KUWAIT: Acico Industries Kuwait board member attorney Faten Al-Naqeeb yesterday launched her new book titled ‘The Legal Guide to Doing Business in Kuwait’. Founder and principal managing partner of Al-Naqeeb Law Firm, Naqeeb’s book serves as a legal guide on investment and commerce in Kuwait and is now available (in hardcover) in both Arabic and English. “The book is a comprehensive guide for everyone, especially expats, on how to do business and invest in Kuwait. I made sure that my book is comprehensive yet easy to read,” said Naqeeb at a press conference held at the Palm Beach Hotel and Spa yesterday.
Naqeeb underscored that her book tackles laws pertaining to doing business here, showcasing all legal aspects and remedies of the commerce law, company law, copyright and trademark laws, import and export, taxes, agencies, distributorships, franchise rights, intellectual property procurement law and all other business transactions in Kuwait. “What makes it special and unique is the fact that I have included a list of all commercial activities permitted by the ministry of commerce and the minimum capital required for each activity. I have mentioned several points, including the minimum requirements or capital for setting up a new business.
The book advises individuals and businessmen on how to go about doing things, what is legal and what’s not and things to be aware of,” Naqeeb said. “Take foreigners who have Kuwaiti business partners – what are their rights and how the law of the land can protect them, their obligations, etc. You have go to a specialized person or lawyer to be able to understand the intricacies of doing business here, otherwise you’re lost, but it can be done easily if you understand the bureaucracy.
The book also tackles intellectual property law, direct foreign investment law, labor law in the private sector, tender law, taxation law and the electronic transactions law,” she revealed. According to her, the new book is connected to the desire of HH the Amir Sheikh Sabah Al- Ahmad Al-Jaber Al-Sabah to entice foreign investments to the country, particularly in the private sector. “This book is the answer to inquires and questions posed by various foreign companies and investors who desire to do business and invest in Kuwait. This book gives detailed answers regarding the legal aspects as well as the legal warranties available for foreign investors,” she added.
As per Naqeeb’s research, she found that other books and guides are available in Kuwait, but lack comprehensive information about what is legal and not, and info on newly-issued company laws. “My objective is to help the business sector be in line with His Highness the Amir’s desire to woo foreign investors to the country. Readers will definitely be enlightened by this book, inshallah,” she said.
The author also added as a bonus an overview of other related laws that will enable investors to make their decision on the best business structure to satisfy their needs and help them identify the requirements to meet in order to complete the setup of their businesses or investments. Examples of required forms and templates are included in the appendix of the book. The guide also includes activities that require the consent of some ministries or other concerned government bodies.
Naqeeb said the book contains samples of incorporation contracts for different types of companies which have been translated into English to ensure that the investor understands the steps necessary for incorporating a company whatever its type may be. She also stressed that as soon as this book reaches the hands of an interested investor, he will be able to identify the procedures and laws that would assist him to determine the way to carry out his activities in Kuwait in the best possible manner.
By Ben Garcia