENT
IT Manpower
• TECHNICAL SUPPORT/HELP DESK
• NETWORK ENGINEERS
• DATA CENTER ENGINEER
IT Maintenance
• SECURITY PROTECTION
• SYSTEMATIC CHECK-UPS
• 24X7 SUPPORT
This document provides an overview of investment opportunities in Bangladesh. It summarizes Bangladesh's strong economic growth rates and competitive advantages for foreign investment, including a large and growing domestic market, low costs, and a productive workforce. Specific sectors highlighted for investment potential include manufacturing, energy, infrastructure, and services. International organizations are optimistic about Bangladesh's prospects for continued economic growth. The country aims to attract more foreign direct investment through business-friendly policies and economic zones.
How to do business in qatar v2 @risman biznetRisman BizNet
How to do Business in Qatar &What Sectors Are Worth Tapping Presentation to Indonesian Businessman in Qatar by UHY Ammo & Co Qatar. Event Organized by Indonesian Embassy Doha Qatar
Business Opportunity in Qatar - PresentationAlex Schnapp
The document provides an overview of business opportunities and the economic climate in Qatar. It notes that Qatar has the highest GDP per capita in the world and is investing heavily in infrastructure projects in preparation for the 2022 World Cup. Key sectors highlighted for opportunities include construction, healthcare, defense, IT, petrochemicals, transportation, and water/wastewater treatment. The Qatari government is also focusing on economic diversification and increasing spending on education.
Doing business in Kuwait 2019 with baker tilly Kuwait
More Details :
An Expat Guide To Starting A Business In Kuwait
Kindly Follow Us On Social Media :
Facebook : https://www.facebook.com/BakerTillyKuwait
Linkedin : https://www.linkedin.com/company/baker-tilly-kuwait
Twitter : https://twitter.com/bakertillykwt
instagram : https://www.instagram.com/bakertillykwt/
Google+ : https://plus.google.com/+Bakertillykuwait
Youtube : http://bit.ly/2MlhnJu
Or Visit our Website : https://www.bakertilly.com.kw/
Doing business in Kuwait 2019
More Details :
Kindly Follow Us On Social Media :
Facebook : https://www.facebook.com/BakerTillyKuwait
Linkedin : https://www.linkedin.com/company/baker-tilly-kuwait
Twitter : https://twitter.com/bakertillykwt
instagram : https://www.instagram.com/bakertillykwt/
Google+ : https://plus.google.com/+Bakertillykuwait
Youtube : http://bit.ly/2MlhnJu
Or Visit our Website : https://www.bakertilly.com.kw/
Baker Tilly provides foreign companies with Doing Business in Kuwait Guide updated as of 2018, which presents the latest updates about legislation’s and regulations of establishing new business, in other words, all what you need to know to start a business in Kuwait.
https://www.bakertillykuwait.com/en/
تزودكم بيكر تلي بدليل محدث لعام 2018 لممارسة الأعمال في الكويت، هذا الدليل تستفيد منه الشركات الأجنبية التي ترغب في تأسيس أعمال في دولة الكويت، ويحتوي الدليل على أحدث التشريعات والتعليمات لتأسيس أعمال جديدة، وبمعنى أخر يحتوي الدليل على كافة المعلومات التي تحتاجونها للبدء في ممارسة الأعمال في دولة الكويت.
https://www.bakertillykuwait.com/ar/
Dr Dev Kambhampati | Doing Business in Saudi Arabia- 2014 Country Commercial ...Dr Dev Kambhampati
The document provides an overview of doing business in Saudi Arabia, including:
- Key details about the Saudi Arabian economy and market opportunities in sectors like construction, infrastructure, water, and energy.
- Challenges such as inflation, commercial disputes settlements, business visas, intellectual property protection, and counterfeiting.
- Recommendations for entering the Saudi market such as using an agent/distributor, franchising, direct marketing, joint ventures, selling to the government, and distribution channels.
- Information on standards, pricing, intellectual property protection, and professional services when doing business in Saudi Arabia.
The company formed to provide IT services, was established in 2002.
Registered in the Central Tenders Committee (CTC) and many government agencies. The Company has an experienced team with outstanding skills and knowledge and extensive capabilities in ICT Services & Solutions and
Supplying Manpower in various categories of skilled and semi-skilled workers.
IT Infrastructure
STRUCTURED CABLING
FIBER OPTICS
ROUTING & SWITCHING
IP TELEPHONY
WIRELESS NETWORKING
CABINET MANAGEMENT
IT Manpower
• TECHNICAL SUPPORT/HELP DESK
• NETWORK ENGINEERS
• DATA CENTER ENGINEER
IT Maintenance
• SECURITY PROTECTION
• SYSTEMATIC CHECK-UPS
• 24X7 SUPPORT
This document provides an overview of investment opportunities in Bangladesh. It summarizes Bangladesh's strong economic growth rates and competitive advantages for foreign investment, including a large and growing domestic market, low costs, and a productive workforce. Specific sectors highlighted for investment potential include manufacturing, energy, infrastructure, and services. International organizations are optimistic about Bangladesh's prospects for continued economic growth. The country aims to attract more foreign direct investment through business-friendly policies and economic zones.
Business and Investment Climate – Kurdistan Region, IraqOECDglobal
Kurdistan Region of Iraq has experienced rapid economic growth of 7% annually due to its secure location amid conflict in the surrounding region. The Kurdistan Investment Law of 2006 established incentives like tax exemptions and land subsidies to attract over $41 billion in investments across sectors like housing, industry, and tourism. The Kurdistan Board of Investment facilitates this process as a one-stop shop and has licensed over 721 projects. However, the region still needs support establishing industrial zones and improving food safety regulations to further diversify its economy beyond oil and gas.
1) Abu Dhabi's oil and gas wealth fueled Dubai's diversification strategy and major infrastructure projects, leading to the success of the Dubai International Financial Center (DIFC).
2) However, the DIFC showed lack of transparency, high credit risk, and overexposure to the real estate sector, leaving Dubai significantly in debt following the global financial crisis.
3) The debt crisis threatens Dubai's clusters and could negatively impact employment, economic growth, and investor confidence across the UAE if not properly addressed.
The United Arab Emirates is a federation of 7 Arab emirates located in the Persian Gulf. The UAE has a population of 4.5 million people and has experienced strong economic growth in recent years, with a GDP growth rate of 8.5% in 2007. The UAE economy is primarily based on oil and natural gas exports, which account for most of the country's GDP. The country maintains a welfare system for citizens but relies heavily on foreign workers, who make up 80% of the population.
