The Ministry of Commerce and Industry announced, Sunday, the restructuring and simplification of the procedures for establishing joint-stock companies in the ministry’s automated system, and reducing them to 24 hours in line with the “New Kuwait 2035” vision and supporting the leadership to revitalize the economy.
The ministry told Al-Jarida daily, this comes upon the directives of the Minister of Commerce and Industry, Muhammad Al-Aiban, saying procedures have been cut down to just four steps unlike the previous 17 steps which took about 60 days to complete.
The sources explained that this step will support the growth and competitiveness of the local business environment, since the ministry has approved a number of developmental measures to achieve a qualitative leap in completing the course of clearing transactions of the joint-stock companies.
The ministry emphasized that this step also contributes to accelerating the business activity and providing an attractive environment for local and international investors, in line with the government’s plans to transform Kuwait into a regional and commercial hub to attract investors.
The ministry added that the simplification of the procedures for establishing joint-stock companies came as a result of coordinating the complementary efforts between the various sectors of the ministry concerned with enhancing the competitiveness of the business environment locally and to improve the country’s positions in economic performance indicators with advanced steps and are moving forward.