4 steps help establish joint-stock companies in just 24 hours: MoCI

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KUWAIT CITY, May 15: The Ministry of Commerce and Industry announced the restructuring and simplifi- cation of the procedures for establishing joint-stock companies in the ministry’s automated system has now been reduced to just 24 hours after the procedures have been cut down to just four steps unlike the previous 17 steps which took about 60 days to complete, reports Al-Jarida daily. This is in line with the “New Kuwait 2035” vision and supporting the leadership to revitalize the economy.

The ministry said this comes upon the directives of the Minister of Commerce and Industry, Muhammad Al-Aiban. 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 simplifi- cation 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.

Procedures
The Ministry of Commerce and Industry has shortened online procedures for establishing shareholding companies. The ministry said in a statement on Sunday that the procedures have been cut from 17 steps to only four, doable within 24 hours instead of 60 days as was the case previously. Simplifying the procedures for establishing the shareholding companies came in coordination with various divisions of the ministry tasked with boosting competition in the domestic business sector. The statement affirmed the approach to cut red tape regarding all services provided by the department. Among the facilitated steps is acceptance of A founder’ criminal record provided by the criminal evidence department of the Ministry of Interior and link-up with the Ministry of Justice to document A contract electronically.

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