December 15, 2014: Kuwait Direct Investment Promotion Authority (KDIPA) Director General, Dr. Sheikh Meshaal Jaber Al Ahmad Al Sabah, announced the issuance of the Executive Regulations of Law No. 116 of 2013 regarding the Promotion of Direct Investment in the State of Kuwait in accordance with the Ministerial Decision No. 502/2014, and also the issuance of the designated fee schedule in return for the services rendered by KDIPA in accordance with the Ministerial Decision No. 503/2014, both released on December 7, 2014 by H.E. Deputy Prime Minister, Minister of Commerce & Industry Dr. Abdulmohsen Al Medeij, and which entered into force as published in the Official Gazette issue No. (2214) dated Sunday December 14, 2014.
The Director General indicated that the Executive Regulations of KDIPA’s establishing Law No.116/2013, which addresses both the foreign and local investors, was prepared with the intention to maintain a simple, clear, and flawless format thus it was composed of merely 45 articles divided into nine chapters covering: Definitions; Kuwait Direct Investment Promotion Authority; One-Stop Shop; Investment Entity and Applications to be submitted to the Authority; Rules of License Applications, Incentives and Exemptions, Grievances, Judicial Officers, and Investment Register.
He reiterated that the script of the Executive Regulations reflected the same degree of concern to maintain best practices that was conferred on Law No.116/2013 to ensure that KDIPA shall perform its mandated tasks in attracting direct investment into Kuwait, streamlining business environment, facilitating procedures and resolving obstacles, in order to achieve the aspired economic and social goals.
He also clarified that the designated service fees, in line with government practices, range from KD 10 to KD 100 on various applications, certificates, and requested copies. A copy of the Executive Regulations and the service fees schedule is available on KDIPA’s website accessed from KDIPA Law & Executive Regulations at Homepage (and through Legal Framework icon).