Middle east opportunities for scottish edited companies - scottish enterpris...Raquel Largo Martinez
The Middle East faces economic challenges due to low oil prices, including reduced government revenues and the need for fiscal reforms. Opportunities still exist in infrastructure projects across the region. Iran's economy is growing as sanctions are lifted, but risks and challenges remain such as low oil prices, regional instability, and sanctions potentially being reimposed.
Tpp intellectual capital ac convertibilityHarveer Singh
The Trans Pacific Partnership (TPP) is a trade agreement between 12 countries in the Asia-Pacific region that aims to deepen economic ties and foster trade to boost growth by slashing over 18,000 tariffs. The agreement could create a new single market like the EU with its collective population of 800 million people, accounting for 40% of world trade. For the TPP to enter into force, at least 6 member countries representing over 85% of the combined GDP must ratify it.
Fiscal-Monetary Interdependence and Exchange Rate Regimes in Oil-Dependent A...Economic Research Forum
Ibrahim Elbadawi, Dubai Economic Council
ERF and AFESD Conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Resource Abundance, Fiscal Dominance and Monetary Outcomes
While monetary policy could play a key role in fostering economic growth and short-term stabilization, its implementation in oil rich economies is often complicated by commodity price volatility. This session explores the role of alternative monetary policy regimes on economic performance in resource-based economies, with a particular focus on Arab economies. It also examines the interdependence between fiscal and monetary policies in resource-dependent economies, in particular the fiscal drivers of the choice of the exchange rate regime.
The document provides an overview of doing business in the United Arab Emirates. It discusses the country's history, political structure, economy, infrastructure, currency, sectors for growth, and requirements for entering the market. The economy relies heavily on oil and gas exports but is diversifying into tourism and finance, particularly in Dubai. Immigrant workers face abuse and discrimination in some businesses despite government efforts to develop the economy and traditional culture.
1) Kuwait has over $80 billion in infrastructure investments planned through 2020 to develop projects and diversify its oil-dependent economy, but faces challenges in accelerating project implementation.
2) Recent government reforms like a direct investment law, new PPP law, and revised companies law aim to improve the business climate and attract private sector participation in projects.
3) Kuwait needs to develop its domestic project financing capabilities as many projects will utilize public-private partnerships which require significant non-sponsor financing, though a recent $1.43 billion water and power project has increased Kuwait's profile in project finance.
The document provides an overview of transfer pricing in Africa. It notes that as Africa's economy and multinational corporate investment continues to grow, transfer pricing is receiving increased focus in the region. While many African nations have adopted transfer pricing regulations based on the arm's length standard, concerns around adequate taxation of natural resources continues to influence legislation. International organizations like the OECD, UN, and ATAF support consistent transfer pricing standards to increase investment while protecting tax bases.
This document proposes four reforms to maximize tourism between Australia and New Zealand:
1. Streamline border processes at major airports to provide a domestic-like travel experience for flights from New Zealand.
2. Cut the Passenger Movement Charge tax for trans-Tasman flights in half to $25 to induce more travel from New Zealand.
3. Open additional regional airports in Australia to trans-Tasman flights to provide access to more destinations.
4. Develop common visitor visas to encourage more Asian visitors to combine visits to both countries in a single trip.
Foreign direct investment (FDI) involves investing foreign funds into a business operating in another country. There are three types of FDI: horizontal, platform, and vertical. India progressively liberalized FDI between 1991-2000 by expanding the number of sectors eligible for automatic approval of up to 100% foreign ownership and removing many from requiring government approval. FDI provides benefits like infrastructure, expertise, reducing the current account deficit and stabilizing the rupee, but can also have disadvantages like destroying small businesses and increasing income inequality.
HOMELAND SECURITY : OPPORTUNITIES IN INDIAN MARKET, PROCUREMENT PROCEDURES & ...IPPAI
The document discusses opportunities in India's homeland security market and procurement procedures and challenges. It notes that the homeland security budget is over $8 billion currently and expected to reach $16 billion by 2018. It outlines major areas of modernization like border security fencing, ports, and a nationwide crime tracking system. Procurement for central police organizations is handled by the Ministry of Home Affairs with an annual budget over $12 billion. However, challenges for procurement include strict licensing, uncertainty over needs, and lack of guarantees for purchases.
Gulf Cooperation Council - B2C e-Commerce Overview 2011Melih ÖZCANLI
Prepared by IMRG International
Commissioned by Visa Middle East
London - October 2011
The study focuses in particular to the member countries of the Gulf Cooperation Council (GCC): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.
The document discusses foreign direct investment (FDI) in India. It outlines the major sectors that receive FDI in India, including financial services, insurance, telecommunications, and pharmaceuticals. It also lists some impediments to FDI flows, such as a lack of economic and political stability as well as poor infrastructure. The document notes both the advantages and disadvantages of FDI to India, such as job creation but also the potential displacement of domestic businesses.
The document provides an overview of doing business in the United Arab Emirates. It notes that the UAE offers a tax-free business environment and has transformed into an international business hub. Companies can be set up as limited liability companies, free zone companies, or offshore companies. Free zones offer benefits like corporate tax exemptions and 100% foreign ownership. The document outlines company structures, free zones in Dubai and the UAE, and services provided by Intuit Management Consultancy to help set up and structure businesses.
IV Examen de las Políticas Comerciales de Costa Ricacomexcr
Costa Rica relies heavily on international trade, which accounted for 79.5% of GDP in 2012. While Costa Rica has experienced average growth of 3.2% from 2007-2012, it faces challenges such as poor infrastructure, high costs of starting a business, and inefficient state-owned enterprises. However, Costa Rica is addressing these issues by deepening trade liberalization, improving infrastructure, diversifying foreign direct investment, and adhering to OECD guidelines to promote long-term structural reform. If Costa Rica continues political stability and bipartisan support for tough economic reforms, it is well-positioned to further enhance competitiveness and take advantage of global value chains.
Real GDP growth in Qatar reached 6.2% in Q1 2013, in line with QNB Economics' forecast. Higher oil and gas production boosted exports and the current account surplus, while lower investment outflows narrowed the financial account deficit. CPI inflation stabilized at 3.5% despite rising rents as non-rent inflation slowed. The new Emir reshuffled ministries and cabinet positions. Efforts are underway to increase foreign ownership limits in listed Qatari companies. Qatar and the UAE were upgraded to emerging market status by MSCI.
