Conditions of working a project in Kuwait –
Disadvantages of a one-person company in Kuwait
The work on establishing companies requires a set of controls and factors that are carried out according to the laws set by the state, and the business owner must abide by them in order to be able to achieve success in his project. In this context, we address the disadvantages of a one-person company in Kuwait:
- The one-person company focuses on functional procedures, which makes it face the burden of comparison with other limited companies.
- The person who signs the annual return of the company is the manager only, and there is no obligatory signature of the company secretary.
- The company is treated in the same way as private companies, so a high rate of tax is imposed on it, up to 30%.
- The costs of establishing a company with the government are high compared to other companies.
How to establish a one-person company in Kuwait
The state seeks to preserve its economy, as it works to give people the opportunity to establish the work in which they find themselves, in order to enable them to build their future with ease. In this context, we address the method of establishing a one-person company in Kuwait:
- The company consists of two or more people.
- The share of foreign partners does not exceed 49%.
- Likewise, the partner should not be a worker in any of the state’s jobs.
- He has no precedents or judgments.
- Each partner in the company has proof that he has provided his share of the capital.
- It is not allowed to establish a company between a man and his wife unless there is a third partner with them.
- The owner of the company must hold Kuwaiti citizenship or hold a pilgrimage to a member of the Gulf Cooperation Council.
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Documents required to establish a company in Kuwait
The market in Kuwait gives the opportunity to work on establishing the future through the establishment of projects that raise the level of the country and the income of workers and give opportunities to employ a group of young people. In this context, we address the documents required to establish a company in Kuwait:
- The existence of a lease or ownership contract for the company.
- A copy of the national card showing the national number of all partners.
- A certificate from the Kuwait Chamber of Commerce and Industry confirming the sponsor’s approval of the foreigner’s right to enter the company.
- The company’s manager transfers his residence to the company’s headquarters.
- A certificate bearing the headquarters address of the company’s headquarters through the Public Authority for Civil Information.
Conditions for supporting small projects in Kuwait
The state works to provide assistance and support to all small projects in it, which can raise the percentage of income, by granting loans that help the success of these projects. In this context, we address the conditions for supporting small projects in Kuwait:
- To hold Kuwaiti citizenship.
- The financing percentage is 80% of the initial capital.
- The capital of the project does not exceed 250 thousand Kuwaiti dinars.
- That the employees devote themselves after the approval of the financing.
- If the applicants for the project are military employees, they must resign from their work after the approval of the funding.
- The entrepreneur must not be a student or under the age of 21.
- The company does not have foreign partners.
- The owner of the project shall be on the fifth chapter in social insurance.
- As well as the resignation of workers who work in the private sector.
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Finally, we have provided in this article everything related to the conditions of a project in Kuwait, as well as the method of establishing a one-person company in Kuwait as well as the documents required to establish a company in Kuwait.