12 steps to incorporating in Kuwait in 2021
Since 2003, Healy Consultants Group PLC assists our Clients with the A to Z of business setup in Kuwait including i) company incorporation ii) corporate bank account opening iii) regulatory licensing (when required) and iv) virtual office services.
See below further information on the steps to register a new business in Kuwait.
- Consultation phase: Healy Consultants Group PLC understands our Client’s business and goals in Kuwait and then determines the optimal corporate structure for our Client to accomplish the same.
- Due Diligence procedure: Healy Consultants Group PLC will request our Client to i) settle our professional fees for the engagement (payable by instalments if needed) ii) sign and return our client engagement letter, along with the required due diligence documentation.
- Planning phase: Healy Consultants Group PLC will plan our Client’s engagement from A to Z and prepare a detailed project plan for the Kuwait business setup, outlining each step towards completion of the engagement.
- Government pre-approval: Our Client confirms their top five preferred company names, which Healy Consultants Group PLC submits to the Kuwait Ministry of Commerce and Industry (MOCI). All going well, the MOCI confirms that our Client’s preferred company name is available.
- Application submission: Once the name has been reserved, Healy Consultants Group PLC will make arrangements to sign the drafted Articles of Association in front of the MOCI.
- Lease submission: Healy Consultants Group PLC will assist our Client locate a suitable office space and negotiate the price. The final lease to be signed between our Client and the landlord directly. The signed lease will then be provided.
- Registration certificates: Healy Consultants Group PLC secures our Client’s Kuwait company incorporation numbers and immediately applies for any required Kuwaiti ministerial approvals, depending on our Client’s line of business.
- Company licence: Healy Consultants Group PLC receives all required Kuwaiti ministerial approvals and subsequently secures our Client’s company licence from the MOCI, completing company incorporation.
- Bank account: Healy Consultants Group PLC assists our Client to secure a multicurrency corporate bank account with our Client’s preferred Kuwaiti bank.
- Employee visas: If required, Healy Consultants Group PLC will secure Kuwaiti residence visas for our Client’s staff.
- Additional registrations: The new company then register with the Public Authority for Civil Information (PACI) and obtain a civil number, a mandatory requirement when dealing with other Kuwaiti government departments.
- Engagement completion: Following receipt of all necessary inspection approvals and company documents, Healy Consultants Group PLC couriers a full company kit to our Client, including original corporate documents, unopened bank correspondence and a Client feedback survey.
Documents required to form a company in Kuwait:
Foreign entrepreneurs will be required to present:
- Legalized copies of passport and a recent proof of address for all non-Kuwaiti directors and shareholders;
- A police clearance certificate for all shareholders confirming there are no past criminal records; and
- A signed lease agreement for office premises, a receipt confirming rent payment and certificate of registration of the office with the Public Authority for Civil Information (PACI). These documents must also be translated to Arabic.
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?
There is no more immediate paid-up capital requirement to register a company in Kuwait. Shareholders are only required to inject the paid up capital of the entity within 1 year after Kuwait company incorporation (minimum capital of US$300 (KWD100)).
- 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.