The Kuwait Direct Investment Promotion Authority (KDIPA) has approved the establishment of a Chinese technology company in Kuwait with a capital of 30,000 dinars, focusing on scientific research, technical development, machinery testing and the maintenance of industrial equipment.
According to the company’s articles of incorporation published in the official gazette Kuwait Alyawm, Hefei Jinshchuang Technology Limited will operate as a single-person, profit-oriented company. Its parent company is based in the People’s Republic of China, while its registered headquarters will be in Kuwait. The company is also permitted to establish branches and agencies both inside and outside the country.
The company has an authorised capital of 30,000 dinars, divided into 10,000 cash shares valued at three dinars each. Its approved activities cover three main areas: research and technical development in natural sciences and engineering, performance testing of finished machinery, and the repair and maintenance of pumps and liquid power equipment.
The articles of incorporation also allow the company to undertake activities that are similar, complementary, necessary or related to its approved business objectives. However, it is prohibited from engaging in activities listed among investments excluded from the provisions of the Direct Investment Promotion Law.
The company has been established for a period of 20 years from the date of publication of its incorporation contract. Its term may be ended earlier by a decision of the capital owner, while it will be automatically renewed for an equal period if operations continue, unless a decision is taken otherwise.
The company will be governed by Law No. 1 of 2016 on Companies and its executive regulations, as well as Law No. 116 of 2013 on the Promotion of Direct Investment in Kuwait and the regulations issued by KDIPA.
The establishment reflects Kuwait’s continued efforts to attract foreign investment, broaden the country’s investment base and encourage the expansion of technology-related and research activities in the local market.
