|Halal Ranking||12th in Global Muslim Travel Index (GMTI 2015)/Crescentrating|
|Halal-related agencies Intro|
Contact Kuwait Chamber of Commerce and Industry, PO Box 775, Safat 13008, Kuwait (Tel. 965-243 3864)
|Halal compliance guidelines Intro|
Customs and Regulations
Tariffs are based on the Harmonised International System (HIS) Code for classification of imports and exports.
Import tariffs in Kuwait are relatively low. A flat rate of 5% is applied to the cost, including insurance and freight of imported goods. Staple foods including rice, wheat and tea are exempt from import duties. Import duties on tobacco are 100% and could be increased in the near future.
Legislation and Local Regulations
Foreign corporate operations in Kuwait are liable to taxation on profits. The Kuwait Government has set a flat rate of 15 per cent which will be levied on the income of any foreign corporate carrying on trade or business in Kuwait.
A Double Taxation Agreement has been signed between the UK and Kuwait. For further details contact the Inland Revenue, International Division.
There is no personal income tax in Kuwait. (Source: UK Trade & Investment)
|Halal-related trade and trading|
|Investment and Export Promotion Agencies Intro|
What companies should consider when doing business
Foreign companies wishing to operate in Kuwait without setting up a Kuwaiti registered legal entity may only do so through a Kuwaiti agent. Establishing new business works best with a carefully chosen Kuwaiti partner or advisor, who is able to keep in contact with customers, seek business and provide information on the latest market trends. The success of the relationship with the agent depends upon face-to-face contact and regular communication. Companies providing promotional and marketing assistance to their agent will have an advantage.
Gateways/Locations - Key areas for business
Kuwait has a number of industrial areas, the largest being located in Shuwaikh, Sabhan and Shuaiba. Kuwait has its Free Trade Zone located at Shuwaikh port, under the supervision of Ministry of Commerce and Industry. The zone provides facilities for the storage and processing of goods, materials and other related activities, with companies operating there enjoying exemptions from all custom duties as well as streamlined visa procedures.
Market entry and start up Considerations
The basic laws regulating conducting business in Kuwait states that non-Kuwaitis cannot engage in commercial activities without a Kuwaiti partner whose equity holding should not be less than 51 per cent. An exception to this under Law No 8/2001 has been enacted permitting foreign entities to establish Kuwaiti companies with stakes upto 100% foreign equity participation. (Source: UK Trade & Investment)
|Investment and Export Promotion Agencies Names||Kuwait Investment Authority|
|Company ownership limits |
(foreign and local)
License under Foreign Investment Law
The Foreign Investment Law (No. 8/2001) proposes to regulate foreign investments in Kuwait. Under the law it is intended to allow foreign investors to own up to 100% equity in Kuwaiti companies or ventures for special projects as determined by the Council of Ministers. Prior to the enactment of this law, foreign investors were subject to a ceiling of 49% (maximum) stipulated under the Law of Commerce No. 68 of 1980 and the Commercial Companies Law No. 15 of 1960. The law proposes to do away with such restrictions imposed upon foreign investors. (Source: UK Trade & Investment)
|Media & Recreation||30.40|
|Pharma & Cosmetics||34.44|
IFDC’s Pret-A-CoverTM Buyers Lane Signs with Debenhams For Fashion Event in Kuwait30 Aug 2018 | distribution-logistics
Gulf banks’ lending growth to remain subdued — S&P24 Jul 2018 | finance-investing
HSBC, Credit Suisse to advise on Kuwait’s KFH, Bahrain’s AUB talks22 Jul 2018 | finance-investing
Global sukuk issuance to hit US$75bil-US$85bil in 201817 Jul 2018 | finance-investing
Kuwait’s KFH invites Bahrain’s AUB to begin due diligence16 Jul 2018 | finance-investing
Middle East sovereign investors target infrastructure projects10 Jul 2018 | finance-investing
UPDATE 1-Saudi, Kuwait and UAE to announce measures to support Bahrain’s economy27 Jun 2018 | finance-investing
BRIEF-Kuwait’s KFH Gets CBK Final Approval On First Issuance of Sukuk Programme20 Jun 2018 | regulations-compliance
IMF to add Islamic finance to market surveillance in 201925 May 2018 | finance-investing
Kuwait’s Al Mawashi looking beyond Australia for sheep imports23 May 2018 | all-sectors