PHOTO
25 August 2016
Rise is mainly attributed to the amendment in Kuwait's companies' law in 2015
Kuwait reported an 80 percent surge in the number of commercial licenses issued during the first half of this year, local Arabic newspaper Al Qabas reported on Wednesday, citing statistics from the ministry of commerce and industry.
From a total of 3,077 new licenses issued between January and June this year, 2926 were for limited liability companies, an increase of 102.4 percent year-on-year.
The second fastest category was for closed shareholding companies, which grew 71.4 percent to 12 new licenses year-on-year.
Limited partnerships and joint liability companies, however, saw a decline by 25.2 percent and 55 percent to 65 and 74 new licenses, respectively.
No new public shareholding companies were announced in H1 2016, in comparison to one healthcare company during the same period in 2015.
The rise is mainly attributed to the amendment in Kuwait's companies' law in 2015, which lowered the minimum capital requirements to start a new business to 25,000 dinars ($82,979) for public shareholding companies, 10,000 dinars for closed shareholding companies, and to 1,000 dinars for the rest of types of companies.
(Writing by Nada Al Rifai)
© Zawya 2016
Rise is mainly attributed to the amendment in Kuwait's companies' law in 2015
Kuwait reported an 80 percent surge in the number of commercial licenses issued during the first half of this year, local Arabic newspaper Al Qabas reported on Wednesday, citing statistics from the ministry of commerce and industry.
From a total of 3,077 new licenses issued between January and June this year, 2926 were for limited liability companies, an increase of 102.4 percent year-on-year.
The second fastest category was for closed shareholding companies, which grew 71.4 percent to 12 new licenses year-on-year.
Limited partnerships and joint liability companies, however, saw a decline by 25.2 percent and 55 percent to 65 and 74 new licenses, respectively.
No new public shareholding companies were announced in H1 2016, in comparison to one healthcare company during the same period in 2015.
The rise is mainly attributed to the amendment in Kuwait's companies' law in 2015, which lowered the minimum capital requirements to start a new business to 25,000 dinars ($82,979) for public shareholding companies, 10,000 dinars for closed shareholding companies, and to 1,000 dinars for the rest of types of companies.
(Writing by Nada Al Rifai)
© Zawya 2016
