November 2015 Seoul, Korea.. The Beginning Kuwait Direct Investment Promotion Authority (KDIPA) is a newly established public entity in accordance with.

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Presentation transcript:

November 2015 Seoul, Korea.

The Beginning Kuwait Direct Investment Promotion Authority (KDIPA) is a newly established public entity in accordance with the new investment Law No. 116/2013 issued on June 18, 2013 replacing previous Law No. 8/2001, and its executive bureau(KFIB).

KDIPA is established to be one of the economic implementing arms to promote Kuwait as an investment location, servicing investors, targeting value added investments, and encouraging forging cross border partnerships to ensure a win-win situation for all. Transforming Kuwait into an attractive investment destination

The Mandate Attracting direct investment into Kuwait by both local & foreign investors. Promoting Kuwait as a promising investment destination. Streamlining business environment. Forging viable investment partnerships.

The Goals Supporting economic diversification efforts. Facilitating the transfer & settlement of modern technology. Providing job creation & training opportunities for Kuwaitis. Enhancing the role of the local private sector.

Approved FDI new law: promoting direct investment law No. 116/2013 establishing KDIPA replacing Law 8/2001 and KFIB. PPP new law 116/2014 amending law No. 7/2008 establishing Kuwait Authority for Partnership Projects (Ex- PTB). e-transactions law No. 20/2014. SMEs law No. 98/2013 as amended by Law No.2/2014. new commercial permit’s law No. 111/2013. new commercial companies law No. 97/2013. anti-corruption law No.24/2012. protecting competition law No. 2/2012. privatization law No. 37/2010. CMA Law No. 7/2010 & amendments. Tax Law No. 2/2008. In Progress Bankruptcy draft law. Public procurement draft law. Promising Legal Framework

Shifting to the adoption of Negative list approach (excluded sectors). Allowing for variety of types of legal forms (a Kuwaiti company, a branch and introducing exclusively a representative office). Shortening the duration of procedures by introducing a One-Stop-Shop.

0610 Extraction of crude petroleum Extraction of natural gas Manufacture of coke oven products Manufacture of fertilizers and nitrogen compounds 3520 Manufacture of gas; distribution of gaseous fuels through mains. Level L Real Estate Activities “Excluding privately operated building development projects”. Div 80 Security and investigation activities. Level O Public Administration and defense; compulsory social security. Div 94 Activities of membership organizations. Negative List ISIC Code Rev.4

a Kuwait company (limited liability, closed joint stock, one person) with foreign equity up to 100%. a branch of a foreign company. a representative office of a foreign company (no commercial activities).

Investors Service Centre (ISC) is currently dealing with existing & potential investors till a full fledged OSS is launched and becomes operational. Online booking for appointments with account managers at ISC. KDIPA Operations launched on December 29, First licensed project on January 15, 2015 granted to IBM-ME, to establish a 100% foreign ownership IBM Kuwait, followed by Huawei and General Electric. Investors Service Center One-Stop-Shop

Rich in Oil & Gas resources (10% of total world proven reserves) Competitive Factor costs (fuel & electricity) Strong macroeconomic performance High income per Capita & Adequate infrastructure Low corporate tax rate Democracy Sound Banking system Young & Highly educated Kuwaitis Low Risk & stability (Coface 2/7). Investment Grade Sovereign Rating Moody’s: Aa2 Standard & Poor’s: AA Strategic location Mega investment opportunities (second development plan) Welcoming & friendly culture high level of human development Transparent legal system Why Kuwait?

Free transfer and repatriation of foreign investors profits & capital. No nationalization nor expropriation without fair & timely compensation. Transfer in part or entirely to another foreign investor. Protection of project information.

Holding up to 100% foreign ownership. Exemptions from corporate income tax up to 10 years. Total or partial exemptions from customs duties. Facilitating allocation of land in accordance with local laws. Facilitating the employment of foreign labour required for the investment in accordance with local laws. Benefiting from bilateral treaties. Extended applicability to PPP and privatizations projects. The Incentives

Mega Opportunities 30 strategic projects under the second economic development plan (2015/ /2020). Projects sectors: oil & gas, electricity & water, urban development & housing, health, transport & communications, tourism & media, and environment.

Development of KDIPA three economic zones is completed and shall proceed to next phase. Important for : – addressing the issue of availability of land. – enhancing economic diversification efforts. – Establishing competitive clusters. Broad range of sector cluster creation, of which: manufacturing, logistics, waste management, renewable energy, scientific research etc.

Contact KDIPA, your portal into the Region: -kdipa.gov.kw -Give us a call +(965) Visit us (with or without an appointment) How to invest in Kuwait and benefit from Law No.116/2013

Thank you!