MoCI eyes ‘3-day duration’ for licensing joint-stock companies

MGRP continues to receive applications from youths

KUWAIT CITY, Sept 10: Kuwait’s Ministry of Commerce and Industry said automating the procedures of establishing companies will reduce the duration of time for establishing and licensing joint stock companies from 60 to just three days and drastically reduce the procedures from 30 to 4, reports Al-Jarida daily.

Assistant Undersecretary for Corporate Affairs and Commercial Licenses at the Ministry, Ahmad Al-Fares, said in a statement the implementation of the automation project of the corporate sector and commercial licenses will be completed soon.

Al-Fares stressed the Ministry is exerting tremendous efforts to facilitate the procedures for all investors and businessmen. He pointed out many other projects under being studied to improve the business environment in the country.

Meanwhile, according to a source from Manpower and Government Restructuring Program (MGRP), all relevant directorates are committed to the terms and conditions of the contracts signed between cooperative societies and Ministry of Social Affairs and Labor related to provision of national labor for filling vacancies in cooperative societies, reports Al-Qabas daily.

He said MGRP nominated more than 1,000 youths after receiving the applications but it is up to each candidate whether they want to accept or refuse the job, and the matter must be handled by him and the employer.

The source affirmed that MGRP is continuing to receive applications from youths as well as experienced retirees who are willing to join the cooperative societies, revealing that there are about 2,000 vacancies in 30 cooperative societies.

The State of Kuwait has signed nine contracts with the World Bank over the past 2 years at a total cost of $70.5 million, reports Al-Qabas daily quoting sources.

The sources pointed out these contracts vary between studies and technical assistance and drafting of laws, some of them have not been handed over yet and others are expected to be completed by 2020.

The source added one of these studies, 85 percent of which has been completed, is related to the improvement of the business environment and is expected to be delivered to the Kuwait Investment Authority before the end of this year.

The sources pointed out one of the huge contracts signed by the State of Kuwait with the World Bank are about studies to develop the education sector which will cost the State Treasury $35.2 million, and is expected to be completed within two years from now.

The second contract in terms of monetary value was signed in favor of the Ministry of Finance — and is a study to reorganize the state property sector at a cost of $11.166 million and is expected to be completed before the end of the first half of 2019.