Kuwait’s economic transformation accelerates establishment of 6,673 new private and micro-companies in 9 months
The booming micro-company sector in Kuwait is the result of the State’s mission in empowering entrepreneurship for rapid economic development of newer and smaller entities, led to approval of 1,064 new business applications, and issuance of 5,609 licenses since the beginning of 2024.
Kuwait is witnessing an economic transformation that stands out in the growing interest for establishing ‘micro-companies’ or small-businesses’ of a special nature. This reflects about the growing awareness among individuals, who lay emphasis on entrepreneurship as a key path for growth and development.
Consequently, this growth and development is due to early realization and a long-term vision of the government, which gives importance to these entities. As these small businesses have become an integral part of the national economic fabric that is moving towards achieving flexibility and a higher competitive environment, amid expectations about growing success stories of these companies that will shape the emergence of newer equations in Kuwait’s economy.
Official figures stated by Al-Anba revealed that Kuwait witnessed the establishment and licensing of about 6,673 micro and special companies during the period from January, to the end of September 2024.
The continued and increasing demand for licensing and establishing these micro-companies, is supported by Kuwait’s flexible policies that open newer avenues for everyone to launch their own projects, amidst continuous procedural facilities.
As this trend comes within the framework of a broader vision of economic diversification and providing a competitive environment that embraces new ideas and innovation, which enhances economic sustainability and supports diversification in income sources.
A Sustainable Future:
Micro-companies of a special nature have become a cornerstone in building a more flexible economy. As they keep pace with the developments in economic activities, and are based on young and creative energies, which contribute in achieving a sustainable economic future. To meet the ambitions of the new generation that consolidates Kuwait’s position as a leading centre in the region.
The demand of young people for such type of projects, is supported by what the official figures showed that the Ministry of Commerce and Industry received, 9344 requests for transactions for the establishment and licensing of micro-companies of a special nature, during the first 9 months of 2024.
Moreover, the month of January 2024, witnessed about 1709 transactions for applications, meant for establishment and licensing, while the month of February recorded 968 transactions; March 1190 transactions; April 819 transactions; May 1451 transactions; June 1042 transactions; July 1051 transactions; August 576 transactions and; September 538 transactions.
These types of companies witnessed approved establishments for 1,064 companies, with 301 transactions in January; two transactions in February; 186 transactions in March; 95 transactions in April; 217 transactions in May; 146 transactions in June and; 117 transactions in July.
The total licenses issued numbered to about; 5,609 licenses issued to companies, including 902 licenses in January; 638 in February; 570 in March; 449 in April; 732 in May; 520 in June; 684 in July; 576 in August and; 538 in September, while 2,671 establishment applications were rejected.
Approved Requests
The total number of approved incorporation applications and licenses issued to micro-enterprises in Kuwait during the period from January to the end of September 2024, amounted to about 1916 companies, with 44 approved applications and 1872 licenses issued. While the number of rejected applications for incorporation reached about 123 applications. Whereas, the total transactions of micro companies during that period was about 2039 transactions.
The data showed that the approved applications for incorporation of micro-enterprises during the first 9 months of this year were concentrated in March with 44 approved applications, while the number of licenses issued in September reached 465 licenses; in August 466 licenses; July 180 licenses; June 99 licenses; May 132 licenses; April 86 licenses; March 108 licenses; February 128 licenses and; in January 208 licenses.
