Getting to Kuwait is just a first step in building your new business. To avoid any difficult times and setbacks, we recommend you use professional movers Kuwait for moving to your new place. Having done that, we will give you more detailed reasons why Kuwait City is a great place for doing business
Kuwait is a country located in Western Asia, at the tip of the Persian Gulf. Kuwait also shares its borders with Iraq and Saudi Arabia, which means it is rich in history and tradition. Since 1932 and the discovery of huge oil reserves, Kuwait became one of the strongest economies in the world. The Kuwaiti dinar is one of the most valued currencies of the world. Kuwait City is the Capitol of Kuwait, and it is considered the global city, thanks to its rich and strong economy, and cultural life. Knowing all this it is not hard to figure out why Kuwait City business opportunities are so great!
If you are an expat and are in charge of a business company in Kuwait it is easy to get lost in the all the paperwork and all the plans you have to fulfill. Among all the services Kuwait has to offer you and make your work there easier, Kuwait moving services count as one of the most reliable. Therefore, hiring moving companies for your relocation to Kuwait shouldn’t bring troubles.
Kuwait’s economics, etiquette, and business laws
Kuwait’s economy is relatively open and rich. Compared to its neighboring countries, Kuwait is more liberal. Their accent is on industrialization and Kuwait is the 4th richest country in the world when talking about GDP per capita. It also helps to know they have 5th largest oil reserves.
Kuwait business opportunities are great, but in order to get them, you need to know their laws and economy. There are certain things Kuwait people prefer when doing business and here are some of them:
- Kuwaitis tradition include getting to know people well and on a personal level. So don’t be surprised if they want to know you better before doing business with you.
- They hand their business cards to literally everyone.
- Negotiations are done in English, but all contracts are written in Arabic.
- Prayer time has more importance than meetings. So, your business meetings may be interrupted sometimes.
When we talk about working hours. It is not the same as in the west, from 09h till 17h. Business hours start usually from 08h – 12:30h, and 16:30 – till 20:00. When we talk about working week, it starts from Saturday and lasts till Wednesday and half of Thursday. Now, depending on Ramadan, these days may change. Days off are similar to those in western countries. You have a right for one full day off a week but without pay. If you worked, for example, continuously for 5 years, you have a right to 14 days off a year. Everything over 5 years, you get 21 days off.
Types of businesses in Kuwait
Every guide you encounter suggests you start with basic steps, such as what kind of legal entity you are going to establish. If you are looking to do business in Kuwait City, these are some of the options for you:
- Having an agreement with local commercial agent
- Creating a branch office
- Having a limited liability partnership
- Having a limited liability company
- Founding a joint stock company
A very important thing to know about Kuwait City business opportunities is that the state of Kuwait does not allow foreigners to hold 100% of companies shares started in the country. So basically, you will have to find a domestic partner to hold 51% of your company. That way state does not allow you to create a monopoly.
There is good news none the less. During the past few years, the conditions were lowered so foreign expats can hold a majority in companies stake. Furthermore, if you wish to hold 100% of the stocks, you will have to present a good case of why is it important to Kuwait’s people and economy.
What Kuwait City business opportunities are there
It can be difficult to start some major company from the beginning in Kuwait City. Due to their laws restricting foreigners, which are getting less rigorous to foreigners, due to already big competition, you should perhaps consider some of these small businesses.
- Busines consultancy services – As you already know, it is hard for foreigners to hold a majority in the company without a domestic partner. But if you are a business consultant you may be in luck. Open your own business consultancy services.
- Teaching the English language – English is second official business language in Kuwait, and if you invest in an English teaching school it is sure to pay off in time
- Tech center – It can finally pay off being a tech wizard and work in IT industry in Kuwait
- A car wash business is always a good way to start. Mostly because it does not require some specific set of skills.
- Opening a gas station. Since most of the households use gas, it is a thriving business in Kuwait.
- An HR company. Recent statistics show that non-Kuwait workers outnumber domestic workers. Having that in mind if you are a good HR agent, you might find a place for yourself in Kuwait.
- Stock Brokerage firm. If you are trained stockbroker this is surely a great place for you to start. Kuwait’s stock market is very vibrant.
Great wealthy and liberal economy make Kuwait and Kuwait City good places to start any kind of business. Private and public sector is full of smart leaders and businessmen. Such success led Kuwait’s companies into making airports and ports in Africa and Egypt. Good placement on global economy and industry helped them create facilities in Asia and Europe, while at the same time representing U.S. franchises in the Middle East, and in Russia. Their own country laws protect their own market and companies which makes them a perfect place to start a secure career.
With all this information we gave you, we would love to hear from you! Please share with us your experience!