Business and Investment Climate Kurdistan Region - IraqOECDglobal
Kurdistan Region of Iraq has experienced rapid economic growth of 7% annually due to its secure location amid conflict in the rest of Iraq. The Kurdistan Investment Law of 2006 aims to diversify the economy beyond oil and gas by creating incentives for national and foreign investment. The Kurdistan Board of Investment facilitates over $41 billion in investment projects across sectors like housing, industry, and tourism by providing land, infrastructure support, and tax exemptions. While the construction and energy sectors initially attracted most investment, the government is now focused on diversifying into new target industries. International standards in sectors such as pharmaceuticals and cement indicate Kurdistan's development ambitions.
Business and Investment Climate – Kurdistan Region, IraqOECDglobal
Kurdistan Region of Iraq has experienced rapid economic growth of 7% annually due to its secure location amid conflict in the surrounding region. The Kurdistan Investment Law of 2006 established incentives like tax exemptions and land subsidies to attract over $41 billion in investments across sectors like housing, industry, and tourism. The Kurdistan Board of Investment facilitates this process as a one-stop shop and has licensed over 721 projects. However, the region still needs support establishing industrial zones and improving food safety regulations to further diversify its economy beyond oil and gas.
1) Abu Dhabi's oil and gas wealth fueled Dubai's diversification strategy and major infrastructure projects, leading to the success of the Dubai International Financial Center (DIFC).
2) However, the DIFC showed lack of transparency, high credit risk, and overexposure to the real estate sector, leaving Dubai significantly in debt following the global financial crisis.
3) The debt crisis threatens Dubai's clusters and could negatively impact employment, economic growth, and investor confidence across the UAE if not properly addressed.
The United Arab Emirates is a federation of 7 Arab emirates located in the Persian Gulf. The UAE has a population of 4.5 million people and has experienced strong economic growth in recent years, with a GDP growth rate of 8.5% in 2007. The UAE economy is primarily based on oil and natural gas exports, which account for most of the country's GDP. The country maintains a welfare system for citizens but relies heavily on foreign workers, who make up 80% of the population.
Middle east opportunities for scottish edited companies - scottish enterpris...Raquel Largo Martinez
The Middle East faces economic challenges due to low oil prices, including reduced government revenues and the need for fiscal reforms. Opportunities still exist in infrastructure projects across the region. Iran's economy is growing as sanctions are lifted, but risks and challenges remain such as low oil prices, regional instability, and sanctions potentially being reimposed.
Tpp intellectual capital ac convertibilityHarveer Singh
The Trans Pacific Partnership (TPP) is a trade agreement between 12 countries in the Asia-Pacific region that aims to deepen economic ties and foster trade to boost growth by slashing over 18,000 tariffs. The agreement could create a new single market like the EU with its collective population of 800 million people, accounting for 40% of world trade. For the TPP to enter into force, at least 6 member countries representing over 85% of the combined GDP must ratify it.
Fiscal-Monetary Interdependence and Exchange Rate Regimes in Oil-Dependent A...Economic Research Forum
Ibrahim Elbadawi, Dubai Economic Council
ERF and AFESD Conference on: Monetary and Fiscal Institutions in Resource-Rich Arab Economies
Kuwait, November 4-5, 2015
For more info, please visit www.erf.org.eg
Session on: Resource Abundance, Fiscal Dominance and Monetary Outcomes
While monetary policy could play a key role in fostering economic growth and short-term stabilization, its implementation in oil rich economies is often complicated by commodity price volatility. This session explores the role of alternative monetary policy regimes on economic performance in resource-based economies, with a particular focus on Arab economies. It also examines the interdependence between fiscal and monetary policies in resource-dependent economies, in particular the fiscal drivers of the choice of the exchange rate regime.
The document provides an overview of doing business in the United Arab Emirates. It discusses the country's history, political structure, economy, infrastructure, currency, sectors for growth, and requirements for entering the market. The economy relies heavily on oil and gas exports but is diversifying into tourism and finance, particularly in Dubai. Immigrant workers face abuse and discrimination in some businesses despite government efforts to develop the economy and traditional culture.
1) Kuwait has over $80 billion in infrastructure investments planned through 2020 to develop projects and diversify its oil-dependent economy, but faces challenges in accelerating project implementation.
2) Recent government reforms like a direct investment law, new PPP law, and revised companies law aim to improve the business climate and attract private sector participation in projects.
3) Kuwait needs to develop its domestic project financing capabilities as many projects will utilize public-private partnerships which require significant non-sponsor financing, though a recent $1.43 billion water and power project has increased Kuwait's profile in project finance.
The document provides an overview of transfer pricing in Africa. It notes that as Africa's economy and multinational corporate investment continues to grow, transfer pricing is receiving increased focus in the region. While many African nations have adopted transfer pricing regulations based on the arm's length standard, concerns around adequate taxation of natural resources continues to influence legislation. International organizations like the OECD, UN, and ATAF support consistent transfer pricing standards to increase investment while protecting tax bases.
This document proposes four reforms to maximize tourism between Australia and New Zealand:
1. Streamline border processes at major airports to provide a domestic-like travel experience for flights from New Zealand.
2. Cut the Passenger Movement Charge tax for trans-Tasman flights in half to $25 to induce more travel from New Zealand.
3. Open additional regional airports in Australia to trans-Tasman flights to provide access to more destinations.
4. Develop common visitor visas to encourage more Asian visitors to combine visits to both countries in a single trip.
Foreign direct investment (FDI) involves investing foreign funds into a business operating in another country. There are three types of FDI: horizontal, platform, and vertical. India progressively liberalized FDI between 1991-2000 by expanding the number of sectors eligible for automatic approval of up to 100% foreign ownership and removing many from requiring government approval. FDI provides benefits like infrastructure, expertise, reducing the current account deficit and stabilizing the rupee, but can also have disadvantages like destroying small businesses and increasing income inequality.
HOMELAND SECURITY : OPPORTUNITIES IN INDIAN MARKET, PROCUREMENT PROCEDURES & ...IPPAI
The document discusses opportunities in India's homeland security market and procurement procedures and challenges. It notes that the homeland security budget is over $8 billion currently and expected to reach $16 billion by 2018. It outlines major areas of modernization like border security fencing, ports, and a nationwide crime tracking system. Procurement for central police organizations is handled by the Ministry of Home Affairs with an annual budget over $12 billion. However, challenges for procurement include strict licensing, uncertainty over needs, and lack of guarantees for purchases.
