According to a tweet by Al Arabiya News Channel, expats in Kuwait can now own 100% share in a company without the need for a Kuwaiti partner. I am not sure how accurate this information is since I haven’t been able to find a second source but Al Arabiya is considered a reliable source. I’m not going to pop open the non alcoholic champagne bottle just yet though, not until it’s officially announced somewhere else. [Link]
34 replies on “Expats no longer need Kuwaiti partners”
Even if true, its no great cause for celebration. The tweet states that you can be the only employee of the company. So that pretty much makes it an instagram business. Even a bakalah would require an employee (unless you want to work there yourself).
A lot of creative and consultancy jobs are a one man show and I’m sure if I think about it for more than 5 seconds I could give you more examples as well.
I don’t know how strict they are, but if the tweet is to be believed literally, then you can’t employ a secretary, an accountant, or even a cleaner. It would really have to be a work from home type of situation. You are right still that a few creatives and consultants can benefit from this.
Do I see a 248am LLC being registered soon?
You could still outsource those services (secretarial, accounts, cleaning etc.) to another company and run your full fledged one man show office.
Where does it say you have to be the only employee?
The last two words of the tweet
That translates to sole proprietorship.. It means that the ownership belongs to one person, in contrast to listed companies whose shares are traded publicly. This has no relation to the number of employees whatsoever.
Thanks, good to know.
Thats actually not what it states, it says expats can own 100% of corporations (owned by shareholders) , partenerships (2 or more owners) and sole proprietorships (one owner), has nothing to do with the amount of employees.
https://news.kuwaittimes.net/govt-approves-expat-property-ownership/
>This article was published on 15/04/2014
:/ Wonder how come I never came across that before.
As per Kuwait times from the link posted here:
“The Interior Ministry’s approval is also required to purchase properties, the report reads. ”
“It does not explain however whether the decision has gone into effect immediately or still requires the parliament’s approval.”
Seems to be an impossible thing !
That kuwait times link is from april 2014
There was another unconfirmed news yesterday about allowing Palestinians and Syrians to own properties.
Seems highly unlikely
no
https://alwatan.kuwait.tt/mobile/marticledetails.aspx?id=408818
It is true, the full info published in the press and the law was released in the official paper on 14 december.
https://alwatan.kuwait.tt/mobile/marticledetails.aspx?id=408818
Published in the local press, also the law was released in the official newspaper on December 14.
Is al-watan reliable?
Yes, It is also quoting a reliable source which is the person in charge of the bill.
its in reference to the regs of the foreign direct investment laws. Wouldn’t get hopes up as it’s still highly unlikely it’s be implemented any time soon and if yes it’ll apply to international corps.
no
Could Fajer shed more light on this?
Is this valid?
How to go about getting the approvals for the same?
Thanks.
+1
I too would like a legal opinion and if possible an idea of how to get it done. And does the 100% owner has to be a person or can it be a business entity i.e. company outside kuwait.
+1
It’s Kuwait. What the law says and what happens might be 2 different things.
Nope, this will get implemented soon because oil prices are dropping and Kuwait needs to diversify its economy. Allowing foreign ownership of companies will attract foreign investors. Foreign investors are necessary for Kuwait’s economic diversification.
Kuwait is currently the fastest growing projects market in the GCC.
Thank you for the Christmas present!
*champagne, Mark.
I got you.
been meaning to fix that all day thanks
my BUTT if that gets implemented in any form or way…..
They are studying this.
I read about it two days back in Al Watan Newspaper.
Its kinda true. its still under study.
Nothing official yet ! its the 2015 plan or “resolution” in this case!
https://alwatan.kuwait.tt/ArticleDetails.aspx?Id=408818
officially announced