Kuwait Archives - Page 31 of 33 - LexisNexis Middle East

Kuwait: New Insurance Law Approved

18/05/201911/12/2019
by Benjamin Filaferro

Kuwait’s National Assembly has approved a new Insurance Law in the country at first reading. The changes would be the first to the legislation since 1981. MPs are still debating whether the sector should be regulated by the Central Bank or the Commerce Ministry but have called for a bespoke regulator not to b established. While Kuwait was the first GCC country to regulate its insurance sector they are the last to amend the legislation to reflect sectorial developments.

News developments

Kuwait: Draft Expatriate Remittance Tax Law Withdrawn

05/05/201911/12/2019
by Benjamin Filaferro

According to sources in Kuwait, the draft Expatriate Remittance Tax Law has been withdrawn. It followed strong Government criticism of the proposed legislation. Amid concerns the Government would have rejected it, MPs withdrew the legislation rather than risk rejection which would have meant 44 MPs would have had to of approved the reconsideration of the legislation in the country’s Parliament.

News developments

Kuwait: Expatriates to be Exempted from the Visa Transfer Ban

27/04/201911/12/2019
by Benjamin Filaferro

Kuwait Manpower Authority officials have announced the Authority is exempting expatriates from the visa transfer ban. However, the exemption will only apply if the expatriate employee initially transferred to a small company locally and then transferred their residency from a small project to the private sector. It does not apply to other expatriates.

News developments

Kuwait CMA Holds Awareness Campaign for Launching Qualifications Exam Project

20/04/201911/12/2019
by Benjamin Filaferro

Kuwait’s Capital Market Authority has announced it is launching an awareness campaign for its qualifications examinations project for registered employment positions. The project is being launched with the Chartered Institute for Securities & Investment. The project will result in the Professional Qualifications Programme which the Authority will implement by 30 September 2019.

News developments

Kuwait: Indemnity Changes Under Consideration

13/04/201911/12/2019
by Benjamin Filaferro

Senior Kuwaiti Government officials have confirmed there is a Parliamentary consensus on amending Kuwait Law No. 17/2018 which includes amendments to Kuwait Law No. 6/2010 (the Private Sector Labour Law). The proposed amendment states Kuwaiti nationals are entitled to full indemnities at the end of their service without employers deducting sums from their salaries to pay for the Public Authority for Social Security subscription. Indemnities will be paid in full by the current employer at the end of their service retrospectively actively from the date of Kuwait Law No. 6/2010 being implemented.

News developments

Kuwait: New Decree Establishing Real Estate Broker’s Book

23/03/201911/12/2019
by Benjamin Filaferro

Kuwait’s Commerce and Industry Minister has issued a Decree establishing a Real Estate Broker’s Book. The Book will be online and is aimed at finalising the regulation of the country’s real estate sector and eliminate market manipulations. Under the Decree, the Commerce and Industry and Justice Ministries, Kuwait Municipality and the Public Authority for Civil Information will establish a database with details of any property which is being traded in terms of disputes and ownership status. Those who have obtained the relevant e-permits from the Public Authority for Civil Information will then be able to register on the e-booking system.

News developments

Kuwait: Health Insurance to Become Mandatory for Tourists

09/03/201911/12/2019
by Benjamin Filaferro

Kuwait’s National Assembly has approved a draft law which will mean tourists visiting the country will have to have a health insurance policy which covers the duration of their stay there. The aim is to ensure tourists do not receive medical treatment in the country. A visit visa cannot be granted until the Interior Ministry has seen the health insurance policy documentation. The amount of coverage has not been specified in the law, but this is likely to be clarified when the Ministry prepares the bylaws to implement the law which is expected within the next two to three months.

Weekly Spotlight

Weekly Spotlight: Companies Not Compliant with the Kuwaitisation Ratios to be Subject to Extra Fees

10/02/201911/12/2019
by Benjamin Filaferro

This week the spotlight is on employment developments in Kuwait. With effect from June 2019, companies in the private sector who don’t comply with their prescribed Kuwaitisation ratios will be subject to an annual 300 Dinar fee for each work permit issued to a foreign national. The move was announced by the General Authority for Manpower and follows the issuing of a Ministerial Decision in late 2018 which determined the Kuwaitisation levels for companies in various business sectors and the general trend in Kuwait for encouraging the hiring of local employees in the private sector. Further details of the law are expected to be announced in the coming months.

Elsewhere, according to local newspaper reports, the Government has issued a Decree which from 1 April 2019 will reduce the number of expatriates in all Government departments. Following a Ministerial Decision there will be no exceptions to this Decree. Both legislative moves come as the Government looks to raise Kuwaitisation in Government jobs to 90% by the end of the next fiscal year.

News developments

Kuwait: Free Trade Zone Decision Cancelled

12/01/201911/12/2019
by Benjamin Filaferro

According to local newspaper reports, Kuwait’s Council of Ministers has cancelled Kuwait Decision No. 512/2018 establishing a free zone in Shuwaikh port. However, the Public Authority for Industry will continue to undertake the tasks entrusted to it in the area until 1 April 2019. The Government has entrusted the Kuwait Ports Authority, together with the Kuwait Municipality to make future plans and projects for ports according to the country’s fourth organisational chart. Contracts with investors demanding the evacuation of buildings and land and handing them over to the Government should not be renewed.

Expired Kuwait Business Law Forum – Second Edition

30/10/201811/12/2019
by Madelein Du Plessis

We're sorry, but all tickets sales have ended because the event is expired.

Kuwait Business Law Forum - Second Edition
28/11/2018
8:30 AM - 4:30 PM

Organized by

Register Here LexisNexis, the world leading global provider of legal information, is pleased to host, with the support of Al Yaqout Legal Group, and the Association of Corporate Counsel of Middle East, its 2nd edition of our legal event for the legal community in Kuwait on the 28th of November 2018. Thanks to our expertise (more…)