Gulf Cooperation Council - B2C e-Commerce Overview 2011Melih ÖZCANLI
Prepared by IMRG International
Commissioned by Visa Middle East
London - October 2011
The study focuses in particular to the member countries of the Gulf Cooperation Council (GCC): Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.
The document discusses foreign direct investment (FDI) in India. It outlines the major sectors that receive FDI in India, including financial services, insurance, telecommunications, and pharmaceuticals. It also lists some impediments to FDI flows, such as a lack of economic and political stability as well as poor infrastructure. The document notes both the advantages and disadvantages of FDI to India, such as job creation but also the potential displacement of domestic businesses.
The document provides an overview of doing business in the United Arab Emirates. It notes that the UAE offers a tax-free business environment and has transformed into an international business hub. Companies can be set up as limited liability companies, free zone companies, or offshore companies. Free zones offer benefits like corporate tax exemptions and 100% foreign ownership. The document outlines company structures, free zones in Dubai and the UAE, and services provided by Intuit Management Consultancy to help set up and structure businesses.
IV Examen de las Políticas Comerciales de Costa Ricacomexcr
Costa Rica relies heavily on international trade, which accounted for 79.5% of GDP in 2012. While Costa Rica has experienced average growth of 3.2% from 2007-2012, it faces challenges such as poor infrastructure, high costs of starting a business, and inefficient state-owned enterprises. However, Costa Rica is addressing these issues by deepening trade liberalization, improving infrastructure, diversifying foreign direct investment, and adhering to OECD guidelines to promote long-term structural reform. If Costa Rica continues political stability and bipartisan support for tough economic reforms, it is well-positioned to further enhance competitiveness and take advantage of global value chains.
Real GDP growth in Qatar reached 6.2% in Q1 2013, in line with QNB Economics' forecast. Higher oil and gas production boosted exports and the current account surplus, while lower investment outflows narrowed the financial account deficit. CPI inflation stabilized at 3.5% despite rising rents as non-rent inflation slowed. The new Emir reshuffled ministries and cabinet positions. Efforts are underway to increase foreign ownership limits in listed Qatari companies. Qatar and the UAE were upgraded to emerging market status by MSCI.
Business and Investment Climate Kurdistan Region - IraqOECDglobal
Kurdistan Region of Iraq has experienced rapid economic growth of 7% annually due to its secure location amid conflict in the rest of Iraq. The Kurdistan Investment Law of 2006 aims to diversify the economy beyond oil and gas by creating incentives for national and foreign investment. The Kurdistan Board of Investment facilitates over $41 billion in investment projects across sectors like housing, industry, and tourism by providing land, infrastructure support, and tax exemptions. While the construction and energy sectors initially attracted most investment, the government is now focused on diversifying into new target industries. International standards in sectors such as pharmaceuticals and cement indicate Kurdistan's development ambitions.
1) Kuwait has a population of 2.9 million people and its economy relies heavily on oil and natural gas exports, which contribute around 59% of GDP.
2) McDonald's first opened in Kuwait in 1994 and now has over 68 restaurants and 2,300 employees across the country. All McDonald's restaurants in Kuwait are locally owned and operated.
3) McDonald's is testing its new "Create Your Taste" burger platform in Kuwait, aiming to offer customers premium gourmet customization while maintaining fast service.
Kuwait has a population of 2.9 million people and its economy relies heavily on oil exports. However, the government is trying to diversify the economy by investing over $110 billion in infrastructure and other sectors by 2015. McDonald's first opened in Kuwait in 1994 and now has over 68 locations across the country, serving local favorites. It is testing new customizable burger options in Kuwait and other countries to appeal to more upscale tastes. Looking ahead, Kuwait wants to develop industries like manufacturing and real estate to reduce economic dependence on oil as it faces challenges of lower oil prices.
Kuwait is investing over $100 billion to diversify its economy and move away from reliance on oil revenues. It aims to boost the private sector and return to its historical roots as a Gulf trading center. Kuwait was once a major trading hub due to its port location and quality boat building, but became over-reliant on oil wealth in the 20th century. Now, faced with lower oil prices, Kuwait is promoting private sector growth and foreign investment to strengthen its economy.
This document discusses foreign direct investment (FDI) trends and challenges in attracting productive FDI to support development in the UN Economic and Social Commission for Western Asia (ESCWA) region.
It finds that while FDI inflows to the ESCWA region have grown significantly, the top recipients are primarily Gulf countries rich in oil and gas. To better leverage FDI for development, countries need policies to encourage knowledge and technology transfers to domestic firms, entrepreneurship, and regional investment. Public-private partnerships can help develop infrastructure to support continued growth. Strengthening data collection and sharing between UNCTAD and UNESCWA would aid policymaking.
Advantages of Setting Up a Company in Kuwait.docx.pdfsanumolHLG
Are you interested in starting a business in Kuwait? Learn the best ways by which you may register and start a business in Kuwait through Helpline Group. We provide the best company formation services in Kuwait. The Company set-up costs in Kuwait has to be regulated and must be in adherence to the standards as prescribed by the Department of Trade and Commerce. Helpline Group over the years has remained a popular agency for entrepreneurs and has helped in harbouring their dreams in commercial company registration. The registration of commercial companies in Kuwait is done with the help of experienced agencies such as Helpline Group. Contact the Helpline Group today for more information.
Ecuador offers a favorable investment climate for businesses. It has a growing economy, political stability, and offers various tax incentives and investment protections. Key incentives include income tax exemptions for priority sectors, tariff exemptions on imported capital goods, and stability agreements providing protections for up to 30 years. The country aims to attract investment through Special Economic Development Zones with even lower tax rates and through public-private partnerships which develop infrastructure and share risks between government and businesses. Micro, small and medium enterprises are also supported through training subsidies and deductions for productivity improvements. Overall, Ecuador presents many opportunities for investment and is working to develop competitive infrastructure to support business growth.
Real Estate Online solution is to provide all kinds of solutions for those who are looking to rent and buy properties. Every year population growth is almost 3.5%. Every year nationals needs 12000 housing units and expat needs more numbers. This is very big opportunity and there is no centralised solution available.
Dubai for Business | Starting a Business in DubaiOneworld Mideast
The UAE is a white listed onshore jurisdiction that offers business opportunities that exist
only in mature industrial and financial hubs. International Businesses moving to the UAE find
themselves in a thriving market with excellent infrastructure.
