The issue of home-based business in Kuwait is need of regulation; therefore, a draft paper on issuing licenses for such business has been sent to the Ministry of Commerce and Industry for deliberation, said an official here Saturday.
After the Gulf-Jordanian Economic Communication Forum, head of the small projects at the Manpower and Government Restructuring Program (MGRP) Faris Al-Enizi said that running business from home was an essential part of developing economies world-wide, adding that to grow such businesses, a number of regulations should be set to protect both service providers and consumers.
The policy is to give home business owners a license valid for three to five years, said Al-Enizi, noting that this period will allow business owners to assess the success of their ventures before going on to develop their services. If such procedure was conducted in Kuwait, owners will have an official platform to start their home-based businesses which protect their interests and others.
He indicated that the draft paper by the program have selected 32 home-based business types from a list 120, said the official, revealing that business list included the selling of food products as well as media, general, and IT services. Al-Enizi said that there were around 70 percent of businesses that fit the label of home-based business on social media apps and websites including Instagram and others, indicating that acquiring the proposed license will help develop this field of business.
The current status quo leaves such businesses unmonitored by the concerned authorities and thus, fraud might occur more frequently, said the official.
Regulations to start a home-based business are almost the same governing private institutes, said Al-Enizi, adding that the possible addition of more regulation to fit the business will be introduced once the issue of license is resolved.