Executive regulations for enticing enterprise in effect -- official

By Fajer Al-Hajeri KUWAIT, Dec 21 (KUNA) -- Executive bylaw of the 2013 law that regulates investments has been issued and is already effective, said the Director General of Kuwait Direct Investment Promotion Authority Sheikh Dr. Mehsaal Al-Jaber Al-Ahmad Al-Sabah.
The executive bill had been issued after it was endorsed by the Deputy Prime Minister, Minister of Commerce and Industry Dr. Abdulmohsen Al-Madaj and published in the official Gazette, thus turning effective as of December 14th, he said in remarks to KUNA on Sunday.
The authority staff have been recently preoccupied with drafting the executive regulations, along with relevant decisions, with respect of the abovementioned law, in coordination with a special commission of experts.
The 45 provisions of the law, which concern both the local and foreign entrepreneur, have been worded in a simple and explicit manner. They tackle permits, privileges, concessions, complaints, legal procedures and registration.
Elaborating, Sheikh Meshaal said the authority is tasked with luring direct foreign enterprise, nationalizing local businesses, improving the business environment, providing procedural facilities and removing snags in face of the businessmen.
Sheikh Meshaal indicated that the law, in some parts, endorses the foreigner's right for a 100 percent stake in enterprises, namely in shareholding, limited and individual's companies. (end) fh.tb.rk