Rwanda has experienced strong and sustained economic growth in recent years, with GDP growth averaging 7.1% annually since 2004. The government has implemented policies to make Rwanda an attractive destination for foreign direct investment through political stability, a pro-business environment, and a focus on key sectors like infrastructure, agriculture, energy and tourism. Rwanda also provides access to the large and growing East African market through its membership in the East African Community. The Rwandan government and the Rwanda Development Board are committed to continued economic reforms and investment promotion to build on Rwanda's success and untapped potential for growth.
Pakistan presents opportunities for investors across multiple industries such as petroleum and petrochemicals, agriculture, dairy, livestock, mining, tourism, and automotive. It has a large domestic market, is strategically located between Central Asia and the Middle East, and offers incentives for investors including tax breaks. Recent reforms aim to improve the business environment and ease of doing business to attract more foreign investment to Pakistan's growing economy.
Bankmed DIFC 2016 Conference Presentation by Bruno Gremez and Samir Kasmi of ...Bruno Gremez
Joined presentation by Bruno Gremez of CT&F and Bankmed at DIFC about impacts of oil developments on the region and the opportunities it offers Dubai as a trading hub.
The document summarizes Uganda's national budget for 2015-2016, highlighting key challenges such as a large informal sector, trade imbalances, and infrastructure issues hampering competitiveness. It outlines the budget's focus on infrastructure development and service delivery to address these challenges. Performance indicators for 2014-2015 like GDP growth of 5.3% are provided. The budget funds expenditures through domestic revenues and external financing, with interventions planned for priority sectors like agriculture, industry, and infrastructure development.
Dr Dev Kambhampati | Doing Business in Qatar - 2014 Country Commercial Guide ...Dr Dev Kambhampati
This document provides an overview and guide for doing business in Qatar. Some key points:
- Qatar has a strong economy driven by oil and gas but is diversifying into other sectors like construction for upcoming 2022 World Cup.
- Opportunities exist in infrastructure, healthcare, education for the growing population and World Cup projects expected to total $220 billion.
- Challenges include foreign ownership limits of 49%, requirements to use local agents, and lack of transparency in government procurement.
- The guide provides advice on market entry strategies like finding reliable local partners and maintaining some independence.
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3. Contents
Kuwait Fact Sheet
About Kuwait
Growth Drivers
Doing Business Attributes
Legal Framework Symmetry
Location Advantages
Human & Culture Elements
Soft Factors Power
Attractive Investment
Oppurtunities Across Diverse
Sectors
Starting a business in Kuwait
KDIPA Procedures and Facilitation
Legal framework
Tax regulation
4
7
8
10
12
14
16
18
20
25
26
27
29
4. 4
Kuwait Fact Sheet
Official name of Country
Capital City
Governorates (Administrative Units)
Government
Head of State (Amir)
Population
Official Language
Area
Climate
State of Kuwait
Kuwait City
Hawally, Ahmadi, Al Asimah, Jahra, Farwaniya, Mubarak
Al Kabeer
Constitutional Hereditary Emirate with a democratically
elected Parliament
His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah
4.4 million (December 2016)
Arabic is the official language while English is also
widely used, particularly as a business language
17,818 km²
Mean temperatures range between 25°C to 48°C
during the dry and hot summer season and between
11°C to 29°C during the short winter season
5. 5
Currency
Nominal GDP
GDP Per Capita
Value of Total Exports
Value of Total Imports
Annual Inflation Rate
Time Zone
Country Code
Kuwaiti Dinar (KWD or KD), sub-divided into 1,000 Fils
1 USD equals approximately 302 Fils
(average exchange rate in 2016)
USD 114 billion (2015)
USD 28,975 (Nominal GDP for 2015)
USD 54 billion (2015) and USD 95 billion (2014)
USD 31 billion (2015) and USD 29 billion (2014)
3.15% (Consumer Price Index, December 2016)
GMT +3 hours
+965
8. 8
Economy
New small businesses
+3,500
Public administration
To obtain a business license
20 days
Growth Drivers
Kuwait is transforming
Through the Kuwait Vision 2035 (www.
newkuwait.gov.kw), the government is
seeking to transform Kuwait into a financial
and commercial leader in the region,
enhancing its global position and developing
infrastructure, human capital, public
administration, healthcare, economy, and
living environment.
The Kuwait National Development Plan
sets ambitious targets across seven pillars
Source: www.newkuwait.gov.kw
Global position
GDP for humanitarian assistance
+1.5%
Human capital
Student capacity
+40,000
Healthcare
Hospital beds
+8,000
Living environment
Renewable energy share
+15%
Infrastructure
Investment increase
+11%
Focus on infrastructure
and private sector development
Source: Ministry of Planning and Central Statistical
Bureau
Expenditure on development
(2015/16 to 2019/20)
USD
142 Bn
8.6%
from
45.1% - 64%
Private sector GDP growth
(CAGR 2015/16 to 2019/20)
Non-oil sector GDP share
(2015/16 to 2019/20)
9. 9
Economic diversification underway
The series of medium term 5-year
development plans undertaken from 2010
to 2035 have supported the implementation
of institutional reforms, infrastructure
development and the steady growth of the
private sector and the non-oil economy.
Mega investment opportunities
• Kuwait presents numerous opportunities
across a broad range of sectors including
power, water, transport, construction,
housing, healthcare, education, cleantech,
oil & gas and more.
• Projects worth approximately USD 110
billion are in the pipeline, with a further
USD 19 billion of projects under bid
evaluation.
Source: www.meedprojects.com (data extracted on 16 February 2017)
Dynamic Project Pipeline
Construction
USDbillion
Transport
Power19.3
Oil & Gas
Chemical
Water3.3
7.5
14.3
26.9
38.9
10. 10
Doing Business Attributes
Up to 100% foreign ownership
Investors can take advantage of Kuwait’s Law No. 116 of 2013 which provides several incentives
and guarantees including:
• Ability to pursue business opportunities
as a Kuwaiti company with up to 100%
foreign equity; or as a licensed branch of
a foreign company; or as a representative
office having the sole purpose of preparing
market studies or production possibilities.
• Tax incentives for up to ten years with
respect to non-Kuwaiti shareholders’ share
of profits from qualifying projects.
• Exemptions from customs duties.
• Allocation of land for the proposed projects.
• Investors are guaranteed protection
from seizure or expropriation without
compensation equivalent to the true
economic value of the expropriated project
at the time of expropriation; guaranteed
free transfer or remittance of capital &
profits and disposal of the ownership in
the Investment Entity in any time without
restrictions.
• Avoidance of double taxation and benefits
under bilateral treaties for the protection
and encouragement of investment.
