Major increase seen in people’s companies licenses

KUWAIT CITY, April 16: The latest statistics from the People’s Companies Department at the Ministry of Commerce and Industry revealed a remarkable increase in the number of licenses for major people’s companies -- 28 percent rise in January (1,895 licenses compared to 1,481 in December 2023), reports AlAnba daily.

The statistics also showed 45 percent increase in the number of licenses for company branches within the same period -- 286 in December 2023 compared to 414 in January 2024.

The number of transactions completed by the department in January is 29 percent higher than that of December -- 3,298 transactions in December compared to 4,071 in January. These transactions included issuing new licenses for private companies, license renewal, changing the address, changing the trade name, dissolving and liquidating the company and canceling the license, and opening a Gulf branch.

The number of license renewal transactions for main companies reached 849 in January, compared to 655 in December -- an increase of 30 percent; while the number of such transactions for branches of private companies reached 269 in January, compared to 228 in December (18 percent increase).

The address change transactions for major companies reached 1,059 in January compared to 908 in December (17 percent increase); while the same transaction for branches of companies totaled 236 in January compared to 187 in December (26 percent increase).

The number of trade name change transactions for major private companies reached 204 in January compared to 183 in December (11 percent increase); and 72 for branches of private companies in January compared to 53 in December (36 percent increase).

For company dissolution and liquidation and commercial license cancellation, the number of transactions for major companies reached 64 in January, compared to 71 in December (10 percent decrease). The number of such transactions for branches of companies totaled 114 in January, compared to 103 in December -- an increase of 11 percent.

Four new licenses for Gulf branches were issued in January, compared to one in December (300 percent increase).

Regarding the licenses for various types of companies; 1,358 licenses were issued for one-person companies in January, compared to 1,046 in December (30 percent increase). For limited liability companies, 932 licenses were issued in January, compared to 701 in December (33 percent increase); in addition to 12 licenses for joint-venture companies in January, compared to 14 in December (14 percent decrease). For limited partnership companies, 10 licenses were issued in January, compared to 11 in December -- a decrease of nine percent.