The State of Kuwait is located in Western Asia. Kuwait has an oil-based economy, with oil being the primary fare item. The Kuwaiti dinar is the most noteworthy esteemed unit of money in the world. As per the World Bank, Kuwait is the seventh most extravagant nation on the planet per capita.
Disclaimer: Be aware that this article is not a substitute for legal advice. Please always check official websites or seek legal advice before you take action.
Sole proprietorship in Kuwait
The sole proprietorship is a type of business where the operations and ownership are run by the same person. The minimum capital of the sole proprietorship is stated within the Executive Bylaws. The sole proprietor is qualified to arrange their parts in the capital by any means, including guaranteeing parts. Nevertheless, a change of ownership of any number of parts in the company's capital will require changing the company's legal status from a sole proprietorship to a limited liability company.
How to register a sole proprietorship in Kuwait
If you decide to register a sole proprietorship in Kuwait, the first thing to do is to apply for the license to the Ministry of Commerce and Industry (MOCI). The process of applying could be done both online and in person. You will need to provide the following in the application:
- The address of the business and the trade name
- The purpose of establishing the company
- Company term, if applicable
- The method of managing the company and those responsible for the management
- The company's capital