• Investors who have obtained Investment
License from KDIPA, will be classified at
Kuwait Central Agency for Public Tenders
“CAPT” according to their previous work
outside Kuwait and without any limitation
on the period of its registration.
11. 11
Investor Grade Sovereign Rating
All the three leading rating agencies
consistently confer an investment grade
rating for Kuwait, indicating their confidence
in the country’s ability to meet its sovereign
obligations, backed by its considerable
financial reserves serving as financial cussions.
Source: Moody’s, S&P and Fitch
Aa2
AA / A- 1+
AA
Kuwait enjoys high ratings from leading
rating agencies
KDIPA acts as a One-Stop Shop for investors
12. 12
Legal Framework Symmetry
Low corporate tax rates
WEF ranks Kuwait as the world’s 4th most
attractive tax regime with no personal income
tax, low corporate tax for foreign companies,
limited restrictions on imports and exports,
unrestricted movement of funds, including
repatriation, a strong and stable currency
supported by a prudent monetary policy
Kuwait Tax Scheme
National Labour Support Tax
(on profits of listed
companies)
Zakat Tax
(on profits of shareholding
companies)
Customs Duties
(on imports from non-GCC
countries)
2.5%
1%
5%
Contribution to
Kuwait Foundation for
Advancement of Sciences
(on profits of shareholding
companies)
1%
Personal Income Tax 0%
Corporate Income Tax
(on share of profit of foreign
companies)
15%
13. 13
Transparent legal system
• Kuwait’s economy is supported by an
independent judiciary and a stable legal
framework.
• The legal framework follows leading
international standards and bodies of
law governing business and commercial
activities including intellectual property
protection and environmental regulation.
Competitive factor costs
• The Kuwait government provides fuel,
power and water at competitive rates.
• Industrial and commercial land plots are
available to qualifying projects at subsidized
rents.
Kuwait has enacted several progressive
and business-friendly legislation
Kuwait has among the lowest rates for
fuel and utilities globally
Direct Investment Promotion Law (2013)
Capital Markets Authority Law (2010)
Kuwait Companies Law (2016)
Copyright and Related Rights (2016)
Kuwait Labour Law (2010)
Trade Marks (GCC Law 2015)
Public Private Partnership Law (2014)
Patents (GCC Law 2013)
Note: *Revised tariffs applicable from February 2018
Source: www.mew.gov.kw, www.knpc.com.kw
Power*
(Industrial use - US Cents/kilowatt)
8.3
8.3
36.4
Water*
(Industrial use - USD/1,000 imperial gallon)
Gas Oil
(US Cents per liter)
14. 14
Location Advantages
Strategic location
• Kuwait is located in the northern Arabian
Gulf bordering three major markets of
KSA, Iraq and facing Iran across the Gulf.
This advantageous location allows for
an extended access to markets in
various directions including Turkey,
Eastern Asia, Commonwealth of
Independent States, and into
Eastern and Central Europe.
• The country also has a
coastline spanning 290
km on the Arabian
Gulf with a well-
developed port
infrastructure.
15. 15
Strong economic fundamentals
• WEF’s Global Competitiveness Report
2016-17 ranks Kuwait at 6th position
among 138 countries in terms of overall
macroeconomic environment.
• The Country has reported a GDP of USD
114 billion in 2015 which is expected to
pick up following the stabilization of oil
prices.
• Kuwait has relatively low inflation with a
prudent monetary and fiscal policies.
Substantial government resources
• Kuwait has the 5th largestproven crude oil
reserves within OPEC, estimated at around
101.5 billion barrels.
• The Sovereign Wealth Fund Institute ranks
the Kuwait Investment Authority 4th out of
the wealthiest sovereign wealth funds.
• Kuwait’s sovereign wealth fund manages
assets estimated at USD 524 billion (July
2017) and the in-house investment arm
manages USD 120 billion for KIA.
Oil reserves
Prosperous GDP and stable inflation rates
Billionbarrels
KSA
Iran
2013 2014 2015201220112010
158.6
Kuwait
UAE
Qatar25.2
97.8
101.5
266.5
Source: OPEC, annual report 2016
Source: Ministry of Planning and Central Statistical Bureau
USDbillion
164 153 114161141110
4%
5%
5%
3%
3%
3%
Nominal GDP Inflation
16. 16
Human & Culture Elements
Democracy
• The State of Kuwait is a constitutional
hereditary emirate with a parliamentary
system of government. The Kuwaiti
constitution was approved and ratified on
November 11th
1962 whereby it defined
roles, separated powers and called for
direct parliamentary elections.
• The Kuwait National Assembly consists of
50 members who are elected by Kuwaiti
citizens and hold office for a term of four
years.
• The National Assembly enacts legislation
that becomes law after ratification by His
Highness the Amir.
17. 17
Young and educated Kuwaiti workforce
• Kuwait has a predominantly young
population with 77% of its citizens below
the age of 40.
• The Kuwaiti population is highly educated
with an average of 35% of the young
working age population (age group 25 to
34) holding either a diploma or a higher
education qualification.
Hospitable culture
• Kuwait offers a balanced mix of a
moderately conservative society built upon
traditional Islamic customs and practices
combined with a progressive outlook and
acceptance of new concepts.
• The low rate of crime and respect for
privacy make Kuwait a comfortable place
for families. Expatriates are respected
for the skills and value they bring to the
country.
• Though Arabic is the official language,
English is widely used as a business
language.
Tertiary education attainment levels
(age group 25 to 34)
Population by ethnic groups (June 2016)
USA47%
Germany30%
Turkey28%
Italy25%
Kuwait35%
OECD42%
UK49%
Source: PACI, OECD
Source: PACI
Kuwaiti
Arab
Asian
Others
2%
40%
28%
31%
18. 18
Strong financial sector
• Kuwait’s banking system is characterized
by a robust financial profile and strong
regulatory support, making it one of the
most stable and resilient banking markets
in the Middle East and North Africa (MENA)
region.
• The Central Bank of Kuwait (CBK) is widely
respected as one of the most proactive and
sophisticated regulators in the region.
• The Capital Markets Authority (CMA) has
strengthened investor confidence in the
financial services industry.
• Established in 1983, the Kuwait Stock
Exchange (KSE) was the first stock
exchange in the GCC region and in April
2016 privatized to become Boursa Kuwait.
High GDP per capita
• Kuwait has a high per capita income
reaching around USD 28,975 in 2015. This
has placed Kuwait amongst the group of
high income countries, confirming high
purchasing power.
• The high levels of disposable income contribute
to demand appetite and affordability for high
quality goods and services.
