Kuwait Archives - Page 25 of 33 - LexisNexis Middle East

Kuwait: Over-60s Ban to be Enforced

29/01/202129/01/2021
by Benjamin Filaferro

The Deputy Head of Kuwait’s Public Authority of Manpower has announced a ban on expatriates over 60 has started being enforced. Under the ban, the work permits of these individuals with a pre-university degree cannot be renewed. They added it has not been reviewed or amended. They went on to say they did not know how many expatriates would be affected. However, the ban does not apply to expatriate university degree holders who are 70 or over.

News developments

Kuwait: Gold Companies Monitored Over Money Laundering Concerns

22/01/202122/01/2021
by Benjamin Filaferro

According to local newspaper reports, the Kuwaiti Trade Ministry is monitoring six gold companies over money laundering concerns. It follows them experiencing rapid business growth, including in the number of branches they have compared to other companies in the sector. The growth was discovered in an audit by the Ministry of the companies’ activities for the last three years. If the Ministry confirm irregularities in their financial statements, they will submit a report to the Financial Investigation Unit to take the action it considers appropriate.

News developments

Kuwait: Drone Rules Announced

15/01/202115/01/2021
by Benjamin Filaferro

Kuwait’s Directorate General of Civil Aviation has announced new drone rules have been approved. Under the rules, amateurs who fly drones and gliders cannot do so without permits from the Authority and other relevant authorities. When they are licensed, they will have to comply with the relevant safety rules. If they do not, they could be prosecuted.

News developments

Kuwait: Regulations for charities licenses

09/01/202109/01/2021
by Benjamin Filaferro

Kuwait’s Council of Ministers has asked the Social Affairs Ministry to make all the necessary arrangements to implement the recommendation of the legal affairs committee regarding the conditions and rules for regulating the licensing of charities. The aim is to make sure legal requirements are observed and the monies given to these charities are not used in money laundering and terrorism funding. The committee has also recommended charities be prevented from taking a share of the donations.

News developments

Kuwait: According to local media reports, the first case for Coronavirus losses has been launched in Kuwait

18/12/202018/12/2020
by Benjamin Filaferro

According to local media reports, the first case for Coronavirus losses has been launched in Kuwait. The case involves a nursery who are requesting financial and moral compensation from the State for losses incurred as a result of anti-Coronavirus measures. They are relying on the principle that the State has to provide compensation for damage suffered by natural disasters. The nursery is not disputing the State’s authority to close nurseries. They claim the decision was arbitrary and have asked the court to delegate an expert to determine the value of the damages caused to their facilities as a result of this decision and the consequences of preventing them from collecting child registration fees for 2019 and 2020 and 2020 and 2021. Nurseries were closed down on 11 March and were meant to reopen in the fifth and final phase of the country’s unlocking. However, this phase has been postponed. 400 nurseries are estimated to have been affected by the Government decision. It is expected more nursery owners and similar businesses will join the litigation.

News developments

Kuwait: Rules and Conditions for Issuing Compulsory Insurance Policies Published

10/12/202010/12/2020
by Benjamin Filaferro

Kuwait’s Insurance Unit has issued rules and conditions for issuing compulsory vehicle insurance policies against civil liability resulting from traffic accidents. Kuwait Decision No. 9/2020 specifies the companies which are qualified to issue the insurance policies and a list of the approved companies will be published soon. The Decision will be implemented on 13 December 2020. The Unit has stated insurance policies issued before the Decision by unqualified companies will remain valid, as will all of the rights and duties set out in these policies.

News developments

Kuwait: Online Service Launched for Issuing General Import Licences

04/12/202004/12/2020
by Benjamin Filaferro

According to local newspaper reports, Kuwait’s Commerce and Industry Ministry has announced it has launched an online service for the issuing of general import licences. Applicants can apply via http://eapp.moci.gov.kw/. All companies have been urged to use the e-service. It is part of the Ministry’s digitalisation efforts.

News developments

Kuwait: Charter of Accounting Companies Law Issued

27/11/202027/11/2020
by Benjamin Filaferro

Kuwait’s Trade and Industry Ministry has issued a charter regulating the companies who offer accounting and auditing services. Under the charter, the minimum threshold for companies offering accounting and auditing services should be at least 10,000 Dinars. The license will last for four years and the company will have to have insurance cover of between 250,000 and one million Dinars. This will have to be provided by a local or global company with branches in Kuwait. The insurance policy should cover professional mistakes by partners or employees. In addition, under the charter, a partner or shareholder cannot be a partner or shareholder in another company which offers accounting services or in a company which offers auditing services.

News developments

Kuwait: Penalties for MPs Who Fail to Make Financial Disclosures Announced

20/11/202020/11/2020
by Benjamin Filaferro

Sources have confirmed MPs who have not been re-elected or those who decided to not put themselves through forward in the upcoming election will have to submit their financial disclosures within 90 days of leaving Parliament. Re-elected MPs will have to submit their disclosures within 60 days from the date on which they complete three years since submitting the last disclosure. MPs elected for the first time will be requested to submit their disclosures to Nazaha within 60 days of becoming MPs. Fines for delays in submitting the final disclosures will be 5,000 Dinars and if the delays are more than 90 days, a jail term of at least three years and a fine of between 3,000 and 30,000 Dinars will be issued to them.

News developments

Kuwait: New SMES Can be Registered

13/11/202013/11/2020
by Benjamin Filaferro

Kuwait’s Public Authority for Manpower has announced it has started receiving new applications to register SMES in line with the registration requirements in the decision for regulating SMEs. Applicants should be Kuwaiti nationals, younger than 45 and dedicate all their time to manage the project. Students and pensioners cannot apply. If there is a foreign partner in the business, their share should not be more than 20% of the total capital.