Minister Sheikh Khaled bin Ahmad Al-Khalifa.

Banks linking system completed

KUWAIT CITY, April 15: Minister of Commerce and Industry, acting Minister of State for Youth Affairs Khalid Al-Rodhan posted on his personal Twitter and Instagram pages the process of establishing a company in Kuwait. He noted the steps have been reduced from 15 to 4, and the duration of processing cut down from 61 days to 7or 8 days based on the category of license, reports AlQabas daily.

In a tweet, Al-Rodhan pointed to four steps in the establishment of companies, starting with a visit to the website of Kuwait Works Center to complete the application form, going to the premises of Kuwait Works Center in person to sign the contract, and uploading documents required by Kuwait Municipality.

Finally, the applicant will be contacted by the Municipality via email to visit Kuwait Works Center for the license if the application is approved.

Meanwhile, Credit Information Network (Ci-Net) has completed the system for linking banks leading to the creation of a database that allows exchange of information about uncommitted customers who failed to submit receipts reflecting the amount of their loans within the specified period, reports Al-Rai daily quoting banking sources.

Sources disclosed the data of customers who did not submit receipts will be made available to all financing bodies. Sources said this will prevent such customers from getting a new loan, pointing out the mechanism includes the names of erring customers on the website of Ci-Net where they will be categorized as ‘uncooperative customers’. Sources explained the ‘uncooperative customers’ will not be able to reschedule payment of their debts or transfer from one bank to the other for refinancing purposes.

Sources added there is no specific period for erring customers to be included in the category where their names will remain until the last installment is paid, so some customers will stay on the list for 15 years – the longest loan payment period.