GDP per capita - USD (2015)
Established banking industry
UAE39
KSA20
Oman16
Bahrain22
Kuwait28
Qatar66
Source: EIU and World bank
Source: Central Bank of Kuwait
1
International
Islamic Bank
11
International
Conventional
Banks
6
Local
Islamic Banks
5
Local
Conventional
Banks
Soft Factors Power
19. 19
Developed ICT and transport
infrastructure
• Kuwait has the highest mobile subscriber
penetration rates in the world and also
ranks high in terms of internet penetration.
• The country has an advanced transport
system with well developed port, road and
air transportation.
• Projects are underway to further develop
the transport infrastructure including
development of the new Mubarak Al
Kabeer port on Boubyan Island, capacity
expansion at existing ports, a new airport
terminal and several road projects.
Note: All data is for the year 2015
Source: Central Statistical Bureau, PACI
Kuwait has high subscriber penetration rates and among the highest ARPUs in the world
Mobile subscriber penetration rate 173%
Marine freight throughput (mn tons) 41.3
Passengers at Kuwait airport (mn) 11.3
20. 20
Attractive Investment Oppurtunities Across Diverse Sectors
Kuwait has earmarked more
than USD 103 Bn in the
second Kuwait Development
Plan (2015/16 - 2019/20)
and has earmarked a similar
ammount for the new five
year development plan for
infrastructure development in
sectors such as power, water,
transport, infrastructure (ports,
aviation and rail) providing
opportunities for international
investors. Kuwait is the first
country in the region to adopt
a Public Private Partnership
(PPP) framework to attract
foreign developers.
1. Infrastructure 2. Environmental
Services
3. Downstream -
Chemical Manufacturing
A number of projects have
been initiated to address
the current and future
capacity contraints in critical
environmental segments such
as sanitation and waste anage-
ment with the government
seeking active private sector
participation.
Kuwait plans to double its
chemical production capacity
for ethylene and polyethylene
providing room for internation-
al investors to forge partner-
ships / strategic alliances with
leading local players.
21. 21
Kuwait’s education expenditure
is expected to increase from
USD 6.8 Bn in 2013 to USD
10.5 Bn by 2019. Kuwait is
seeking to attract leading
global educational institutions
to reach international
enrolment levels and standards
of education.
Kuwait has the third largest
total healthcare expenditure
in the GCC. Private sector
investments are expected to
reach USD 1.3 Bn by 2019
(6% annual growth between
2013-19) providing opportuni-
ties to establish speciality
hospitals and lifestyle clinics ca-
tering to an affluent, growing
population.
Kuwait has a pipeline for sever-
al large housing projects includ-
ing integrated townships. These
projects provide opportunities
for international investors to
participate across the real estate
value chain including develop-
ment planning, construction
contracting and property and
facilities management.
4. Education &
Training
5. Healthcare 6. Urban
Development
22. 22
Kuwait is developing its trans-
portation infrastructure across
ports, airport and rail with a
view to position the country
as a hub for regional trade.
This, combined with Kuwait’s
reliance on imports, logistics
and warehousing presents
considerable opportunities for
international players.
A robust financial sector,
proactive regulatory regime
and rising personal and institu-
tional wealth make Kuwait
an attractive destination for
international BFSI institutions
to offer specialized products
and services.
Kuwait is developing over USD
20 Bn of transport infrastruc-
ture projects in aviation and rail
which will facilitate increasing
passenger transport activity
in the country and augment
demand for services allied to
the transport sector.
7. Storage &
Logistics Services
8. Banking, Financial
Services & Insurance
9. Air, Maritime & Rail
Passenger Transport
23. 23
Tourist arrivals are expected to
grow from 306,559 in 2013
to 491,000 by 2022, creating
need for greater hotel capacity.
Limited presence of internation-
al budget hotel brands present
and oppurtunity for concepts
targeting business travelers.
Demand from consumer
focused sectors like retail
and banking along with IT
transformation initiatives
at the government level are
augmenting demand for
web-enabled IT services and
solutions in Kuwait.
High affinity for entertainment
and media on digital platform
such as smartphones and
tablets and high affordability
are opening new markets and
business opportunities in the
digital media and marketing
sector.
10. Tourism, Hotel &
Entertainment
11. Web & App
Development
12. Culture, Media &
Marketing
26. 26
KDIPA Procedures and Facilitation
KDIPA (Law No. 116 of 2013)
Kuwait Direct Investment Promotion Authority (KDIPA) established in accordance with Law No. 116
of 2013 regarding the promotion of direct investment in the State of Kuwait, as a specialized public
authority. H.E. Minister of Commerce & Industry is the Chairman of its Board of Directors. KDIPA is
one of the economic implementing arms of the country performing developmental, promotional,
regulatory, and advocacy roles.
Investors can make the following types of
applications to KDIPA:
A) Application for licensing a Kuwaiti
company.
B) Application for licensing a Branch.
C) Application for licensing a Representative
Office.
D) Application for granting incentives
KDIPA provides facilitation and aftercare
to investors by:
1) Continuous assistance during the process
of investment license;
2) Managing and coordinating with all relevant
government entities on behalf of the client;
3) Active follow-up and assistance throughout
the approval of the investment license; and
4) Managing any appeals or queries in case of
rejection of applications.
KDIPA maintains a simplified four step investment licensing procedure to service investors:
27. 27
Legal framework
Kuwait’s legal framework governing business activities provides a range of opportunities to
commence a business in Kuwait. Several legislations regulate the Kuwait’s business environment,
prominently the Companies Law No. 1 of 2016 and Commercial Agencies No. 13 of 2016.
Law Key features Types of ownership
Companies
Law
(Law No. 1 of
2016)
A new companies
law has been recently
promulgated in
Kuwait, providing
a more realistic and
practical perspective
than the previous
companies law.
1. General partnership company: Up to 49% stake.
2. Limited partnership company: Up to 49% stake.
3. Partnership limited by shares: Up to 49% stake.
4. Joint venture: Allowed through trade license of
the Kuwaiti members.
5. Shareholding company: Permitted to own shares
6. Limited liability company: Up to 49% stake. This
percentage may be exceeded under Law No.
116 of 2013.
7. Single person company: Up to 49% stake
Pursuant to provision of Law No. 116 of 2013,
this limit of 49% may be exceeded by non-
Kuwaiti and non-GCC entities.
Commercial
Agencies
(Law No. 13 of
2016)
In March 2016, Kuwait
introduced the new
Commercial Agency
Law, Law No. 13 of
2016 which replaced
Law No. 36 of 1964.
