Kuwaiti SMEs’ shortened procedure facilitates development projects
Kuwait’s National Fund for Small and Medium Enterprise Development (SMEs) has simplified requirements for entrepreneurs to get their projects up and running, resulting in a process that has been compressed by 60 percent. The fund has slashed the list of prerequisites from 15 to seven documents needed for new enterprises, as its newly revamped website provides all the information needed, including legal requirements, for entrepreneurs to set their projects in motion. The statement clarified that the eased process was a measure to accommodate a growing number of Kuwaitis who have started to dabble in business. Meanwhile, the fund added that its chairman Abdullah Al-Jouaan recently held talks with the Ministry of Justice’s Undersecretary Abdullatif Al-Suraye, in an effort to establish closer rapport between both sides. Since its inception in April 2013, the fund has provided many young Kuwaitis with business opportunities in a bid to usher in increased economic growth.