20 steps to incorporating in Kuwait
With Healy Consultants, starting a Kuwait company is straightforward. Our transparent, logical engagement procedures ensure an efficient company incorporation process. Engagement procedures typically evolve as follows:
- Prior to business incorporation, our Client signs Healy Consultants engagement letter and returns the original to our Singapore head office;
- Healy Consultants’ Compliance Team receives the required corporate and personal due diligence information from our Client;
- Healy Consultants provides our Client with a detailed engagement plan for the Kuwait business incorporation process, outlining a roadmap for the upcoming engagement, thereby minimising unwanted surprises and meeting Client’s expectations;
- Our Client confirms the Kuwait corporate structure, including shareholders and directors. Only then will Healy Consultants proceed with Kuwait business incorporation, see Kuwait company registration procedures;
- Healy Consultants files with the Department of Partnerships (DOP) at the Ministry of Commerce and Industry (MOCI) an application to set up the company. This application indicates the name of the founding shareholders, the capital of the company, the percentage ownership of the capital by each shareholder, the business of the company, and the identity of the managers of the company;
- Healy Consultants receives notification from the Ministry of Commerce and Industry (MOCI) confirming its approval of the company’s membership;
- Prior to business incorporation, Healy Consultants assists our Client to find office space in Kuwait and obtain a draft lease agreement;
- Upon the successful filing of the application for the name of the company with the Commercial Registrar, after having already filed the application to register with DOP, the Healy Consultants goes back to DOP to retrieve 3 notes issued by DOP addressed respectively to the Bank, the Criminal Investigation Department and the Kuwait Municipality. Depending on the scope of the company’s work, the Companies Department gives its comments to the founders in the form of letters addressed to the relevant government agency: the Municipality, the Central Bank and Criminal investigation;
- As part of Kuwait business incorporation, Healy Consultants will deposit the capital in an account opened in the name of the company. Once the capital is deposited in the account, the bank issues a certificate evidencing the same which will be kept safely for our Client;
- After a public notary at the Ministry of Justice notarizes the MOA, the applicant gives the Department of Partnerships at MOC a signed and notarized copy of the MOA, a copy of the Lease contract of the premises of the company, and a receipt showing that the first rent was paid. The Department of Partnerships at MOC issues to the company a Commercial License which enables your Firm to start its activities;
- Once registered, the company must first get a sample of the signature of the representative of the company certified with the Chamber of Industry & Commerce (CIC), as it will need this certified sample in its dealings with other governmental bodies and entities such as the Banks. To do that, the company must register as a member of the CIC. There is a special form provided by the chamber for that purpose;
- The company must file for a “Civil Number” with the “Civil Data Department”. This number will be required in dealings with other governmental bodies;
- Following business incorporation, Healy Consultants obtains a trade/commercial license for the company;
- Healy Consultants’ Compliance Team prepares all post incorporation documents, including minutes of the first meeting, preparation of bylaws, and assurance of initial share certificates;
- Upon receipt of original Client signed corporate documents, Healy Consultants couriers a company kit folder (to our Client’s preferred international address) containing the following corporate documents:
- Original share certificates;
- Original copy of Kuwait commercial registration license;
- An original bound copy of the memorandum and articles of association;
- Printout of the company’s details from the Kuwait Chamber of Commerce;
- Client feedback form.
- Healy Consultants’ Banking Team completes corporate bank account opening for our Client, together, including world-class multi-currency internet banking facilities. Healy Consultants works with internationally recognised banks such as HSBC, Standard Chartered, and Citibank to provide corporate bank account services;
- Healy Consultants provides our Client with a local business address details for invoicing purposes, together with telephone, fax, and email support;
- Healy Consultants assists our Client to obtain corporate finance, trade finance, and open merchant accounts;
- Healy Consultants assists our Client to locate business premises and recruit local staff;
- Following completion of the engagement, Healy Consultants emails an engagement feedback survey to our Client.
Frequently asked questions
When incorporating a Kuwaiti company, is it mandatory to register all the details in the public register?Yes. If our Client wishes to incorporate a Kuwait company, they will be expected to publish the company details for public record.
How much capital will I be required to deposit when incorporating a company in Kuwait?When incorporating in Kuwait, US$3,500 must be deposited in the corporate bank account.
Will there be any restrictions for non-resident entrepreneurs when they incorporate in Kuwait?While foreign entrepreneurs will be allowed to pursue business activities of their choice, they will be required to appoint a Kuwaiti national with at least 51% shareholding in the company.