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An overview of the economy and government of kuwait

  • Displays of impatience will reach senior management;
  • However, excess funding among Kuwaiti banks means that the consequences of a price swing are less than they could be.

Contact Senior Trade Advisor gula. This will be financed by the government of Kuwait in conjunction with the private sector.

The facility will be linked to the GCC railway enabling the port to serve as a major deep-sea staging area for regional shipping and transportation. The wider aspects of the development will include: Opportunities for UK companies include consultancy, design and planning for the next phase. Housing The shortage of housing and long waiting times for land allocation has resulted in housing being a government priority. There are plans to build 3 new cities by 2020.

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The waiting list for government subsidised housing has grown to over 100,000. More than 170,000 homes will be needed by 2020. There are a total of 11 planned projects to build over 175,000 new houses.

  1. In light of the oil price slump, more progress has been made on this front, not least in 2014 and 2015, when the government started to rethink the introduction of corporate and value added tax, and initiate a series of subsidy reforms. The country's import trading partners include estimated from 2010.
  2. Delayed reforms can be leveraged as an opportunity in the short-term, but consumers will be price sensitive when implementation nears. By 2014, the Government of Kuwaiti has committed itself to increasing its oil production to 4 million barrels per day bpd.
  3. Looking at the figures for 2013, government and private sector consumption expenditure represented 41 percent of GDP, whereas the hydrocarbon industry accounted for 55. If there is both an English and Arabic version, the Arabic will be the one followed.

These projects will all need supporting transport and service infrastructure. There will be significant new opportunities for UK companies in: Healthcare, oil, infrastructure and transport projects will also all have security elements.

Start-up considerations You can carry out business in Kuwait in any of the following forms: Commercial Agent, under the sponsor ship of a registered Kuwaiti agent Commercial Representative, under the sponsorship of a commercial representative a joint venture establishing a Kuwaiti company The Companies Law allows a range of company structures. You can find more details of business structure on the Kuwait Government Online website.

Businesses operating in the FTZ are: Legal considerations Islam is one source of legislation in Kuwait, but not the main source. A list of the laws relating to business is available on the Kuwait government website. All goods imported into Kuwait must be clearly marked with the country of origin. Some imports have additional labelling requirements.

Overview of Kuwait City

Foodstuffs, for example, must include composition ingredients and additivesproduction and expiration dates as well as other indicators.

Intellectual Property IP Trademarks, designs, patents and copyright are the principal forms of IP protection available to companies and individuals. Industrial designs must be registered in the Industrial Designs and Models Register.

  • For twelve years straight, the Government of Kuwait has ended the fiscal year with a substantial surplus, often beating the previous year's amount;
  • Businesses operating in the FTZ are;
  • Housing The shortage of housing and long waiting times for land allocation has resulted in housing being a government priority;
  • Companies that are better prepared with their local partners will emerge as the clear winners in this significant portfolio market for MENA businesses;
  • It aims to develop the tourism, transportation and power sectors;
  • Machinery, plant or laboratory equipment whether or not electrically heated excl.

An application for registration must then be submitted to the Trademark Control Department. The registration is valid for 5 years and can renewed for 2 additional consecutive terms. Kuwaiti Commercial Code, Law No. You can apply to register your trademark at the Trademark Control Department.

Doing business in Kuwait: Kuwait trade and export guide

When approved protection is granted for 10 years and can be renewed for another 10. Article 17 of Law No. Tax and customs considerations There is a double taxation agreement between the UK and Kuwait. Contact the DIT team in Kuwait for a list of local taxation experts. The import of alcohol and pork products into Kuwait is prohibited.

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Certain meats from the UK are also banned. The Kuwaiti Customs site provides full details of restricted items. You can find more about import tariffs in the Market Access Database. A licensed customs clearing agent is required in order to facilitate the customs clearance process and for practical considerations. Business behaviour The weekend is Friday and Saturday in Kuwait. The official language of Kuwait is Arabic, but English is widely spoken.

  1. This is true not just for today but also years past, and lower oil prices have rarely influenced government or private expenditure by any significant degree.
  2. Motor cars and other motor vehicles principally designed for the transport of persons, incl.
  3. Kuwait has been able to use these buffers to keep the economy afloat and delay reforms after the oil price crash in 2015. But as falling oil prices loom and parliament refutes reforms, Kuwait will need to eventually face fiscal reforms and the tough socio-economic adjustments other countries such as UAE and Saudi Arabia are undertaking currently.
  4. The official language of Kuwait is Arabic, but English is widely spoken. Some imports have additional labelling requirements.
  5. All goods imported into Kuwait must be clearly marked with the country of origin. The country's import trading partners include estimated from 2010.

However, all official correspondence with government ministries and bodies must be in Arabic. All contracts are written in Arabic. If there is both an English and Arabic version, the Arabic will be the one followed.

Initial contacts with a Kuwaiti firm may be conducted with an expatriate or a non-Kuwaiti Arab, or a trusted Indian or Pakistani office manager.

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Displays of impatience will reach senior management. Aggressive, hard sell methods do not appeal to Kuwaitis. Patience, small talk, low-key presentation with video, product samples and attractive company brochures are an essential part of business behaviour. You can get a free 30 day tourist visa on arrival at the airport, or a 90 day business visa for a fee. Your local hotel can also help arrange a visa.

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