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Law No.116 of 2013 regarding the Promotion of Direct Investment in the State of Kuwait.

País/Territorio
Kuwait
Tipo de documento
Legislación
Fecha
2013
Fuente
FAO, FAOLEX
Materia
General
Palabra clave
Ley marco Negocios/industria/corporaciones Cuestiones de procedimiento Tasa/impuesto
Área geográphica
Asia, Medio Oriente, Africa del Norte y Cercano Oriente, Golfo Pérsico, Asia Occidental
Entry into force notes
This Law enters into force 6 months after its publication in the Official Gazette.
Resumen

This Law consisting of 38 articles aims at (i) creating an improved business environment; (ii) encouraging more direct investment; and (iii) making it much easier for investors to obtain a license. Article 2 establishes the Kuwait Direct Investment Promotion Authority (KDIPA), an independent public authority managed by a Board of Directors that is composed of representatives from the public and private sectors and is chaired by the Minister of Commerce and Industry. The main goals of the KDIPA are (i) facilitate the procedures and remove the hurdles encountered by investors, as well as provide various means of assistance and support to encourage Direct Investment in the country; (ii) raise awareness regarding the importance of Direct Investment, especially foreign investment, and promote Kuwaiti investment environment and the available Direct Investment opportunities; and (iii) encourage investors to transfer, settle and use modern and sophisticated technologies, means of production and operations, management methods, and technical and marketing expertise and to encourage partnerships between Kuwaiti and foreign investors that foster the objectives of development. Its main tasks are (i) screen possible Direct Investment opportunities in the country, promote such opportunities, and present the incentives, exemptions, and guarantees granted to investors, in addition to preparing any necessary studies, research, and statistics and providing available information, clarifications, and statistics to investors; (ii) receive and assess investors' applications ; (iii) establish economic zones and suggest their locations within the general structural plan; (iv) establish or contribute to the capital of companies specialized in the establishment or management of business incubators for projects that meet the objectives of the Authority; (v) coordinate with competent authorities to simplify and facilitate the procedures and services required to improve and streamline the investment environment in Kuwait and enhance its competitive advantage; (vi) organize conferences, seminars, exhibitions, and workshops as well as provide services and training programs in line with its objectives; (vii) secure potential financing and credit facilities in order to encourage investments needed by the country; (viii) oversee and monitor the performance of Direct Investments in the country and identify any hurdles; and (ix) implement the tasks and mandates assigned by the Council of Ministers or the Relevant Minister that relate to its objectives or that would encourage Direct Investment in the country. The Board has the powers necessary to achieve the objectives of the Authority, formulates its general policy, and supervises the implementation of the same. Article 14 provides for the issuance of licenses.

Texto completo
Inglés/Árabe
Página web
www.ilo.org