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Dubai: The Kuwait Direct Investment Promotion Authority (KDIPA) has introduced regulations aimed at streamlining the process for foreign investors seeking to benefit from investment incentives and exemptions in the country.
The decision outlines the criteria and procedures for investment entities looking to capitalise on benefits under Law No. 116 of 2013.
According to Article One of the decision, investors must apply for an investment licence to access benefits.
The application must meet the criteria set by KDIPA’s evaluation mechanism, which assesses the eligibility for benefits and exemptions.
Article Two specifies that investment entities licensed under Law No. 116 of 2013, with at least one year of operational experience, are eligible to request benefits and exemptions.
These entities must adhere to the Authority’s evaluation criteria, submit periodic reports that demonstrate adherence to their work plans and provide a comprehensive business plan detailing past achievements and future objectives.
Documentation
Benefits will be effective from the date of application, provided that all required documentation and fees are submitted. However, the exemption does not cover taxes and customs duties that have already been paid.
Article 3 outlines special provisions for entities seeking benefits either at the time of or after obtaining an investment licence.
It clarifies that exemptions will not apply to existing contracts or projects with bids submitted before the application date, even if these contracts or projects are subsequently transferred to another entity.
Additionally, investment entities are required to maintain separate financial accounts for their licensed activities, distinct from any other contracts or projects.
The new regulations aim to enhance transparency and ensure that foreign investors meet all necessary criteria to benefit from Kuwait’s investment incentives.
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