This law defines the
conditions for carrying
out business in Kuwait
through the commercial
agency route.
1. The commercial agent should be a Kuwaiti
national or a legal entity (corporation) which is
majority owned by Kuwait nationals
2. Import or supply of any good or product shall
not be limited to its agents or distributor
3. The commercial agency agreement must be
registered with the Ministry of Commerce and
Industry in order to benefit from legal recourse
28. 28
Legal framework
Processes
The process for establishing shareholding
companies and limited liability companies
is somewhat similar. An official instrument
establishing the company is created which
includes the company’s memorandum and
articles and a declaration from the founders
stating that they deposited the capital, to the
extent it represents the shares held by them,
in the company’s bank account.
Timelines
Once a license is granted, incorporation of
a shareholding company typically can be
completed within a month. A WLL may be set
up more quickly.
During the period before incorporation, a
company may operate under an authorized
shareholders agreement obtained from
a recognized professional assisting in
incorporation of the company.
Regulatory bodies
In the State of Kuwait, there are authorities
for granting licenses and regulators to
supervise the business activities:
• Ministry of Commerce and Industry (“MOCI”)
• Kuwait Direct Investment Promotion
Authority (“KDIPA”)
• Central Bank of Kuwait (“CBK”)
• Capital Markets Authority (“CMA”)
Accounting policies, regulations and
standards
Statutory requirement
Business enterprises in Kuwait must maintain
adequate financial records.
Accounting standards
All companies in Kuwait must comply with
International Financial Reporting Standards
(“IFRS”) in the preparation of the financial
statements in accordance with Ministerial
Resolution No. 110 of 1991.
Audit Requirement
Companies in Kuwait, both Shareholding and
Limited Liability, must be audited annually.
The auditor should be independent and must
be registered with the Ministry of Commerce
and Industry (“MOCI”), Capital Market
Authority (“CMA”) and must be a member of
the Kuwait Association of Accountants and
Auditors.
Publicly listed shareholding companies are
required to be audited by two separate firms
on a joint audit basis.
29. 29
Tax regulation
Taxation
Overall
structure
Each tax is regulated by a separate legislation which is governed by the Amiri
Decree. The tax system is comprised of the following main taxes:
• Taxation of Foreign Business Entities
• Kuwait Foundation for the Advancement of Sciences (“KFAS”)
• Zakat (Islamic Tax)
• National Labor Support Tax (“NLST”)
Foreign Entity
Tax
Taxable profits are determined after deducting allowable expenses and costs
incurred and will take into account any relevant provisions of any applicable
Double Tax Treaty Agreements subject to the practices of the Kuwait Tax
Authority (“KTA”).
15% flat rate on the net taxable income for fiscal periods commencing after 3
February 2008. Prior to this, tax rates were up to a maximum of 55%.
Capital gains are treated as normal business profits.
Losses may be carried forward for a maximum of three years provided the foreign
entity has not ceased its operations in Kuwait.
No definition of a Permanent Establishment (PE). Taxable presence created by
even a single day visit to Kuwait triggering the requirement for registration and
annual tax filing.
Kuwait differs in this aspect when compared with other countries in the region.
Zakat
Law No. 46 of 2006 regarding Zakat is applicable on all Kuwaiti shareholding
Companies at 1% of their annual net profit after the permissible deductions.
In practice, the KTA has recently requested not only Kuwaiti entities but also
GCC companies and Banks to submit Zakat declarations based on the Ministerial
Order No.3 of 1989 which refers to the equalization of tax treatment of Kuwait
and GCC Nationals / Companies.
There is no delay penalty for late submission of Zakat Declaration or late
settlement of Zakat amount up till now.
Zakat Law does not allow previous year’s losses to be carried forward to
subsequent years.
30. 30
Tax regulation
Taxation
National
Labour
Support Tax
(NLST)
Law No. 19 of 2007 regarding NLST is applicable on all listed Kuwaiti
Companies listed at the Kuwait Tax authority at 2.5% of their annual net profit
after the permissible deductions.
NLST Law and applications are similar to Zakat law in the following
• Compliance procedures.
• Delay penalties.
• Allowed deductions for the purpose of computing NLST due, however, there
are certain exceptions.
Recently the KTA has sent formal letters for all GCC companies listed on the
KSE requesting them to submit their NLST declarations even if they do not have
any activity in the state of Kuwait.
Kuwait
Foundation
for the
Advancement
of Sciences
(KFAS)
Pursuant of Amiri Decree issued on December 12, 1976 incorporating KFAS,
Public and closed Kuwaiti Shareholding Companies are subject to a contribution
to the Kuwait Foundation for Advancement of Sciences (KFAS) of 1% of profits
after transfer to the statutory reserve and the offset of any losses carried forward.
In practice, KFAS is computed on Profit (loss) for the year before Zakat, NLST,
Contribution to KFAS and Directors Remunerations after taking into account
transfer to statutory reserve (even though this is not reflected in the P&L).
Double
Taxation
Avoidance
Treaties
Tax treaties typically allow for exemptions from tax in Kuwait. Subject to certain
conditions a tax payer from country with which Kuwait has a tax treaty can:
• Claim full exemption from Kuwait tax if a Permanent Establishment (PE) is not created.
• Where a PE is created claim that offshore income should be exempt from tax in Kuwait.
KTA is inconsistent in application of treaties. Disputes arise on issues including:
• Existence of a permanent establishment.
• Income attributed to a permanent establishment.
Annual tax declarations still need to be filed to report the income and claim
applicable exemptions under the tax treaty.
KTA is looking into the substance of entities claiming treaty benefits.
31. 31
Taxation
Tax retention
There are no withholding taxes in Kuwait.
Tax retention regulations require companies to:
• Notify names and addresses of its contractor (s), subcontractor (s) or any
kind of beneficiaries;
• Submit copies of all the contract (s) and subcontract (s) to the KTA; and
• Retain 5% on payments to contractor, subcontractor and any kind of
beneficiary.
The 5% retention held can only be released when the beneficiary provides a
No Objection Letter (NOL).
Tax law provides that contract owners may be held responsible for paying the
tax and penalty debt where the foreign entity is delinquent in completing its
Kuwait tax obligations.
As a result, companies are coming forward to fulfil compliance obligations.
VAT rollout
In June 2016, GCC countries agreed to implement VAT in the region. Kuwait has
indicated a strong desire to implement VAT which is expected to be live from mid
2018.
A common GCC legal framework outlining the key VAT principles has been
agreed upon between the GCC states.