Kuwait ‘has time to be compliant with new law’
Kuwait City, April 7, 2013
Global law firm DLA Piper has announced that there is still time for companies in Kuwait to become compliant with the recently-introduced Companies Law, for which amendments were passed by the National Assembly and published last week.
One of the main amendments introduced by Law No 97 for 2013 is the removal of the requirement for existing companies to comply with the provisions of the new law by 29 May 2013, deferring this matter to the executive regulations expected to be published later this year.
Abdul Aziz Al-Yaqout, regional managing partner, DLA Piper Middle East, said: “The amendments to the Companies Law bring greater clarity in terms of certain important concepts and mechanisms allowing development of the corporate environment in Kuwait and aligning with best international practices.”
“Certain amendments will play a pivotal role in providing practical solutions that will undoubtedly enhance the image of Kuwait to the foreign investor such as the concept of a one-stop-shop, the shortened process for incorporation of companies and elimination of certain foreign ownership restrictions. We welcome the latest amendments and would advise businesses to take note in order to ensure that they are fully compliant with the provisions of the new law."
The new law was finalised with the participation of the Ministry of Commerce and Industry, the Central Bank of Kuwait, the Capital Markets Authority, the Kuwait Investment Authority, private sector representatives and lawyers from DLA Piper who include Abdul Aziz Al-Yaqout and Tarek Yehya. It came into force with its publication. – TradeArabia News Service
More Government & Laws Stories
- Qatar outraged over terror claims
- Bahrain PM condemns exploitation of children
- Qatar will not alter foreign policy: source
- Bahrain accuses Iran of fomenting trouble
- 'Put security before rights' in Bahrain: publisher
- 'Hizbollah trained Daih blast suspect'
- Key terror blast suspects named in Bahrain
- $2.6m Royal Fund for martyrs set up
- Bahrain to draw up new anti-terror laws
- GCC ROW: Qatar voices surprise over envoys pull out
- GCC tobacco tax rise ‘will fuel illicit trade’
- Saudi, UAE, Bahrain withdraw envoys from Qatar
- Bahrain explosion draws global condemnation
- GDN photographer hurt in blast is discharged
- Iran playing increasing role in Bahrain unrest
- Bahrain launches 6-point plan to fight terror
- Sisi gives sign he will run for president
- New Saudi clamp on energy drinks
- Health insurance must for Saudi visa
- Qatari doctor gets 7 years jail in UAE
- Family violence law articles approved in Bahrain
- Credit card thief jailed in Bahrain
- GDN photographer hurt in Bahrain explosion
- Bahrain King orders crackdown on terrorists
- Bahrain's 4-year development plan on track
- Bahrain authorities warn of rogue labour camps
- Experts draw 'startling comparisons' in explosives
- Bahrain reforms 'far exceed recommendations'
- Kuwaiti Emir undergoes minor surgery
- Special court to deal with travel bans backed